Livermore real estate update

November 12, 2009 by · Leave a Comment
Filed under: California, Home Searches, United States 

LivermoreRecent Yahoo! Real Estate updates show the median price for Livermore homes decreasing 2.7 percent from August to just $510,000 while the price for foreclosed homes dropped 1.5 percent to just over $450,000.  This spells good news for Livermore real estate which has suffered significantly less compared to similarly-sized communities throughout California and the western United States.  In fact, percentage changes below five percent are often regarded as insignificant decreases, according to industry experts.

Livermore homes for sale were also mentioned in a recent Associated Press article published on September 25, 2009, locally by the Oakland Tribune.  The article claims that the Bay Area, including Livermore, experienced much of the same negative change as the rest of the nation.  The report states that “home resales dipped unexpectedly last month, falling 2.7 percent from a month earlier, the National Association of Realtors said Thursday, reversing steady monthly gains since April.”  The author also hypothesized that “the drop in sales last month may reflect delays in completing sales due to tough lending standards and new rules for appraisals.”  Additionally, while low mortgage rates are helping to increase the number of people eligible to purchase homes, uncertainty has certainly played a role in keeping shaky buyers away from signing purchase papers.

However, there is relief for some.  Robert B. Jones’ September 27, 2009 article in the Contra Costa times explained that “even with the significant downturn in the real estate market, some first-time homebuyers can find it difficult to come up with a down payment to buy a home. Others may find it difficult to qualify for a loan at all.”  For people interested in purchasing properties in the Bay Area, including real estate in Livermore, there are programs that may make housing more affordable.  The article claims that “the City of Livermore offers a city program that helps to defray the cost of home ownership or even offers certain properties in designated developments at set prices.”  While this may be attractive for cash-strapped home buyers, these homes typically come with restrictions on resale and valuation attached.