Share this:

well, as i’m headlining with cliche’s i might as well keep them rolling!  it’s always darkest before the storm and man o man it’s dark out there.  speaking to headlines you gotta love the chronicle this sunday ‘slowdown finally catches up with san francisco real estate’.  thanks a lot fellas! as if its not tough enough getting folks to come by my open houses in the pouring rain!  what with the big boys running the big real estate companies moaning about the lack of multiple offers on million dollar homes and biz not coming back until mid 2009 and people waiting for a ‘sign’ that we’ve hit bottom it’s a wonder we don’t just start clear cutting buildings in the city and plant corn for bio fuels! they were accurate as usual though, as the problems revolve around loans and loans in the million to 2 million dollar price range.  with the fha limit dropping into the low $600,000′s after the first you’ll need $400,000 to close a million dollar property, and that tends to thin out the buying herd!  especially considering the condition of people’s savings and investment accounts being down down down.  reading between the lines like i always try an do you start to catch the glimmer of a turnaround in the corner of your eye(you knew something like this was coming now didn’t you?) see you only know you’ve found the bottom of the real estate market when your chasing prices back up! seen this happen in the mid 90′s  and again earlier in this decade.  if we’re not at the bottom then we’re close, as recessions are generally a 10 month event and we’re heading into 13 months now officially.  the word in the financial world is conforming rates in the 4.5% range after the first, niiiiice, and that could even light up the refi market once again!  lot of pent up demand too as people have been putting off buying for all the above reasons and rents have been steamin up for about a year now, setting the stage for  those first time buyers to get motivated!  Feds are pouring money into the financial institutions and the politicians are pressing hard for them to loan it to homeowners.  stars are peaking through the cloud cover if you ask me!

Advertisement