Friday, April 25, 2008

More on the real estate market.

I don't know what to make of this email my husband got from one of the guys he works with - but I found it really interesting considering my last post.

"I've kind of got my head a little buried in the local sillycon valley real estate market now that I'm in escrow on a new place and just noticed that my first house just sold. It was brought on the market on March 25th for 1.3M and closed escrow just 10 days later for 1.48M. Craziness, but that is why we acted so quickly.

From what I hear there are three markets here in the valley. The under 1M market, which is pretty dead. Nothing moving and lots of inventory.

The 1-2.5M market which is quite strong and super hot in certain parts like Palo Alto, Cupertino, Los Altos, Sunnyvale, Monte Sereno, etc.

And finally the above 2.5M which isn't as bad as the under 1M market, but still a little slow.

The other crazy thing is rates. I got a quote on rates 2 weeks ago at 5.5% and that same program is now 6.5%. Luckily my broker locked me after it moved up to 5.75%."

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