Home Prices Bottoming – Good Deals Everywhere

As the Assessor of Contra Costa County since 1995 and a student of the real estate market of the East Bay since 1971, I’ve never felt more compelled and stronger about advising anyone and everyone who ever thought about getting into real estate to do it now. – Gus Kramer

Kramer says that real estate values may continue to slide a bit in Contra Costa County through 2008, but now is the time to be actively engaged in the buying process. “You are never going to find it more affordable than today,” says Kramer.

Kramer tells a story of a friend who bought a home in Brentwood CA in October of 2007 for $530K. This same home was selling in August of 2005 for $890K. In March of this year a home on the same street was listed at $395K.

“We haven’t seen values this low since sometime between 1998 and 2000,” says Kramer.

Time to Invest in East Bay Real Estate

Buying a house for under $300K with today’s interest rates and soaring rental rates at a premium due to foreclosures creates positive cash flow opportunities – very rare for California real estate in the last 20 years.

Homes at the low end of the market are going to see the fastest appreciation when the market comes back. Antioch, Brentwood, San Ramon, Walnut Creek and Martinez are just a few of the Contra Costa communities with current low housing prices that are attractive to first-time buyers.

The final word from Gus Kramer – “I feel so strongly about the market going up that if you buy property in the next year and it doesn’t appreciate, I promise you, I will not raise your taxes.”