Are we at or beyond the adjustment for this market?

Are we at or beyond the adjustment for this market?

After four years of adjustment, there is every indication that the market is at or past the bottom in San Mateo County. This county has had periodic adjustments, to previously over inflated markets before. The big adjustments usually last four or five years. Arguably it has been four years already, and we are seeing multiple offers again. This may be the best time for you to buy.

Have you been stalling because of the news media? Don’t be confused by, what may or may not be happening in the nation, or by the “Mortgage Meltdown”. Did you know that only 1% of all the homes in the nation are in foreclosure, yet 30% of the homes in the US are owned outright, free and clear? (NAR statistic.) Don’t be confused by new housing starts either. This county is an island regarding buildable area. We are essentially built out. New construction is on tear down lots. Actually this last factor is a major reason that San Mateo County is not diving in price.

We don’t have large companies building mega complexes, and drowning neighborhoods with inventory. In Half Moon Bay, 1990, the last adjustment, 100 condos had just been built when the market started to adjust, causing the condo market to out soften the house market. There is no such build this time around. Oh yes, you can go out to Modesto, and buy cheaply, but do you really want that commute? …And even if you did, what would be your return. Do you know that prices often double between 10 to fifteen years here? Why? Limited inventory. Will the market recover? Sure.

Well, do you believe there will continue to be jobs in the Silicon Valley? Do you believe there will continue to be jobs in Bio Tech? Do you believe there will continue to be jobs in San Francisco’s Financial District, or in the fashion market, or in the tourism market? What about the Pacific Rim? Will it bring money into the Bay Area? There is a lot of money in the Bay Area, and the Peninsula, and there is going to continue to be a lot of money here, so if you buy a home here, as compared to Modesto, you will likely be very happy, and considering the commute you will by-pass, sooner then later.

This is not Kansas, and we will continue to thrive. The smart money is here. Let me show you some property in the area, it will only cost you a couple of hours. Give me a call. I would be happy to serve you.