Contra Costa County Real Estate Market – Up or Down?
I get this question from both buyers and sellers – “will the market go down any more?” or “have we reached bottom?”
My answer to these questions is really twofold:
- It depends which market you are talking about
- Who Knows
With regard to the first answer – all markets are not created equal. We have areas here in San Ramon and Danville that can’t keep up with the demand. It is almost as if a neighborhood by neighborhood market study is required to answer the question. On the other hand there are areas in Contra Costa County still struggling and prices are declining.
The second answer “Who Knows” I don’t have a crystal ball. I do not know where the market is heading, all I know is what is here right now. It really boils down to the individual and if they feel it is the right time to buy.
I personally don’t want to proclaim that the San Ramon real estate market will not decline any further. I can’t predict that. While real estate agents do have a pulse on the market we are not fortune tellers. We can only share the data availble to us and let our clients make their own analysis if now is the time to buy a home.
There is also the subject of interest rates – will they rise and when. Most home buyers determine how much house they can buy based on the monthly payment which they qualify for. So if interest rates go up and home prices do decline a little more, the payment doesn’t really change.
If anyone is waiting for the real estate market to bottom to buy, more than likely they will miss it as it is only evident once prices start rising.
Filed under: Market Data
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