Arn Cenedella

Is it a good time to buy?

That is the $64Million question on many folks’ minds.

Here is my “take”:
In my San Francisco Peninsula market, I would say:
Are there good values to be found? Yes.
Are we at botttom? Probably not. I expect contiuned downward pressure on prices. (In most San Francisco Peninsula cites, values are down maybe 10% to 20% from the peak in 06/07)
Is it a good time to buy? Yes: 1)  if you find a house you  really like  in the community where you want to put down roots 2) you have a long-term perspective – say 10 years and 3) your job situtation is pretty stable and 4) you buy comfortably within your financial means – this is not the time to stretch.

Jay Thompson The Phoenix Real Estate Guy provides a similar perspective on the Phoenix market which has been hit much much harder than our own market.

What say you?

What do my Homescopes blog buddies around Northen California have to say?

This entry was posted on Monday, March 2nd, 2009 at 11:04 am and is filed under East Palo Alto real estate, Investment Real Estate, los altos real estate, Menlo Park Real Estate, Mountain View real estate, Palo Alto Real Estate, Portola Valley Real Estate, Redwood City Real Estate, San Carlos Real Estate, Sunnyvale Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Beth Thoma Robinson said at March 2nd, 2009 at 1:35 pm

   Arn, what you say is reflected in the stats for the Hawaii (Big Island) market. By far the majority of sales right now are for primary residences/future retirement–people who by definition are looking at more than just the short-term. Only our prices are, depending on the market, down 20-30% in most areas.
   Aloha
   Beth

2. Kappy Mann said at March 2nd, 2009 at 3:51 pm

   Arn, sounds like your market has taken less of a beating than ours. Up here in Truckee – No Lake Tahoe, I estimate that the prices are off at least 20% since mid 2005. The full time market is higher, the second home market is lower. I would love to hear other people’s take on this too. Kappy

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