If the Economy only grew 1% Why did housing Prices rise 7.3% This week

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We helped a client buy into Ardenwood community in Fremont 2 wks ago for $885k. Yesterday the same home sold at $950k+.

 

What I hear is that frustrated buyers from the Peninsula are moving their search to Fremont and applying the same aggressive tactic to buy here in Ardenwood that they used in Palo Alto, Menlo Park & Cupertino.

 

If you are thinking of selling my advice is to take advantage of this exuberant interest.

 

From DS News

 

Economists Retain Positive Outlook Despite ‘Paltry’ GDP Growth in First Q1 Estimate

In spite of the recent reports of slow economic growth in Q1, Fannie Mae has maintained its forecast for GDP growth of 2.8 percent this year and its position that the economy will "drag housing upward." Fannie Mae chief economist and SVP Doug Duncan pointed out that the actuals as far as housing – existing home sales, new home sales, and prices – were either at or very close to their predicted levels during Q1, and mortgage purchase applications have been way up for the last couple of months.
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- Sunil Sethi

SUNIL SETHI REAL ESTATE

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