It's not all doom and gloom in the real estate market

Real Estate Agent with Leanna Scott Homes

Some good news hiding in the bad news this week in the San Jose, Silicon Valley Area.  I'm sure if you've been current on this week's real estate update (housing sales dropped, job market didn't grow, etc.), you'd feel like it's all doom and gloom.  But there are silver linings! There are at least 2 sides to every story and at least one party who would benefit in any seemingly undesirable situation. 

If you're a first time buyer, right now is a great time to enter the market.  Lower prices combined with approx. 4.5% rate for a 30 year fixed from from FHA (only 3.5% down) is a steal!  Some of my buyers are finding themselves buying a bigger home or a better location relative to 2006, the height of the market. 

If you currently own a home and don't want to sell, but want to upgrade to a bigger home, then you have a superb your current home.  The rental market has been going up this year due the increase in people who have lost their home to foreclosure or short sale.  They still need a place to live, so they're renting.  Renting your currrent home and buying another allows you to enjoy the best of both worlds.

Comments (2)

Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

The rates are where they need to be to spur market growth i am with you on that . Some, any , good news on jobs will make this market take off

Aug 27, 2010 05:47 AM
Houman Shahi
Coldwell Banker Residential Brokerage - Irvine, CA

Some people predicted that the rates may even drop to as low as's only an assumption but it's not too far from reality.

Aug 27, 2010 05:50 AM