This Sunday's Chronicle actually has an article written by a Chronicle reporter that reports the state of local real estate markets. And, get this, it has a neutral tone! It's not recycled from the AP! It's news! It's news! It's fair-reporting. OMG. Read on...for Spring Bloom and Gloom. As I often note, all real estate is local and is not created equal. What is happening in San Francisco real estate has very little to do with what is happening in Antioch real estate, Des Moines real estate, and so forth. Our micro-market has a couple of key factors: very little development with tight planning regulations and a strong, diverse, international economy. Sure, we have our ups and downs like in any economic market but the downs are few and far-between. Right now, is an odd juxtaposition of timing. It is a great time to sell because inventory is REALLY LOW. On the other hand, it is a great time to buy because a lot of "negative nancies" are sitting on the sidelines, waiting for some big drop in home prices. So, the motivated buyers, though competing with other like-minded and prescient kin, are getting good values. I stress the word value because a good value can be a property you paid over the asking price for... The way I view it, the skittishness of some folks and the mainstream media has opened the door for the real buyers and sellers to conduct business. Anyone who has looked at the long-term trends of San Francisco home prices and who understands that real estate is a long-term investment, gets that it matters more what you buy and if you can afford it then when you buy. Make sense? Read Spring Bloom and Gloom HERE.
