Ed's Blog

I'm tempted to say it is the best of times and the worst of times. But you know what, we're far from the worst of times now. Thankfully...!

In the best of times category, rates a screamin' good, and prices for buyers are absolutely excellent.

In many cases now, we're seeing the cost of buying to be lower than the cost of renting. This is a historical anomaly for the Bay Area. More and more people are recognizing this and taking action.

And refinancing is still creating great opportunities. Clients are lowering their rate anywhere from 1/2% to 1% (even some who have refinanced or purchased in the past year), translating into monthly payments that are often $100 to $300 per month lower and lifetime savings on interest payments in the tens of thousands of dollars. And many are now going from 30 year loans to 15 or 20 year loans and are looking at savings of $100,00 to $200,000 or more. Wow! That's a lot of bread, dude.

In the less than good category, underwriting is still a hassle, and values for refinances are still often challenging. But you know what? We're getting more clients thru the process than at any time in the last 3+ years. And some clients have been making purchases that actually appraise for more than the contract price! Unusual in any market, and a very nice sign for buyers.
 

Do a client, friend or co-worker a favor and refer them to us to get pre-qualified to purchase, or to have us run the numbers on a refinance. We're always available for a no cost, no obligation consultation. Been doing it for years for many happy clients.
 
Hope 2012 is off to a good start for you!