All you have to do is look at the history of the housing market in the Bay Area to see a pattern. (Up, peak, level, down, up, peak, level, down….) The hard part is predicting when it will go up – when it has reached the peak – and when it will come down….
Some people prefer to buy in a buyer’s market, because they like to take their time and really think things through, before making an offer on a home. For those people, buying during a seller’s market when homes are receiving multiple offers for OVER the asking price is just not a game they want to play. Some people are drawn into the excitement of a seller’s market. They see home prices going up and up and up and want buy a home now and start earning equity right away. If you’re looking to move up, down size or relocate, the key is finding and buying the right house, at the right time for you.
Always the optimist, I hope to see things starting to turn around Spring of 08. The good news is, prices should start to stabilize, and a stabilized market is more comfortable for buyers and sellers. No buying frenzy, no falling prices, just what’s fair. Ahhhhhhhh, doesn’t that sound wonderful?
What’s your opinion?