Doom and gloom news are always sensationalized. So from time to time, it helps to have a reality check.
Kudos to First American Title Company who shares with us the Market Watch newsletter by a dynamo of a woman, Carole Rodoni. Carole is a sought-after speaker (and the much-revered ray of hope for the battered northern California market). We share this info with our clients, and everyone appreciates it!
She points out the following:
- There may be close to 2 million homes going into foreclosure, but there are 110 million homes in this county. And 46% of those homes are owned free and clear.
- Sales, compared to last year, were still down 14.2%, and median prices are still declining, down 26.4% to $530K.
- GOOD NEWS: Sales in the San Francisco area show an increase in Aparil 2008 over March 2008. Sales were actually up 33.3%. This is the first increase we have seen in 6 months for the area.
She writes: "There are two sides to every transaction --- one selling, one buying. And right now, the market favors the buying side. So while many will avoid the market, sme will realize the timing is right. Why? Get in; get all the tax benefits; give it time to appreciate (at 3-5 years) and you'll do fine. Others will look bacn and say, 'If only we had bought back then.' "
Thanks, First American Title, for giving us Carole!
