Friday, February 9, 2007
Coldwell Bankers New Presidents Says "Surprising Up-tick In Activity!"
Coldwell Banker Welcomes New President!
Larry Klapow recently became our new President. He brings great insight to our market and I would like to share a few of his thoughts.
Bay Area Housing Market Enjoying Surprising Up-tick in Activity
Despite all the talk in the news media about a housing slowdown, the Bay Area has started 2007 with an up-tick in activity. The problem in many cities is that there are not enough homes for sale. I know this sounds crazy based on what you’ve seen on TV or read in the newspapers lately, but good homes that are fairly priced are selling almost as fast as they come on the market.
No one knows for sure whether the strong January market will continue on into the spring and summer. Will the market return to the red-hot price appreciation we saw in 2002-2005? It’s highly unlikely, and that’s probably for the best. That kind of market could not be sustained over the long run and really isn’t healthy for anyone –buyers or sellers.
Instead, CAR economists believe we can expect normal, balanced market through the year with sales fairly level and single-digit price appreciation. And given all the other benefits of owning your own home, that sounds pretty good to me.