It’s Official! The Bottom of the Market is Here???

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Is it the bottom of the housing market?

I have received this article a few times over the past week from clients asking if the bottom of the housing market is here. Here is a link to the Wall Street Journal article.

The Housing Crisis is Over

I know a lot of people are waiting until the bottom is here until they buy, but there are two schools of thought regarding housing. One is buy a house because you want to raise a family, be close to great schools, close to work, near amenities, and a home you can afford plus get great tax write offs. Second is, buy a house because you want to make quick money, you don’t really like it, but you can put a few bucks in it and make more, your loan isn’t that great, but you will sell before it resets, maybe you get a kick back on the commission of the agent and you want the money in your pocket. If those don’t work out, you would rather rent. Here is my concern - the same mindset that exists today for many is the same that got us into the problem we are now leaving.

A home is best purchased for option one. Look at our grandparents, they bought a home to live in and raise a family. They did make money, and many made a lot, but only after years of being in a home and that is the best way to buy real estate, long term. So my answer to the question ‘is the market at the bottom’ is if you want to make quick money, NO. Real estate should never be viewed that way. If you want to buy a home for the long term, we are closer now than a year ago, but we won’t know it’s the bottom until we pass it. Many areas are now seeing prices at a level where renting does not make sense anymore. Example in the Dublin Ranch Condos a home just went pending at $350,000. Its is a 2 bed 2 bath 1,400sf, the same home will rent for $2,000.


Here is what you can take from this – Do your homework on the neighborhood, get a good loan, put some money down, find a local Realtor and you will make money in the long term!

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The Moxley Team   | May 14, 2008

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Moxley Team serves Pleasanton Home Buyers and Pleasanton Home Sellers. From Dublin Ranch Condos to Dublin Ranch Luxury Homes the Moxley Team of Alain Pinel in Pleasanton provides Home Buying Tools and Home Selling Tips. MoxleyTeam.com provides info from Pleasanton Home Sales to Dublin Ranch Developments, Dublin Ranch News and Foreclosures in Pleasanton and Short Sales in Dublin Ranch.