Let’s chat about the current Bay Area real estate market

for-sale-1.jpg Let’s face it, in the recent past, housing prices were growing exponentially!  The housing market was fast and furious and people were biding way over the asking price in order to get the home.   It’s called supply and demand, and nowadays the housing market seems to have more supply than demand. Heavy supply and low demand makes it a buyers market.  It can be easier to buy in a buyers market because there are a lot more homes to choose from (more sellers than buyers) therefore, buyers typically have more time to make the decision.  The question that seems to cross peoples mind is “Is this the right time to buy or should I wait a few months?” Good question, but no one really knows for sure.  The California Assocication of Realtors  said yesterday “Home prices throughout most of California will post modest declines next year while sales of existing homes will stabilize from the precipitous decrease experienced in 2007.”

Everyone wants to buy a home at the right time for the best possible price. Then sit back and watch their home value grow.  So, do you buy now or wait six months or a year?  That’s a decision only you can make, but keep in mind.  If you find your dream home, chances are, that home will probably sell within 60-90 days, so if it’s truly the home you’ve been looking for you have a big decision to make.  Buy now and possible have your home value go down some or don’t buy now and loose the chance of owning your dream home?

What would you do?

Jill Denton ~ Hometown GMAC Real Estate and Changing Spaces Interior Redesign & Staging

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One response to “Let’s chat about the current Bay Area real estate market

  1. Good positive insight. But from the recent Real Estate articles that i’ve read, we are just beginning to experience this recession. It just means that the price can go lower before you can say Bust. With the current happenings in the scene, the fed’s got the rating down for the benefit of the buyer. But i guess the common behavior by consumers is to save more and spend on smaller things rather than gamble on bigger investments. There would be inflation in the market, as more and more sellers are getting foreclosed on their homes and more people will save on consumer needs in the long run. This situation would really scare out the wits on the Real Estate industry. But as we say, as a broker or a salesperson, everyone need shelter, so theres a wide market for us.
    Hit me back with your suggestions, i would be glad to learn more!!! 🙂

    http://wwpaolo.wordpress.com

    Paolo
    Development Economics grad./Property Consultant

    But from what i read from other articles that it we are going to experience this kind of recession for more than a year. I agree, no one really knows.

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