If the activity in the first quarter of the 2012 real estate market for the San Ramon Valley is any indication of what’s in store for the rest of the year, then you may want to “put your tray tables and seat backs into their fully upright position and fasten your seatbelts because, we may be about to take off!”
Our local economy is showing signs of recovery; the job markets in San Jose and San Francisco have vastly improved and are expected to continue to improve for the remainder of 2012. And, to say that our real estate market is showing signs of improving would be an understatement!
The sale activity in the first 3 months of 2012 is the best it’s been in 5 years!
Properties which had lingered on the market, for literally years, are now in contract. New homes coming on the market, which are priced right and in move-in condition, are receiving multiple bids; and in many instances are selling for over asking. Reported attendance of prospective home buyers at open houses is up. Pending sales are rising, market times are declining and all this increased activity in our market has left our inventory low. What does this mean? If you have any inclination of selling your home, don’t wait, do it now because, it’s a great time to sell!
But feat not, if you are a buyer; it’s also a fantastic time to buy! Interest rates are still at an all-time low and home prices are still down, making today’s real estate market one of the most favorable and affordable times to purchase a home! Consider the alternative: the rental market in the Bay Area is one the most robust and expensive rental markets in the country. If you were to characterize the home buying market as heating up than the rental market is on fire!
So what does this all mean – ironically it doesn’t matter whether you are thinking about selling, buying or investing; now is the time to act. If you are thinking about selling, don’t wait; in the spring our hosing inventories tend to rise – If you are thinking about buying, don’t wait; because interest rates and prices won’t stay this low forever. If you are thinking about investing, don’t wait; because current rents are strong and properties are cash flowing better than we have seen in decades.
In summary, if you are thinking about real estate, now is the time to act and it doesn’t matter whether you are a seller, buyer or investor. In other words: don’t risk flying “standby”. You may find yourself stuck at the gate wondering how you missed out, as the local real estate market has already taken flight!
For additional information, contact Greg Boudreau
Greg.boudreau@sothebysrealty.com
