Huh? -And the New Headlines

Please forgive the lunatic ravings in my last post, below. I'll admit it; it was a slow real estate day and I let my mind wander a little too far from my desk. By the way that was not, I repeat not, a photo of my desk. The owner of that desk (if we can call that paper mountain a desk) shall remain nameless.

Word on the street is "now is a good time to buy real estate." Heard it before? You probably have, if you have been at all interested in San Francisco Bay Area real estate for the past ten years or so, because we have been repeating this mantra since 1998 as prices have risen exponentially.

Wish you had bought property five years ago? I know, I know; back then you thought the real estate market was a bubble waiting to burst so you didn't buy. But it didn't burst then, did it? It just got more expensive and the house you thought was already overpriced five years ago increased even further in value while you sat on the fence. You should have believed your agent five years ago when she said "buy now before it gets worse". I also know that's a hard line to swallow when you are talking about a purchase of several hundred thousand dollars, so I do not blame.

Well, listen now, people! The market is easing up for buyers and if ever there was a slightly comfortable window of opportunity, this winter will be it. No, you will not get to buy a house in Berkeley at 2002 prices. That bubble is evidently made of steal. You will, however, be able to experience a more balanced market as a buyer where you may have more negotiating power with certain properties where there weren't multiple offers as the seller had hoped. You may find a house you want that has been on the market for an entire month or more (gasp!), whose owner is waiting for someone to bring them a reasonable offer. Contrast that idea with five years ago when almost every house around here sold within 3 weeks with multiple offers, and buyers had to write offers on many many homes before they were lucky enough to have one accepted. If you are really looking for a great deal, consider that in perfectly charming neighborhoods in Richmond, El Cerrito and Oakland there are homes offered at prices well below last year's averages. Think of this, then ask yourself if it's still very important to remain undecided. -Then call me and I will find you a house.