In the words of the Today Show’s real estate guru Barbara Corcoran, “We’re in a confused market right now.” One minute, we hear sales are up, the next month they’re down. So it’s no wonder so many buyers and sellers are anxiously waiting… on the fence… for a “buy” or “sell” sign.
According to Corcoran, for a lot of people, the only real buy sign will be when everyone else is buying and they have to overbid. Then they’ll feel safe. But if you’re one who’d like to take advantage of the downturn in both prices and interest rates of the last 3 years, the buy or “trade up” sign is definitely NOW.
Even Corcoran herself says, “Do Not Wait!” Her reasoning? The real estate market is slow to unwind but very quick to recover once it starts. Interest rates are as low as they’ll get. In fact, at 5%, they’re at least 25% lower than they were 5 years ago when prices were flying high.
Besides some signs of consumer optimism picking up, there are also these comparisons for the last year in the East Bay:
In the entire near East Bay, average prices are up 17.6% from last year. That’s not to say the price of individual houses are up by that, but this is indicative of market shift from the bargain basement to a more normal market.
If you’re entertaining the thought of buying your first house, moving to bigger house or buying investment property, now would be a great time to get together and go over options. It’s always great to hear from you!