As we have said before, we will not know that we have hit the bottom of the Real Estate market until we start going up. However, current listing prices in several Bay Area cities are indicating that we could definetly be at the bottom.
How do we know?...Key Real Estate economists have advised that areas which experienced 10%-20% appreciation several years ago needed to roll back to 2001/2002 pricing before home prices stabalized. Well folks, we are seeing this now. Many homes are coming on the market at the prices they sold at in 2001 and 2002.
We are now seeing multiple offers on properties not just in the outlining Bay Area cities such as Brentwood, Patterson and Tracy but also now in many cities around the Bay and the Tri-Valley.
These low prices and extremely low interest rates are the cause for this incredible market activity.
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