Dublin Real Estate Update – 9/19/08
Dublin’s average home sale price held steady this week at $583K. Out of total of 9 homes sold this week, we had 1 new home sale reported (at Silvera Ranch) and 8 existing home sales. There is a bit of a lag in these numbers, so we’re not really seeing the benefit of the drastically lower rates resulting from the Fannie and Freddie Mac takeovers by the U.S. government.
In terms of new home sales, home builders in Dublin are starting to seek out the benefits of the new increased FHA conforming loan amounts by going through the steps required to become FHA certified. Once home builders in Dublin obtain certification, many of the new homes being built will be in play for FHA borrowers now that the conforming loan limit was increased in Alameda County from $417K to $730K.
So what does this mean for existing Dublin home owners? Quite simply, more demand. With a greater pool of borrowers able to buy homes in Dublin, we should see a bump in the quantity of homes sold and the average home sale price.
