Isn’t that the Million dollar question?! We never know that we’ve hit bottom until it starts going back up. All you and I can do is look at the market facts at the time, glean from past experience and then make the most intelligent decision possible.
Here’s what we do know…On a national level the Western states have suffered the biggest 12-month decrease in sales and prices of existing homes, according to this week’s Business Week magazine article entitled “The Recession: Hitting Here, Missing There” on page 017.
We in the West rank #1---Sales are down 29% and prices are down 13%. 2nd in line is the Northeast with a -26% in sales and +.04% prices. Ranking 3rd is the South with a -22% in sales and -9% in prices. Lastly, 4th place goes to the
Here’s what else we know…IT WILL COME BACK! It always does. Our team has been in Real Estate since 1978. The market came back strong after the early 1980’s and 18+% interest rates. It came back again even stronger after the early 1990’s recession. It is after both of these “down turns” that our team experienced a HUGE increase in our business for over 18 months! This was before the media or analysts got wind of the activity. So, that is why it is very important that I keep you informed of what is going on in our local bay area market. For example; the things our team is seeing, hearing and experiencing every day. That way you can make the best decision on when to buy before prices start going up dramatically again.
Call me if you have questions or want to chat about what we are seeing daily in the trenches J
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Real Estate Broker
Realty World & Cambridge Residential Funding
The Duggan Team
Convenience. Experience. Results.
650.678.5050 cell
925.277.3500 office
925.406.0925 e-fax
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