In a rising tide of home prices, offering a free pizza with a house in Oaklands Dimond District is not a sign of hope like the Biblical dove returning to the ark signifying the end of the flood. As the weather bulletins frequently stated this winter, flood warnings remain in effect. At some point there will be a high water mark for local real estate prices. We won't recognize it until we can look back at data showing a downturn or, more likely, just a flattening. The latest numbers overall still show a rising tide of prices. The exceptions are:
- Our lowest and highest priced cities. Richmond prices are down 15% from March 2016 to March 2017, and Piedmont is down 16% for the same period.
- Moraga and Orinda are down 4% and 13%, respectively.
While this gives some hope for buyers ability to bite back in some slices of the market sectors, sellers wont be baking them any free pizzas to tempt them. The message essentially remains just as it has for several years:
- Buy now if you can afford a home that you love. Waiting has not been a successful strategy in recent years.
- Owners are in a good position to sell, especially if downsizing or moving to a less expensive market. Sellers wanting to move up locally will, of course, then face the challenges of any buyer but probably with the advantage of a large down payment.
- And if you havent refinanced yet, do so soon if a more favorable rate is still available.
In this beautiful weather lets set aside concerns about the financial climate for the moment. Consider that real estate is also the land under and around us. A different high water mark is now receding after the welcome, but sometimes severe, rain deluge we had this winter. Flood story traditions are multicultural and span the globe. The turning point is always the first sign of land. With our winter rains ending, be sure to get out and enjoy the land at its natural best with a run, walk, ride, roll, stroll, or just a view in our local gardens, parks, and natural landscapes. Our East Bay Regional Parks range from Chabot in San Leandro to Wildcat Canyon in Richmond. But here are some lesser known landing spots:
Enjoy the beautiful spring, and when youre ready to spring into action on the sale or purchase of real estate, please know that your call or e-mail is always welcome.
The post Has the Tide of High Prices Receded? appeared first on Red Oak Realty.
