Prices Falling, Homes Not Selling, The Bubble Bursting We Are Hearing It All These Days.
Security Pacific has been around for nearly forty years with over 50,000 local homes sold. We've seen all kinds of ups and downs. Those years of experience provide us with a unique perspective and help to reassure us that local real estate is still an outstanding investment.
Real estate throughout the region is composed of numerous micro-markets which vary tremendously. Currently, some East Bay markets are getting stronger while other communities are softening. Home prices are still climbing in many neighborhoods, even though far fewer properties are changing hands. This activity contradicts the national real estate trend of slumps in both price and sales volume. In fact, historical data indicates, that California real estate has at least doubled in value every decade translating into a 7.2% return compounded annually.
What does it mean? I believe we are going to continue the inevitable shake-down, perhaps into 2008, which is the aftermath of the hyper market we enjoyed for years. All signs point to Contra Costa County home sales being soft in the starter home market and in areas with an abundance of new development, steady in the mid markets and strong in the upper end.
No one has a crystal ball and it's time to step carefully. Anyone venturing into today's market should gain every competitive edge available. This is why it's important to hire a well trained, experienced, real estate professional to guide you through the myriad of issues involved with the purchase or sale of your home.
Comments(0)