Millbrae, CA (Vocus/PRWEB) January 27, 2011
Three real estate recessions have hit California during Wayne Gomes' 32 years as a San Francisco Peninsula REALTOR®. Gomes has studied the similarities in the housing market meltdowns, and his knowledge and expertise is useful for identifying signs and signals that might indicate the real estate market has reached the bottom-and how to capitalize on it.
The 1981 California real estate crash saw interest rates for home loans soar as high as 17%, nearly unimaginable in today's housing market. The second recession began in 1989 and lasted a little over 5 years. This housing bust harmed more than the real estate sector, dragging the entire California economy down with it. The third is happening right now.
Strategies for buying and selling-whether it's an investment property, apartment building, commercial real estate, or a primary residence-have differed in these diverse economies. Yet according to Gomes, a single commonality exists among the three major housing crises in California since 1980: a lack of confidence in real estate investments!
"When I hear people say that they are better off renting a home than buying a home, that person's perception is that the market is still on a downward slide," says Gomes. "If they say they want to jump into the market while they can still get a great price, they are obviously of the opinion the bottom is history, or at least close at hand. The negative opinion is the one people really want to pay attention to when looking for a bottom. When fear is great and coupled with the right economic ingredients, a bottom is created."
Despite the Recession, according to Gomes, the San Francisco Peninsula real estate market bears great values right now. Gomes and other agents are beginning to see large investors buying up investment properties. "
The presence of large investors is a sign of bottoming, as it indicates a renewed confidence in the market for some specific reason," says Gomes. "The market is more complex this time around than in past recessions, but I believe the signs will be the same for seeing a bottom."
Gomes cautions that not all Bay Area buyers will see the market rebound within the same timeframe. Price changes in real estate in Burlingame will likely differ from real estate in Millbrae, or even real estate in San Bruno. Buyers will encounter different bottoms regionally, and therefore, markets will rebound at different intervals. Regardless of regional variances, Gomes contends that the Peninsula real estate market, on the whole, is trying to getting some footing right now.
"People seem to be betting on rising confidence in the real estate market," said Gomes. "That's good news for everyone."
About Millbrae Realtor Wayne Gomes
With over thirty years of experience selling homes, condos, apartment buildings and commercial real estate, Wayne Gomes knows the ins and outs of Bay Area Peninsula real estate. Located in the heart of Burlingame, Gomes serves the San Francisco Peninsula communities of Burlingame, Millbrae, Hillsborough, San Mateo, San Bruno, South San Francisco, Belmont, Redwood City, San Carlos, Daly City, Woodside, Pacifica, Brisbane, Colma, El Granada, Foster City, Half Moon Bay, and Montara.
###
For the original version on PRWeb visit: www.prweb.com/releases/prwebreal-estate/Millbrae/prweb8095393.htm
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/01/27/prweb8095393.DTL#ixzz1D6JXr1Kv
No comments:
Post a Comment