span Hayward, San Leandro, Oakland,
class="cap">T he Bay San Lorenzo and Berkeley. Part of
Area Real Estate Market is this niche market is due to being
still showing signs of volatility a very high cost area and prices
affecting consumer confidence. tripling from 1999 to 2005 in
This is truly a very interesting most areas. Many were buying two
area with several niche or more properties hoping to jump
communities doing completely on the get rich train and now are
different things. The more in foreclosure. The cost of
affluent areas seem to be stable mortgage money was dirt cheap and
and have more activity while the just about anyone who could sign
lower end sectors seem to be on the dotted line could get a
plummeting at a rapid rate. San loan.
Francisco, Marin and parts of the The good news is that the Federal
Peninsula are actually increasing Government has passed a bill to
in value. The East Bay reports raise the conforming loan
that Danville, San Ramon, amounts. This will make a
Pleasanton, Orinda, Walnut Creek, substantial difference to Bay
Lafayette and Pleasant Hill are Area buyers who can now obtain a
remaining relatively stable. In conforming loan up to $729,000
Alameda County, Alameda, The compared to the previous
Oakland hills, Piedmont, and $419,000. The median housing
Castro Valley are stable. The price in desirable areas is still
unique thing is that by simply above the six hundred thousand
traveling a few minutes away from dollar mark. This combined with
these areas, there are deals all of the new lending
galore. East Oakland has more restrictions priced many previous
than 100 homes for less than potential buyers right out of the
200,000. There are bargains to be market place. The new Federal
had in Richmond, San Pablo, Bill is a good thing that should
help to generate sales. There are at a great price, the time is
also eight of the Nation’s right now. There are hundreds of
biggest lenders who have teamed great buys out there many of
up with the government to help which are thirty percent or more
home owners redo their loans in under market value. We had a
order to avoid foreclosure. These showing for a property in West
lenders include groups like Oakland this last week that was
Citibank, Wells Fargo, Country listed for $84,000. This same
Wide and Bank of America. The property would have sold two
best thing for home owners who years ago for more than $400,000.
may be in trouble to do is to It has become difficult to keep
contact the lender right away. and eye on the prices in the Bay
The worst thing in the world to Area market because of such
do is not contact the lender. It fluctuation in prices from area
is far worse to find out one day to area. The rental market has
your home is being sold at continued to go up and many
auction. consumers we have talked to are
just plain scared to make a move.
We have seen more activity It is important to remember to
merging from the investor sector take the media at face value and
in the past few weeks. This is not absolute truth. Their job is
also a good sign for the Bay Area to sell stories to get viewers
meaning that investors are and sometimes paint a gloom and
sensing the bottom is near. Most doom picture.
of us will not know when the
We are watching the greatest
bottom will hit but will find out investment market in Bay Area
after the prices start going back real estate since the early
up. The bottom line is that if 1990’s when the last down cycle
for those who have been waiting took place. The inventory is
to purchase Bay Area properties fantastic and there are many
great loan products available "http://www.isnare.com/adsense-al
that are very affordable. Talk to t-728x90.php";
your local professional and find
out what’s out there. There is no google_ad_width = 728;
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Matt Larsen
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Article Tags: area, bay, san
