I just had a very interesting afternoon with my clients with whom have been working with for 5 months. They are similar to the generic buyer's we have into today's market. The sad part is that I really thought that I was managing their questions and expectations to the extent that they understood our California Bay Area market trends. They were giving me the signs that our time together was valuable and we were getting close to finding their home. Today, it all went up in smoke!!
My client actually was a bit angry at me for our house prices here in California. "I can rent," she said, "and still save money. I can move anywhere in the U.S. and buy a home for $200K." Well of course you can Mr. and Mrs. Buyer. But remember, you came to me because your job is here, and you wanted to buy a home and you needed my help! I didn't come to you and say you had to buy a house in California and pay high prices!
Yes, Mr. and Mrs. Buyer our California housing market is high. Actually the Bay Area was just named one of the most expensive areas to live. But please Mr. and Mrs. Buyer don't forget that our incomes as well as our equity values rise at a higher rate than most areas. Are we paying higher housing prices? Most certainly. But aren't we benefiting from the growth as well? IF we stay in our homes for ten years, our average equity growth is 7.5%. Some years are higher, some years are lower, but on average we still make money.
So what this all boils down to Mr. and Mrs. Buyer, if you would like to purchase a home, I can help you. If you would rather wait until the housing market falls to match the housing prices of ten years ago, you are going to be waiting a VERY LONG TIME