On the 10th of each month, we receive final statistics on the Hayward Housing Market. We analyze the facts and then present to you, in these quarterly newsletters the results of this research.
At the end of March 2007, here’s a summary of our findings.
1) Real Estate Values are in fact continuing to drop.
· The highest average price of record ever in
· As of March 31, 2007, the average has dropped to $594,642 or 8%
2) Real Estate sales have slowed dramatically.
· In 2004, 1184 single family homes sold in
· Comparing the 6 month period between October 1 and March 31 over these last 3 years, sales activity is down 30%!!
· February and March 2007 only had 46 and 47 sales respectively. Sales have not been this slow since February of 2004.
Conclusion
It seems more than obvious that prices will continue to soften. Real Estate is a supply/demand commodity. As inventory levels increase without a commensurate increase in active buyers, the outcome is predictable. Two major sources of buyers who were helping drive demand and thus prices, are now gone from the scene, seemingly overnight; investors and “flippers” have come and gone; sub-prime lenders have stopped all the crazy financing that allowed nearly anyone to buy a home. Another important source of buyers gone.
If you know you’re going to sell soon, we firmly believe you’ll receive more money now than later, and do not see any recovery until at least 2010.
Remember, the axiom “what goes up, must come down” holds true in stocks, Real Estate, and most other investment avenues.
Buying and Selling Real Estate in Today’s Market requires more experience than ever before. I have that experience! You’ve seen my reliability through the best and worst of times and everything in between. While I appreciate that many people use me because I‘m the “Tomato Plant Guy” and bring useful gifts all the time, I ultimately aim to be appreciated for my experience, expertise and skills. There isn’t a Real Estate Team in the world that knows Hayward Real Estate, Neighborhood by Neighborhood and door by door like my team & I do. What this means for you is that I know how to advise you whether you’re buying or selling. If you’re buying, I know the best buys in the best neighborhoods. If you’re selling, you already know how actively I market my listings. I’m experienced in changing markets and understand exactly what advice to give you to get top dollar fast!!
Your Neighborhood Expert, Les Fohl Les Fohl, Broker / Owner
P.S. Even if you never buy or sell but just want an experienced Realtor® to consult with, I hope you’ll call me. We’ve built this company based on service and we offer you more every year.