What will 2007 be like for Bay Area Real Estate? There is a lot of speculation out there regarding this issue. 2006 was a year of adjustment for sellers and buyers alike. Prices have soften, and buyers are able to take some time to think about their purchases. Does this mean that the housing boom is over?
Sales acutally started to pick up in December of 2006 and it looks like the market in 2007 will be balanced. What this means is there are about the same number of houses on the market as there are buyers.
Sellers will need to be realist in their pricing. If you purchased a home 2 years ago in the "hot" market, you may not want to sell right now.
Buyers will need to uderstand that while they have more opportunity to find a home at a reaonable price. They also need to be reasonable in their offers. There are others out there looking to buy. Houses in coveted areas are still having multiple offer bids over the asking price.
In my opinion, the balanced market we are in is a great opportunity. Sellers with equity can move up and buyers can find a home without dealing with the frenzy of years past. It is also a fantastic time for those looking to invest in income property.
Check me out on the web at www.lisacartolano.com
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