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Mary Carpenter

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What’s new in Brentwood

by Mary Carpenter

The city has approved 490 new home permits

2 new business will be started locally Packard Children’s Health and Tactical Command Industries

Sand Creek 4 lane over pass at will be completed this fall

The City is considering a new library

Active Homes -144 (under 1M) the average sales price $520,000

Pending Sales – 155 (under 1M) the average price $463,000

 

Bay Area Home Sales Update

The number of Bay Area homes that sold last month declined again, as potential buyers continued to struggle with constrained supply, tricky mortgage availability and affordability issues. The median price paid for a Bay Area home dropped somewhat, as it usually does from July to August..Among the professional number crunchers, there’s been talk lately of a ‘new normal’ and maybe even the need to re-benchmark key statistical indicators like sales and price levels. The fact is that the housing market is still slowly moving back toward long-term norms that were thrown out of whack back during the Great Recession.

While bouncing around somewhat from month to month, a variety of market indicators are trending incrementally toward long-term norms.

Should I Buy a Home Now?

by Mary Carpenter

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

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Photo of Mary Carpenter DRE# 01468434 Real Estate
Mary Carpenter DRE# 01468434
Sotheby's International Realty
Cell: (925) 383-1694