April Real Estate Sales Up 33%

Erica — Sun, 25 May 2008 17:28:11 +0000

This past Thursday, I was waiting for an appointment and saw a headline on the front page of a newspaper stating that California existing home sales in April were up over 30% from March. Although the sales were still lower than their level one year ago, it was the first postive sign we’ve seen in the housing market in quite some time.

Everyone has a different opinion about where the “bottom” might be in the real estate market. Personally, I believe the market will be soft for quite a while and the bottom might come in late 2009 or early 2010. But in the end, nobody can tell the future. One thing is for certain: there is a growing amount of pent up demand sitting on the sidelines and as soon as they see a reason to get back into the market, there will be a surge of activity. April is a case in point.

Comparing house prices today with those of 2005, there is no question values are more attractive. In some areas, it’s actually possible to buy an investment property and be cash-positive right from day one. That hasn’t been possible in California for a while. So whether we have hit the bottom or not, this is still a great time to look at real estate. There are a lot of deals out there!

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April Real Estate Sales Up 33%