It’s Easier to ReFi than to ReBuy!
Union City Detached Homes on Average Have Dropped about $300,000* (18% lower) from April to June. Detached Home Sales on the West side of Union City (Cambridge, Ponderosa Landing, Bay Colony, Seabreeze, Ponderosa Cove) 1/1/2022 to 4/30/2022 Detached Home Sales on the West side of Union City (Cambridge, Ponderosa Landing, Bay Colony, Seabreeze, Ponderosa Cove) After 5/1/2022 This decline in home pricing, we are seeing happening in all communities! Comparing two particular purchases this year. If you bought at the beginning of June in Ponderosa Landing it would have cost you $1.85M and interest rates were around 4.75% vs. if you had bought in March in Ponderosa Landing it would have cost you $2.34M when rates were about 2.75% for a 30 yr fixed. In this example, pricing is $490,000 less but interest rates rose 1.75% . The monthly mortgage cost is roughly the same ($7,499 vs. $7,642). And when interest rates drop again, the buyer today can refinance into a lower rate. It'...
