Redwood City Market Snapshot:
7-Day Intervals:
3/23 3/30
Listings: 8 18
Price Increase: 0 0
Price Decrease: 10 7
Sold: 8 11
Expired: 0 0
Cancelled: 1 5
Withdrawn: 2 1
Pending: 16 12
My interpretation of this data: Spring has sprung and the real estate market in Redwood City is starting up!
Redwood City Market Snapshot:
Last 7 Days
Listings: 8
Price Increase: 0
Price Decrease: 10
Sold: 8
Expired: 0
Cancelled: 1
Withdrawn: 2
Pending: 16
As you can see from the above data there were as many homes that sold as there were new homes coming onto the market the last 7 days.
16 homes had accepted offers and are pending right now. This to me is a very good sign of a strong healthy market in Redwood City.
10 homes reduced their asking price which I interpret as a sign of a healthy market too. By doing so they are bringing their home pricing back into level with the market or they are in financial trouble and need to bale from their home, sooner than later.
Still homes in Redwood City, in good locations, with right priced homes, are selling quickly, some with multiple offers. Redwood City’s market has not slowed down except for those naysayers who believe and say it has slowed down.
What is great, in Redwood City you get the best bang for your buck. That is why I purchased my home here 32 years ago. Including “Climate Best By Government Test” which is why Redwood City is just one reason a great place to live.
I still don’t get the doom and gloom of the mass media. Why don’t they come to Redwood City and check it out for themselves?
Fannie Mae and Freddie Mac (the government sponsored enterprises or GSEs) have each announced special requirements for the origination, underwriting, delivery, and servicing of jumbo conforming mortgages loans (loans above $417,000 up to $729,750). Both Fannie and Freddie are taking a conservative underwriting approach to the new jumbo conforming mortgages. It was announced earlier this month that the conforming loan limit for San Mateo and Santa Clara Counties will be the new maximum of $729,750.
Under Fannie’s requirements, the maximum loan-to-value ratio (LTV) is 90 percent for fixed rate mortgages (FRMs) and 80 percent for adjustable rate mortgages (ARMs). The minimum FICO score for a primary residence purchase loan is 700 for loans with LTVs of more than 80 percent and 660 for LTVs of 80 percent or less.
Under Freddie’s requirements, the maximum LTV is 90 percent for both FRMs and ARMs. The minimum FICO score for a primary residence purchase loan is 700 for LTVs of more than 75 percent and 660 for LTVs of 75 percent or less.
Both GSEs limit jumbo conforming mortgages to one-unit attached or detached dwellings (including condos but excluding manufactured homes). There are many other requirements that apply to these newly eligible jumbo conforming mortgages. Contact your favorite lender for more details.
After hearing month after month about the sub-prime loan fiasco and how that had caused the implosion of the real estate market I decided to do some investigation. The following is my interpretation of the data:
That means we have about 1/2% foreclosures in America. Or 99.5% American homes owners are paying their Mortgages/Loans and not part of any foreclosure. Is the market really going to hadies in a hand bag? I think not.
…He who has the ability to see wrongs within their government have the responsibility to do whatever is possible to correct those wrongs… The Constitution of the United States