RealEstate680

20 years in the real estate and mortgage business and I can not remember a better time for a qualified buyer to buy a home or investment property. The Press keeps talking about the “other shoe to drop.” Finance companies going out of business, large Wall Street and Hedge Fund losses. So what?

Buyers get out there and buy! In chaos comes opportunity. Take advantage of extraordinary interest rates, listings that have been on the market for months and let this general feeling of chaos work in your favor.

Besides below asking price offers, how about asking for a rate buy down on your mortgage or seller to pay closing costs. Want to buy a Townhome or condo. Ask for 2 years HOA dues to be paid by the seller at close of escrow. Ask for for everthing you want and let the seller think about it. If their serious about selling their proerty they will grap you by the ankle and make the deal work.

It’s a great time to buy a home!

I have a client that wants to wait to buy a home in the Pleasant Hill, Martinez area because they feel that homes will become even more affordable next year.

They may be right. I don’t see the real estate market in Contra Costa County improving any time this year. Finding the bottom of any market; be it real estate, mortgage or stock market is a skill set that is beyond 99.9% of the population. It’s more luck than skill.

If you plan on staying in your home for more than 5 years, don’t wait. Start looking now. We know that interest rates are very good. We know that sellers are motivated. Keep an objective view to the market. Submit offers to seller’s that solve your wants and needs.

Prices of Walnut Creek real estate are incredibly affordable given the 20% appreciation that occurred during the past five years. The real estate market in Contra Costa County is a true Buyer’s market.

It would be a shame to wait and have this market pass you by. If Walnut Creek homes are still out of your range, Pleasant Hill and Concord real estate is more affordable and there are plenty of deals out there.

Greed, how many times have we seen it happen? Brokers and Lenders greed. Homeowners betting that appreciation will exceed their wildest dreams. What’s that phrase? “If it sounds to good to be true’? I spent 15 years in the corporate mortgage business before moving in 2001 to residential real estate in Contra Costa and Solano Counties. I saw good loans being done for people that understood the process and I saw loans created for people that had never seen the cycles of a commodity like real estate. If you’re under 30 years old there’s a very good chance you have never seen anything less that double digit appreciation on the 680 corridor.

We had a hiccough in the San Francisco Bay Area real estate the early 1990’s, but that was nothing compared to the lack of bank liquidity that’s happen in the past few months. So, what does it mean to you, the guy that has a 6% fixed rate mortgage? It will mean we probably won’t have to wait for a table in restaurants like Piatti’s in Danville or Monticatini’s in Walnut Creek. Nordstrom’s won’t be out of size 11 Feragamo shoes. Real estate or mortgage people are spenders. Walnut Creek Mercedes may come off the sticker price. Consumer spending in Contra Costa County will be affected. Lack of liquidity and diminished consumer spending can slow down a local economy. We have enjoyed tremendous growth locally. In the long run, those of us who live on the 680 corridor will be fine. We have good schools. Our businesses are very diverse; finance, real estate, technology, awesome retail and many other sectors. Walnut Creek is headquarters for many international corporations. BART has proven to draw business and homeowners to our Counties. How long will it be this way? I don’t know, but there is no quick fix. “Keep your Powder Dry.”