Don’t Hold Off Much Longer to Buy San Mateo Real Estate
“Make your move now…don’t hold off much longer,” Money Magazine (December 2009) advises San Mateo home buyers. If you have been lurking on the sidelines waiting for San Mateo real estate prices to hit rock bottom before house shopping, the time to act is now. I’ve been saying since December 2008 that in 2013 people will lament they didn’t buy real estate – particularly in San Mateo County – in 2009.
The End of the San Mateo Real Estate Bust
In its December cover story “Outlook 2010” Money opines that after 3 years of slumping prices the end of the San Mateo real estate bust may be in sight. A byproduct of the slump is that San Mateo homes are more affordable now than at any time in the past 2 decades and mortgage rates should remain low for the first several months of 2010.
What Does Money Magazine’s Real Estate Analyst Have to Say?
Money interviewed real estate analyst Mike Larson at Weiss Research, one of the most reputable sources of unbiased global investment information, who said:
“Prices may drop a little more, but the lion’s share of the damage is behind us…next year [2010] will clearly be better than this year [2009].” – Mike Larson at Weiss Research, Money Magazine, December 2009.
What Are We Seeing Today in the Entry Level San Mateo Real Estate Market?
As we have seen in the past few months, competition among San Mateo home buyers and investors for entry level is particularly keen for homes priced under $600,000. Remember, I’m writing about entry level, low priced homes San Mateo County, California, and not San Marcos, Texas. Prospective San Mateo home buyers can expect other bidders, many of them investors offering all cash. Overbids for the most affordable homes are common, so if you low ball or offer less than the listed price, you may be outbid.
What About Demand for Mid to Upper End of the San Mateo Real Estate Market?
Demand for mid-range and top tier priced homes in San Mateo is subdued, especially when compared to homes in the lowest price tier. For the average family looking for mid-to-upper priced San Mateo homes in stable, primarily owner-occupied neighborhoods served by well performing schools, we expect market activity in this segment to pick up momentum. We’ll see the domino effect at work as entry level San Mateo home owners start trading up which is something they were not able to do in the last few years.
The Best San Mateo Real Estate Deals are Now
I’m seeing plenty of money sitting on the sidelines awaiting opportunity. The best San Mateo real estate deals are found when others are scared or unprepared. With unemployment high, defaults spiking and the prospect of the bulk of the ARM, sub-prime loan market about to recast in spring 2010, investors with cash and San Mateo home buyers with good credit, ample down payments and job security have a window of opportunity to make a great deal. As the window closes and prices creep up, the bottom of the market will become a distant image in the rear view mirror of life.
Want More Information About Getting Into the San Mateo Real Estate Market?
We present Home Buyer Education classes and webinars to help educate, inform and empower San Mateo home buyers. To check our upcoming class schedule, visit our Class Schedule page and sign up for a program today.
Considering Buying San Mateo Real Estate?
Check out our Buyer Representation page to learn how our Buyer Representation Program is All About You! Then give us a call at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to set up a free, no obligation consultation and we’ll help you come up with a game plan to buy San Mateo real estate right.
Search San Mateo Homes
Click on the Map Below to search San Mateo homes for sale today.
Enjoyed this Post? Why Not Subscribe?
If you have enjoyed LivingWellinSanMateo – san mateo county real estate, please subscribe to our RSS feed.
Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.
Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
