Monday, May 12, 2008

Have we hit bottom?

I keep gettng asked by my clients, friends family if I think we have "hit bottom yet" in the East Bay Market. The direct answer simply is I don't know. And really, the only way to tell if we have hit bottom is when prices start to go back up or stabalize.

In some areas like North Berkeley and Rockridge, prices have not changed dramatically. In other places like West Oakland and Richmond you have definitely seen a substantial drop in prices. However, no matter where you are buying in the East Bay, a buyer has more negociating power then we have seen in a long time. A buyer can negociate on terms and frankly that equals saving money. So, if you are thinking of buying the time is this year. Loan rates are extrmeley low, and Fannie Mae just raised there conforming loans in the some parts of the East Bay to low

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