More Sellers Planning to Repurchase

Author profile image

As home prices steadily trend upward while mortgage rates continue to reach record low levels, more sellers want to take advantage of the low borrowing cost and plan to repurchase another home. After six years of decline since 2005, sellers who planned on buying or had already bought another home rose for the second consecutive year in 2012, according to C.A.R. 2012 Annual Housing Market Survey.  Two of five (40 percent) home sellers planned to repurchase as the housing market started its slow recovery, an increase from 38 percent in 2011.

re411mar252013.Oscar

Nearly half of those sellers who planned to repurchase said that their new home would be located within the same county, a significant increase from 38 percent reported in 2005 – the peak year of the recent housing market cycle.  Meanwhile, about one-fifth of sellers who planned to purchase a new home decided to buy in another state outside of California, a drop from 31 percent in 2005 when the median price was over $500,000.

Higher housing affordability in recent years was probably a big factor in the surge in more sellers wanting to stay within the same county and the steep decline in sellers wanting to move to another state.  Since 2005, the statewide median price has declined 39 percent from $522,670 to $319,340 in 2012, while the average 30-year fixed rate mortgage dropped from 5.87 percent to 3.66 percent.  The decreases in interest rates and home prices pushed the California housing affordability index up from 15 percent in the third quarter of 2005 to 49 percent in the same quarter of 2012, making homeowners less inclined to move because of affordability.

Courtesy of California Association of Realtors

Category : Blog

About Us

Since 1970 Rinetti & Co. Realtors has been selling residential and commercial real estate throughout the greater East Bay. We are boutique real estate company with a single focus, exceptional customer service from start to finish. Rinetti & Co. Realtors has the experience and practical knowledge to adapt to changing market conditions while providing our clients expert advise when buying or selling a home. If you’re considering making a move please contact us and see the difference Rinetti & Co. Realtors can make for you.

Testimonials

The only realtors in San Leandro...You will not meet two finer or more ethical realtors. The best! - Gary S.

Rinetti & Co. turned out to be the perfect place for me to do business...I would not hesitate to recommend their services to anyone buying or selling property. - Mary K.

...As I am sure you are aware, a house is stucco, wood and nails, but a home is where a lifetime of memories are created. Our mother was very proud of her home, it meant so much to her.

- Trent B.

...Thanks for your patience, guidance & professionalism, you made this experience a great one that we will never forget...We can’t thank you enough, thanks a bunch!!! - Rocio R.

If anyone in the East Bay is looking to buy or sell a home, please consider my friends and agents Tianne Rinetti-Vittoria and Perry Vittoria! They helped us buy our house and did an amazing job! They go above and beyond.”

- Chris S.


San Leandro Office
1103 MacArthur Boulevard
San Leandro, CA 94577

(510) 568-6171

Pleasanton Office
231 Old Bernal Avenue, Suite 5B
Pleasanton, CA 94566
(925) 364-5013

Email Us

CA BRE Lic. #01461822

Send to Friend

Email Agent