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Permalink Reply by Luba Muzichenko on April 2, 2008 at 2:18pm

April 3rd. Yup folks, you heard it right hear first. Tomorrow we will oficially "see the bottom" of the San Francisco market. My crystal ball told me so. Or maybe it was that spirit I channelled the other day? Whatever, where I got the info isn't important. Just trust me - it's tomorrow.

Seriously? I haven't seen the market tanking so I can't forsee a real bottoming out. Sure, there are properties that aren't selling. But most have unrealistic sellers that refuse to believe that there has been ANY change in the market, or at least believe that their house/condo/tic hasn't been affected. But truth is, there have been changes. Appreciation has slowed, and in some neighborhoods, we ARE seeing market corrections. Are prices plummetting??? Not really, unless they were overpriced to begin with. Are properties withering away on the market for months without buyers? Some are - but they're in areas that aren't really selling well or are again, overpriced.

But many people's predictions haven't come to fruition. In fact, I had a client that late last year predicted that prices would have plummetted 30% by April. And we're in April, and again, where's that plummetting that people are talking about?

So there - I was going to write more, but now my crystal ball is trying to channel a spirit, and I better stop them before they make a mess. But they do agree that tomorrow will be the worst day for San Francisco real estate and then it will all get better from there. :-)

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Permalink Reply by theFrontSteps on April 2, 2008 at 2:26pm

3 Ocean's Real Estate called the bottom yesterday.

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Permalink Reply by KJ Kohlmyer on April 7, 2008 at 12:44pm

Huh. Those guys are completely unafraid of going out on a limb. Interesting that the CAR would be tracking one particular property like that.

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Permalink Reply by Farrah Wilder on April 2, 2008 at 5:38pm

In the East Bay, I predict no more than six more months of deals and steals. Some areas out here have been affected less than others. Pockets of Oakland and Berkeley have maintained their value. The areas where there was a lot of new development and where lower income buyers brought just a few years ago are hardest hit (East Oakland, West Contra Costa Co, etc). Investors are starting to snap up these bank owned properties. The increasing demand and decreasing inventory, IMO will drive prices back up.

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Permalink Reply by The Mortgage Banker on April 7, 2008 at 12:31pm

The bottom is near. Keep your eyes on WAMU, Fremont bank, and institutions similar to National City Bank. When their pain ends, we will start to dig out.

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Permalink Reply by The Mortgage Banker on April 10, 2008 at 5:24pm

Looks like I called the Wamu demise.

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