Castro Valley, CA (PRWEB) March 03, 2015
According to CoreLogic DataQuick(1) and reported by the San Jose Mercury News,(1) the January 2015 median housing price in Alameda County is 9.2 percent higher than a year ago. This represents the 34th straight month with a year-over-year price jump.
Low housing inventory contributes greatly to price increase, especially in the San Francisco Bay Area. While prices continue to rise, the sales volume decreased month-to-month due to low inventory. The lack of housing supply resulted in the lowest volume of sales in last seven years.
Peak Home Prices Trigger the Best Time to Sell
Very high demand for housing in Alameda County, the East Bay Hills and Castro Valley specifically is resulting in multiple offers and quick sales. Murline Monat said, “I hosted an open house at my listing over the weekend in the San Leandro Hills, and more than 50 families came through. About half were first time homebuyers with job locations from San Jose to San Francisco. They were looking for a more spacious home with great weather and the serenity found in the East Bay Hills, which includes Castro Valley Neighborhoods.
Other visitors were renters, seeing their rents double, and buyers looking to downsize. ”Murline goes on to say, “February is usually a slower month. However if the open house is any indication of a trend for 2015, it is a great time for homeowners to seriously think about selling.
Revised Lending Guidelines, Low Interest Rates Trigger A Great Time to Buy
“It’s becoming easier for buyers to purchase now, for several reasons.” Murline said. She explains that “Fannie Mae has reinstated the 3 percent down payment for first-time buyers, FHA has reduced of annual mortgage insurance and piggy back loans have returned as well. These loans programs come with strict criteria to offset the increased risk.”
According to Housing and Urban Development Secretary Julian Castro in an interview with CNNMoney’s Christine Romans,(2), the FHA Mortgage Insurance Premium Reduction from 1.25 percent to .85 percent, will help 250,000 families buy homes over the next 3 years.
Murline states, “I agree with Secretary Castro, in that it was too easy before the Great Recession to buy a home, and now it may be too difficult. Consequently, lenders are swing back towards the middle, to allow qualified consumers to safely buy a home, plus interest rates are still very low.”
Murline encourages potential buyers frustrated with pricing from San Francisco to San Jose to consider the [neighborhoods in Castro Valley and San Leandro. These cities offer affordable pricing by comparison to San Francisco, San Mateo, or San Jose. Additionally, doable commute times to their tech related jobs and most importantly the neighborhoods and downtown areas are becoming alive with young growing families enjoying fabulous weather, parks, schools and local activities.
About Murline Monat, Realtor®
A long-time Bay Area resident, Murline brings a wealth of knowledge and experience to her realty career – including an M.S in Industrial Psychology, and many years working in both the corporate world as a sales analyst and buyer and with local privately owned businesses as an operations manager.
Her background makes her an excellent champion for her clients by ensuring they are appropriately informed throughout the purchasing or selling process. She carefully coordinates the activities with recommendations that range from home updates, to trusted lenders and to known tradesmen that complete projects resulting in a smooth escrow. Most importantly her expertise in negotiating and problems solving speak to Murline’s excellent reputation in the community and realty industry.
Murline blends her knowledge of consumer sales tracking trends with community knowledge and a great appreciation for lifestyle choices. Her background helps lead clients to particular neighborhoods and helps them understand what it is like to live in a certain community. Understanding the numbers and lifestyle helps clients make informed choices that will affect them for many years to come. These decisions “bring great comfort and satisfaction to individuals and to families. I love being a part of that process.”
A long time Bay Area resident, Murline and her husband made Castro Valley their home because of its central location for both of their careers. The decision to live in Castro Valley was important, as the location and neighborhood were critical components of their lifestyle choice.