Recently, I heard famed Bay Area Real Estate Economist Carole Rodoni speak about our unique Bay Area Real Estate market. Among her most important points that pertain to our East Bay Real Estate market as we start the real estate recovery of 2013 were:
- Real estate is one of the two main drivers of the U.S. economy; the other being the stock market. The U.S. economy is not great, but is doing better than other world economies and is being kept alive by real estate and the stock market.
- The Bay area economy is an island unto itself. It’s driven by technology, diversity, creativity…like no other area in the world. Here, real estate will be in demand because people will always want to live here.
- The present crazy real estate market in the Bay Area/East Bay is not a bubble market. It’s not artificially inflated, like the 2004-2007 market was. The present Bay Area real estate market is driven by demand from solid AAA Buyers with lots of cash for the most part rather than “pretend income” loans.
- Now is the best time to be a seller in the Bay Area. The demand now is the greatest it has been in a while. Demand will inevitably even out as more houses come on the market, interest rates increase and the AAA Buyers become satiated. That's not to say that prices will take a dive, but overbids will not be as wild as they are now.
Originally posted on my Elmwood Home real estate blog here: http://elmwood-home.com/time-to-sell-east-bay-homes/.