Bay Area
The end of the year is upon us with the holidays right around the corner. It was very interesting and volatile Bumpy Ride with the economy, the stock market, presidential election and the real estate crisis. We have seen some of our largest financial institutions go bankrupt, Fannie Mae and Freddie Mac become both supported by the government and the stock market loose almost 4 trillion dollars. We have seen of world-class companies and economic figures, such as Warren Buffet and Alan Greenspan in the spotlight, saying they have never seen anything such. Our national debt has accumulated to unprecedented levels, and our economy collapsed almost literally. We had many phone calls and emails from worried customers who see their retirement portfolios diminish before their eyes and felt helpless. It is during these moments that I remember a quote my father said to me "with all disasters, there is always a gift from the other side." What does it mean for a property?
Today is the best time to buy Bay Area real estate over the last twenty years. For those waiting to buy yet has come now.
We are seeing more buying activity in the fourth quarter we have seen all year. The market is rich with special offers and multiple offers happen frequently. Many people waited for the "bottom" to strike, but the truth is most of we shall see in the mirror. According to the data faster, Bay Area sales are the highest volume they were 17 months and median values are down 40% from a year ago in 9 counties of the Bay Area. Investors and buyers stepped off the sidelines and into the game. We will probably see more purchasing activity in 09 with the window of opportunity closing fast. The buying frenzy has indeed occurred, and the heat is on. This is a very important step for us all. Our economy needs to stabilize and homeowners need their property values stop falling. Bay Area real estate for many is a good investment strategy if it is long term. In today's market, it is not so bad to have a salable tangible instead of a very volatile stock portfolio.
Much of the purchasing activity in the housing market with the bank owning or "distressed" properties. We want to put a word of caution when using these types of properties. Many lenders who hold these positions are located out of state and have long term contracts that are written by their own lawyers to secure the bank's best interests. The purchase contract in California, is designed to protect the buyer of the bank. It is important to pay attention to the clauses of contracts banks as their contract supersedes the interests of purchase California's contract if the difference between the two. It is also very common in contracts for banks to return to the passive removal of contingencies, instead of the contract of California requiring an active policy of removal. A passive removal of contingency means that banks contract the buyer has a certain amount of time to make inspections, education and remove the contingencies of loan. If this date is going and the possibilities are automatically removed and the filing of buyers is on the line. The contract of California requires that contingencies be withdrawn in writing with the signature of both parties Dating and these removals. Make sure to be very careful when dealing with bank owned properties and you work with a professional who knows what they do. It is also a very good idea to have a look at any agreement of counsel at a bank before to sign just to make sure you fully understand what you're getting.
The housing market most likely see a significant number facing trial in the month largely due to bank and property belonging to the distress. There will be many attorneys look very carefully for negligent conduct and real estate agents and brokers should be careful in their transactions. There is nothing to fear as long as commercial transactions are conducted with care and real estate professionally.Real made people richer than just about everything and the Bay Area is no exception. This market is a niche and demand is still strong. The population continues to grow and the economy will remain a major player in the global economy.
Please Contact Team Enterprise for more information or visit us online.
Best,
Matt Larsen
About the Author:
Contact Team Enterprise for more information and visit us online: 1-877-510-3948
Bay Area Real Estate
Article Source: ArticlesBase.com – 2008 Winding Down With Bay Area Real Estate Purchases Revving Up
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