January 2nd 2008
East Bay Real Estate 2008 Predictions
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What does the crystal ball for East Bay real estate look like on New Year’s Day!
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So, 2008 has arrived and many of you will be making decisions this month regarding when to buy or sell real estate this year. The word on the street we are hearing is Buyers are saying they are, “…waiting for the bottom of the market…”, before they make buying decisions. The response question is, “What information are you using to determine when the bottom of the East Bay real estate market has arrived?” Buyers typically acknowledge that the only information they are using is from the media. Does that make sense? Not to me? Here are some factors a buyer may want to consider regarding when to buy in 2008:
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- The highest closed prices of the year typically happen with the escrows that close in April and May.
- Mortgage rates for “real buyers” are still at 20+ year lows.
- When you are considering homes in the East Bay which are priced at $1 million or more, the price changes during the past two years has been UP not down! What are buyers waiting for?
- The biggest price values in the East Bay are in east Contra Costa and Alameda counties. The big value price points are in the $500,000 range. (Many of these homes are in a “short sale” or “bank owned” status. Values abound, but a buyer will need to be VERY patient regarding the lengthy of time it will take to actually close the escrow.)
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Well, if you are a Seller, what is the best time to sell your home in 2008? Again, if we are looking at the crystal ball of past statistics, here are some factors to consider:
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- The highest sales price for homes the past several years have been the ones that closed escrow in April and May. This means your home needs to be on the marketing starting mid-January. We are talking about NOW!
- With the above information it is critical to be represented by a Realtor who has demonstrated they know exactly what to do in this entertaining real estate market.
- The homes for sale that have the shortest time on the market must be in “turn key” condition, and staged in a way where buyers have the experience of walking into “their new home” – light, bright and completely uncluttered.
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There are many consumers and Realtors that are glad to see 2007 come to a close. However, there are many of them who actually had their best year in real estate sales and purchases. Some of the comments of the Realtors who have had a record year in 2007 are:
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- Top Realtor, Ann Marie Nugent said, “People generally will not take the time to properly research and understand their local East Bay real estate market, particularly in these challenging conditions. They need to know I am doing it for them everyday, which is why I did not reduce my marketing spending in 2007. I actually increased it, and it paid off for all of my clients, and it was my best year ever as a Realtor!”
- Another Realtor comment, “I continue to focus on internet advertising since 72% of the consumers in the Bay Area start their real estate search on the internet”.
- Finally, “Because of creating a very successful real estate practice in the early 1990s, I have earned the reputation as an East Bay market expert. I need to really know the local market statistics, so my clients know how experienced and knowledgeable I am.”
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There has never been more opportunities in the East Bay real estate markets than right now! Let me know what your experience was in 2007 regarding the East Bay real estate markets.
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