Grayson Martin

Interest rates have hit an historic low!!! If you would like to be connected to a lender please let me know. Inventory on the peninsula is growing and it is a great time to buy or sell.

Welcome to my Open House tomorrow at a fabulous town home in Sharon Heights. It is 2,700 SF and full of light with vaulted ceilings. The community has tennis courts and a swimming pool for your enjoyment. It is priced at $2,295,000. Come by to see this amazing home!

Multiple Offers Are On The Decline!!! Great For Buyers... Bidding wars plunge to 10-year low The number of home offers to be fraught by bidding wars is down 19% year-over-year... Bidding Wars Unomat and Getty Images BY VERONIKA BONDARENKO Today 8:53 A.M. If your clients get anxious at the prospect of tough bidding wars, this may be their month to buy. A new report by Redfin found that only 10 percent of its agents faced bidding wars on offers written on behalf of their clients in November. The number of bidding wars has been at a 10-year low for the past five months but it’s a stark departure from November 2018, when 29 percent of agents reported bidding wars, a 19-percent decrease year-over-year. The only city with a highly competitive market was San Francisco, where 30 percent of all offers involved buyers who engaged in bidding wars. Nonetheless, that number is still down from 53 percent of all offers a year earlier. Even though the number of homes for sale has been falling faster than we normally see this time of year, buyers just aren’t feeling any sense of urgency right now, Redfin Chief Economist Daryl Fairweather said in a prepared statement. The supply and demand data still says that it’s a seller’s market, but homebuyers working with Redfin agents in places like Portland and Denver are feeling and acting like they’re in control. Most of the homes that they are seeing are simply not worth getting into a bidding war over, so they’re more than willing to wait until the new year in the hopes that more homes will hit the market. Outside of San Francisco, competition has been low throughout the country as a whole. Chicago, Houston, Portland and Los Angeles have all experienced the least competition for homes they’ve seen in the past five years. According to Redfin, those numbers are expected to stay low nationwide throughout 2019 and start rising again in early 2020. Houston, Miami and Raleigh saw some of the least competitive markets in the country with only 1.4 percent, 1.7 percent and 2.6 percent of home offers steeped in bidding wars. The lack of bidding wars comes, according to Redfin, from the overall lack of inventory on the market. When affordably priced homes hit the market, bidding wars pick up almost immediately. 2019 as a whole has been a welcome reprieve from the frenzied market of years prior, but with fewer new listings hitting the market and more homes selling quickly after being listed, 2020 may be shaping up to swing the pendulum back in the other direction. Email Veronika Bondarenko

This is what the Subprime Mortgage Industry Looks Like Today...

DID YOU KNOW? Roughly 5.2 million homeowners owe more on their home than it's worth as of the end of the first quarter of 2019, representing 9.1% of all mortgaged properties in the U.S. according to ATTOM Data Solutions. Negative equity hit its peak in 2012, when nearly 30% of homeowners were underwater on their mortgages. "If a recession is to occur, it is unlikely to be caused by housing-related activity, and therefore the housing sector should be one of the leading sources... to come out of the recession." - Mark Fleming, chief economist for First American Financial Corporation. DID YOU KNOW? The housing market has traditionally aided the economy in recovering from a recession, as consumers who are less effected by the downturn are willing to buy and sell, and existing homeowners are able to take advantage of equity in their properties. (Yahoo) Commentary courtesy of Leonard Steinberg, COMPASS