I need to get up a post about how positive I’m beginning to feel about the real estate market and the summer that’s to come. Now I’m not going to over-do it - I’m not going to call for a full-blown recovery or bang on the GTTB drum just for the sake of being positive. But with the way the first part of the year has gone, I’m glad to share some encouraging news.

(GTTB: new web-moniker for overly-optimistic NAR types - “Great Time To Buy” - get it?)

1. The secondary market has finally figured out pricing for the new Jumbo-Conforming loans we were so excited about a couple of months ago when the economic stimulus bill was passed. Check with Brian at greenmortgagegroup.com for the current rate, but I understand they came down yesterday at 6% for a 30 year fixed. This is great news in jumbo markets like Pleasanton and Dublin, where it’s just opened up the market for a whole group of buyers that were forced out by the mortgage meltdown last summer.

2. My phone is ringing again. Folks are cautious about the market (they’re putting renters in where they don’t have to sell) but where it makes sense to buy, invest, or make a move they’re ready to do it. Rates are low, selection is great! (There’s your GTTB smack.) Sure, it’s that time of year, but looking at the slowdown in recent months, I’m encouraged to see that we’re probably going to have our normal seasonal up-tick.

3. Multiple offers are indicating a floor in certain markets. I saw a house out in Brentwood last week that looked like a good deal - and sure enough, 13 offers the next day. This week, 26 offers on a clean, bank-owned house priced just below the competition at $339,000. Twenty-six offers! The buyers are there, and in seemingly unlimited supply, once the numbers make sense. And that’s a very different reality than the fear and panic being promoted by the media, or the hopelessness being spewed on many blogs and message boards.

So off I go - listing appointments and open houses - spreading my optimism ! Of course, if you know someone who needs a dose of encouragement and good real estate news, I’m never too busy for your referrals!

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This entry was posted on Friday, May 9th, 2008 at 6:44 pm and is filed under Investing, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.