Latest Housing Statistics from December '07

Today, the California Association of Realtors released the December '07 housing report. Yes, the report and statistics supporting it reflect continued fallout from the mortgage crisis and resulting fortclosures throughout California. The good news is that the stars are aligning and indicating that there is better news on the horizon for residential sales in our region.

The drop in mortgage rates, the huge amount of housing inventory and lower prices have combined to give folks an opportunity to buy when just 2 years ago it seemed like a dream. We are seeing multiple offers on homes we have been showing our clients this month. We are seeing a dramatic increase in applications for home loans. And, we are seeing our clients getting into contract to purchase and sell homes.

If you had been waiting for the market to hit "bottom", now is the time to start making your plans to act. We will not know when the market has hit bottom until 6 months after the market has hit bottom.

A New Year For Real Estate

We're fully operational to attack 2008 after a very enjoyable holiday season. Right after Thanksgiving, Kim & I headed off to Puerto Vallarta for a vacation. It was our first time alone since our daughter was born almost 2 years ago. We were able to relax for two reasons - Our daughter was in good hands with Grandma & our clients were in good hands with our Manager at Prudential California Real Estate!

We are convinced that 2008 will be a great year for both sellers and buyers alike. There are many signs of the market beginning to stabilize. Wonderful opportunities are available!

Happy New Year!