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How long have you lived in your current home? Do you think it's time to explore homes for sale in East Bay? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

With today’s changing homebuyer needs, especially given how the current health crisis has altered our daily lifestyles, many homeowners are reconsidering where they’re at and thinking about moving to a home with more space for their families. Here’s why it might be a great time to make that happen.

The real estate market has changed in many ways over the past 10 years, and current homeowners are earning much more equity today than they used to have. According to CoreLogic, in the first quarter of 2020 alone, the average homeowner gained approximately $9,600 in equity. If you’re considering selling your house right now, you may have accumulated more equity to put toward a move than you realize.

Dialing back 10 years, many homeowners also locked in a fairly low mortgage rate. In 2010, the average rate was only 4.09%. This motivated homeowners to stay in their houses longer than usual to keep their rate low, rather than moving. Just last Thursday, however, average mortgage rates hit a new historic low at 2.86%. Sam Khater, Chief Economist at Freddie Mac explains:

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months.”

Ten years ago, we couldn’t have imagined a mortgage rate under 3%. Looking at the math today, making a move into a new home and locking in a significantly lower rate than you have now could save you greatly on a monthly basis, and over the life of your loan (See chart below):

20200915 MEM Eng 1 | Range Homes

As the example shows, you can save a substantial amount every month if you qualify for today’s low mortgage rate, and the savings can really add up over the life of a 30-year fixed-rate loan.

Bottom Line

As a homeowner, you have a huge opportunity to move up right now. Whether you want to save more each month or get more home for your money based on your family’s changing needs, it’s a great time to connect to discuss the market in our area. Buyers are actively looking for more homes to buy, and you can win big by making a move if the time is right for you.

Why East Bay CA?

East Bay CA is known for it's good economy, beautiful landscapes and extremely popular housing market. When other states and territories have experienced decline in housing prices the Bay Area in general has remained strong. This doesn't mean you should not diversify your portfolio across many states, but East Bay CA Real Estate is certainly a strong place to start for a novice investor. There are even some great low cost homes that are ripe for renovation.

East Bay CA is a great place to start your property portfolio
A late November storm rushed through the Diablo Valley in just a few hours, but left some nice light in the sky as the sun set. This 1x4 ratio panorama (3600h x 10,800w) shows fine detail and no pixelation even when printed at 6ft wide. The fall colors from the planted street trees is at its best at this time of year. The native trees do not have fall color. This is the view from Dinosaur Hill Park looking east.

Need More Information About Homes For Sale In East Bay?

We have a team of friendly, helpful staff & agents that specialize in East Bay CA real estate and property sales that can help you work out how to best get your property portfolio started. Our agents are here to put your needs first, get you the best deals and offers, help you buy or sell your dream home and build your investment portfolio. Reach out to our team today to find out your options.

If you are looking to find an East Bay Realtor, or looking for homes for sale in East Bay CA, or even to sell your home with someone who will make sure you get the best deal and understand your needs - look no further - when you work with us, consider yourself family.

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Mark Pages-Oliver, MBA – DRE:02020349 | Lisa Caldwell – DRE:01267745 | Range Homes – DRE:02111757

Mark Pages-Oliver, MBA – DRE:02020349

Lisa Caldwell – DRE:01267745

Range Homes – DRE:02111757

Copyright 2021 © Range Homes. All Rights Reserved | Privacy Policy

Copyright 2021 © Range Homes.

All Rights Reserved | Privacy Policy

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