Timothy Powers, an Alamo, Californiareal estate broker and mortgage expert, says homebuyers continue to remain cautious.
According to Alamo’s Timothy Powers, home sales have not been consistent with NAR’s published average of around a 5 % gain for Sept. 2011. For the week ending Sept. 28, reports Timothy Powers, Alamo home sales were down 2.5% for the month. The housing market continues to remain sluggish as consumers remain wary of the tumultuous economy.
Reasons for slow home sales are based largely on economic concerns, says Timothy Powers. Alamo is situated in Contra Costa County, which has seen a number of layoffs over the last 24 months. With job concerns such as this, notes Timothy Powers, Alamo home sales may continue to remain sluggish for while. The economy is recovering much slower than predicted and consumers are paying more attention to larger financial indicators, like the stock market, cites Timothy Powers. Still, Alamo’s home price and Contra Costa home prices appear to be down but some areas in the county of stabilized.
Many consumers are also biding their time, states Timothy Powers, as Alamo home prices remain high. They are hoping for a decrease in price before pulling the trigger on a purchase. The average sales price in Alamo, reports Timothy Powers, is still over a million dollars – it is likely that many consumers are wary of the high market prices when states likes Maine enjoy list prices largely under $300,000. (www.trulia.com) Many consumers believe, notes Timothy Powers, Alamo real estate may decrease in price to fall in line with other parts of the country.
Base price is not the only concern though. Financing is much harder to attain these days, points out Timothy Powers. Alamo mortgages through FHA has a max LTV ratio of 96.5% and a credit score of above 680. Homebuyers of course have the option to obtain a non FHA or non Fannie Mae loan if their loan amount exceeds $630,000, cites Timothy Powers.
When compared to other parts of the country though, points out Timothy Powers, Alamo real estate is still a good value. Take New York City for example. Even the poorest areas of this metropolitan city boast home prices averaging over $700,000. According to real estate expert Timothy Powers, Alamo’s place in Contra Costa County – the 9th most populated county in the state – makes it a superb place to call home. To Timothy Powers, Alamo real estate appears to be steady, and even though there was a slight drop in September, the increase in square foot price proves that it is still in demand. That’s good news for the entire State’s economy.
Timothy Powers, Alamo Realtor® and mortgage broker can be reached at his office by calling (925)855-1810 x22.
Timothy Powers is a real estate and mortgage broker based in Alamo, California. He is the principal broker at Intero Real Estate Services and began his own mortgage firm, Paragon Mortgage Bankers, Inc., in 1996. His newest venture, East Bay Foreclosure Support, offers free financial, emotional, and physical support for military families – as well as those facing terminal illnesses – deal with the effects of foreclosure. Timothy Powers holds a BS in Business Administration and has been a licensed Realtor® since 1989.
