I think the healing process that began in mid-year 2009 will continue in 2010.  Prices will continue to stabilize with the possibility of some slight appreciation in certain areas of the East Bay particularly Concord in the 200k to 400k price range.  This year will have some similarities to 1997 when we were beginning to come out of the economic malaise of the 1990s-we have to stay flat before we begin to move forward.  As an impatient society we are conditioned to labels like "hot and cold, off and on, black and white, in and out, Red States and Blue States etc."  The real estate scene in 2010 will be none of those-it will be somewhere in between.  We still have a backlog of foreclosure activity to wade through which will mean that we will see more bank-owned and short-sale listings in the upcoming year and probably well in to at least 2012.  The good news is the interest rates, currently around 5% thanks to an accommodating Federal Reserve.  They will probably hold fairly steady until the federal incentives expire at mid-year at which time they will probably climb to the 6% to 7% range by the end of 2010.  By historical standards those are still very attractive interest rates but not what have been used to recently.  The unemployment rate will probably increase slightly at the beginning of the year but ease in to the single digits by mid-year.   At about the time the federal housing stimulus programs run out, I think the politicians in Washington feel job market picture will begin to brighten, thereby balancing the economic climate.  I really believe that getting people back to work is the key to getting through this period.  Those employed folks will feel more comfortable with large purchases like homes and autos.  Existing home sales in 2010 should be slightly better than 2009, but new home sales and construction will remain at record low levels due to the lack of credit availability for builders.  The lack of new construction in recent years means that we are going to have a lack of new inventory for the consumers in 2010 through at least 2012.  This phenomenon could help push the prices of existing homes up just like 1999 through 2005.  I like to think of the glass as "half full" rather than "half empty." Thanks to you 2009 was the best year the Torrey Team has ever had with over 50 homes sold!  Let's make 2010 a great year!        

The real estate market continues to both confuse and surprise consumers.  Sales have been dramatically up recently in the period from May 16th through June 15th, and they have been since April.   Our J. Rockcliff Corporate Office reports that in the period from May 16th through June 15th Walnut Creek sales were up 33%, Lafayette 40%, San Ramon 32%, Livermore 18%, Blackhawk 14%, and Pleasanton is up 54%!  The entire region saw a 16% jump in sales.  Combine that with a listing inventory reduction of 14% and you have a climate that can provide opportunities for potential sellers.  Zack and I can bear those statistics out as we are having our best year as a team with 28 sales in the first half of 2009.  So, can we call this a seller's market?  It really depends on the price range.  The $300,000 price range in Concord and the $500,000 price range in Walnut Creek for instance are strong seller's markets with numerous multiple offer transactions.  If you go over the million dollar mark in Walnut Creek, Danville and Alamo and you have a buyer's market with plenty of available inventory.   Put two and two together and you can see that suddenly opportunities are opening up for move-up buyers who can sell in a more friendly climate, take their equity and purchase an upper end home at a steep discount.  It is true that today's real estate consumers have to deal with a skittish stock market, lousy but expected unemployment figures, and news media stories of the Bernie Madoff Scam Artist types.  But make no mistake, with interest rates of around 5% these are the best of times for buyers and for sellers who are also buyers!    

The media has done an excellent job in making the process of buying Bank Owned and Foreclosed properties out to be a simple task.  They throw statistics at you that show thousands of properties that can be purchased for far less than they were formerly worth.  While this has some truth to it, the reality is far more complicated.  This market is the land of opportunity for the well informed, and the well represented.  However, it is full of major complications that can cost a buyer thousands of dollars if they are not careful.  It is for this reason that I have developed my Linebacker Real Estate technique, giving my buyers the distinct advantage.  I am a former Linebacker, varsity football Defensive Coordinator, and Linebackers Coach, so this analogy was the best way I could articulate this system.  Let me elaborate; as a Linebacker on the football field your job is to shed the blocks of your opposing teams players so you can make a tackle on the ball carrier.  Good Linebackers are able to shed multiple blocks and make a lot of tackles, some of which are behind the line of scrimmage and resulting in a loss of yardage for the opposing team.  If you apply this same technique to the real estate world you will see the similarities.  The opposing teams blockers are the properties that are for sale with unrealistic prices, unrealistic sellers, unable sellers due to financial duress, short sales, pre-foreclosures, and so on.  The great deals, (or the tackles behind the line of scrimmage), are the ready, willing, and able sellers who are motivated - like Bank Owned properties, concluded Foreclosures.  These are where the big savings are had, if you know how to negotiate with these entities.  They are not normal transactions; they are extremely complicated due to timeframes, disclosure obligations of the seller, title insurance, inspection result negotiation, closing costs, and more.  However, my Linebacker Real Estate technique is battled tested, with insight from Realtors who specialize in listing Bank Owned Properties, Foreclosures, and Auction properties.  I have taken that behind the scenes information and developed a game plan that weeds out the bad properties, (or sheds the blockers), and narrows down the really motivated sellers who want to make a deal.  I then present my offers in such a way to allow for my client to squeeze the maximum they can from the seller, both in the initial offer negotiation, and in the inspections portion of the transaction.  All the while I am hands on with guiding my clients through the sometimes confusing and long process of closing the escrow.  If you would like more information regarding this cutting edge Linebacker Real Estate technique email me at Zack@TheTorreyTeam.com, or visit my website at http://www.thetorreyteam.com/.  Let's get in the game and make some tackles!

The Torrey Team, Pete and Zack Torrey, have been selling homes in the area of Hidden Lakes in Martinez to satisfied customers since the 1970s. We believe Hidden Lakes is arguably the best "bang for buck" in the East Bay.  The Hidden Lakes Community is bordered by the 62 acre Hidden Valley Park offering hiking, biking, fishing  and numerous outdoor activities, because of the mild climate.  It is located in Martinez on the Pleasant Hill border.  Security Owners Corporation headed up by James Busby built Hidden Lakes in the 1970s and 1980s as part of a 1500 home master planned community in what was then called "Muir Country."  Homeowners love the wonderful family atmosphere and the excellent schools nearby including Hidden Valley Elementary School, Valley View Middle and College Park High School.  Highly -ranked Diablo Valley Junior College is just minutes from your door.   Sun Valley Mall, shopping and all commute routes are all easily accessible. 

To learn more about the Torrey Team and the community of Hidden Lakes visit www.TheTorreyTeam.com

The Torrey Team has sold between 500 and one thousand Northgate homes to satisfied customers since 1977.  While we have moved many people out of the area due to job transfers, we have also moved many of the same folks back.  Let us show and tell you why we chose to raise our families here and why we love it so much:

The Northgate area of Walnut Creek is located at the eastern border of the city in the Mt. Diablo foothills. It is named for the northern entry into Mt. Diablo State Park.  The area is characterized generally by homeowners who are interested in good schools, safe neighborhoods, and family values.  Most of the homes were built in the 1950s, 60s and 70s by Scott and Ball, Permabuilt, Falender, and Eichler.  Harold Smith followed by Standard Pacific built the upscale Rancho Paraiso development in the 1990s.  The Northgate area gets more than 300 days a year of sunshine with an average yearly temperature of 60 degrees.  Residents love the warm days and cool evenings.  People from all over the world have been attracted by the life-style and the great locale near shopping, commute routes, BART, excellent schools, and great outdoor activities.  Hiking, Biking, Heather Farms Park and Pool, Boundary Oaks Golf, Valley Vista Tennis Clubs and much more are minutes from your door. 

For more information about the Northgate Area and Pete and Zack Torrey visit: www.thenorthgatetrianglenews.com