Hi,
In one of my recent posts, I got a question from anonymous. Here it is:
Anonymous said...
Question is: Where do you think the market is going? Is there still enough inventory to get a decent deal on a house in the "TheBayArea". Or should I continue to wait to buy? AMA
February 1, 2010 9:03 AM
I was about to reply within the comments section but I thought this would be a good opportunity to address a question that I am sure many are asking.
My response:
After speaking with others in and out of the office, it seems the market is holding pretty steady right now.
That being said, I don't foresee a huge upswing in the market but I definitely don't see a big drop off either. I think it will hold steady for the remainder of the year. Once we have a more accurate picture at that point we can of course make a whole new guess as to where it is going.
Real Estate agents are like Economists. We have lots of theories and we are always "supposing."
To answer your last question, yes there is still enough inventory to get a decent deal. The prices are remaining steady, which is good...it's just that there are multiple offers, which makes it a little tougher. The good thing though is that even if you do outbid someone in this market, you are still getting a way better deal than what you would have gotten a few years ago. Also, and most important, you have to pay close attention to the houses. You wait a day to make an offer and it could already be gone. That's the part that a lot of people have trouble with. They are spending hundreds of thousands of dollars and they don't want to be rushed.
If you are in it for the long haul (at least 5 years) it is still a good time to buy a house.
Conor
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Monday, February 1, 2010
Friday, January 8, 2010
We think the economy is tough...
Hi,
I am lucky enough to have a traveling family. Every holiday season for the last 5 years my extended family makes it's way across the globe to a random destination. Past years have included, Mexico, Ireland and Argentina. This year, my family went to Cambodia, Thailand and Vietnam.
The first question you probably have is, "Why would you go to Vietnam?" I have an answer for that, my grandmother had never been there before, and she wanted to go. So there.
After 10 days (12 days total including travel) of tours, food, elephant rides, and temples, I left Southeast Asia with a life experience under my belt. I don't want to pretend that my trip was amazing fun when it really wasn't, but I'll merely acknowledge the fact that it was an experience I needed to have and a very interesting one at that. I'm happy with the opportunity to go there but I come back feeling fortunate for the things I have here in the Bay Area.
Our economy is going through a rough patch right now, more than a rough patch most would say. I walked through the streets of Cambodia and stared in disbelief at entire buildings completely empty. Cambodia is a place that relies very heavily on tourism and investors from around the world. When I asked our tour guide what was up with these empty buildings, he informed me that they were built a few years ago by world investors with hopes of sales. The economy crashes, building stops, now they have full buildings just sitting there empty going to waste. This isn't just one building either...they are everywhere. The amazing thing about these empty buildings is that they are still trying to sell them. Asking price for one of these condos is almost 500k USD!!! In Cambodia!! No wonder they are empty. Apparently, that is what the builder needs to stay afloat on these condos. Amazing...I was amazed.
Then I go to Vietnam. No empty buildings there. 10 Million people and nowhere to put them. I saw more motor scooters in one day than I had in my entire life up to that point. Too many people, lots of smog, too hard to cross the street...some of the many challenges I faced while in Ho Chi Minh City, Vietnam.
In the end, I came to the conclusion, that although times are tough in the Bay Area right now, we are lucky enough to strike a happy medium of good people in an area that is not too crowded and not too empty.
I know that I am where I want to be when I am landing at SFO and after looking around for a few minutes, think to myself, it's good to be home.
Conor
I am lucky enough to have a traveling family. Every holiday season for the last 5 years my extended family makes it's way across the globe to a random destination. Past years have included, Mexico, Ireland and Argentina. This year, my family went to Cambodia, Thailand and Vietnam.
The first question you probably have is, "Why would you go to Vietnam?" I have an answer for that, my grandmother had never been there before, and she wanted to go. So there.
After 10 days (12 days total including travel) of tours, food, elephant rides, and temples, I left Southeast Asia with a life experience under my belt. I don't want to pretend that my trip was amazing fun when it really wasn't, but I'll merely acknowledge the fact that it was an experience I needed to have and a very interesting one at that. I'm happy with the opportunity to go there but I come back feeling fortunate for the things I have here in the Bay Area.
Our economy is going through a rough patch right now, more than a rough patch most would say. I walked through the streets of Cambodia and stared in disbelief at entire buildings completely empty. Cambodia is a place that relies very heavily on tourism and investors from around the world. When I asked our tour guide what was up with these empty buildings, he informed me that they were built a few years ago by world investors with hopes of sales. The economy crashes, building stops, now they have full buildings just sitting there empty going to waste. This isn't just one building either...they are everywhere. The amazing thing about these empty buildings is that they are still trying to sell them. Asking price for one of these condos is almost 500k USD!!! In Cambodia!! No wonder they are empty. Apparently, that is what the builder needs to stay afloat on these condos. Amazing...I was amazed.
Then I go to Vietnam. No empty buildings there. 10 Million people and nowhere to put them. I saw more motor scooters in one day than I had in my entire life up to that point. Too many people, lots of smog, too hard to cross the street...some of the many challenges I faced while in Ho Chi Minh City, Vietnam.
In the end, I came to the conclusion, that although times are tough in the Bay Area right now, we are lucky enough to strike a happy medium of good people in an area that is not too crowded and not too empty.
I know that I am where I want to be when I am landing at SFO and after looking around for a few minutes, think to myself, it's good to be home.
Conor
P.S. The pictures above include a trip to Halong Bay (North Vietnam,) scooters, the family, the snake at Mekong Delta, and Beung Melia Temple ruins in Cambodia. After re reading this post, I didn't mean to give off the feeling that I didn't enjoy my trip, very much the opposite in fact. It was an amazing experience as a whole with a bunch of cool little experiences on the way. I just wanted to convey the fact that, I feel fortunate to be where I am today.
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