Michael Sells The Bay

Would you change your buying intentions this spring if rates went up to 6%? That's the question Realtors are asking their fence-sitting clients this week as word hit the markets that there is a rate increase heading our way. With the Spring selling/buying season upon us, everyone is anxious to get homes listed, and start promoting the best and brightest properties to the world of buyers who for the most part are hold-overs from last fall. With little news coverage in papers or on TV about real estate lately, it was interesting to hear all the "experts" chime in with their take on what this impending rate increase will do to further stifle economic recovery and home sales/values in 2010. Just when you thought the bottom had been reached in both valuation and sales we get more media turmoil. Home Values in Redwood City, Emerald Hills, San Carlos, Menlo Park, Belmont, Portola Valley and Los Altos continue to remain below their 10 year historic levels, and there are some incredible buys right now for anyone looking. In fact, a home that is next door to where we live in Emerald Hills for about land value! Amazing when you consider there are bare lots that you would have to buy with all cash in the neighborhood for about the same price! Long term buy and hold values is much greater in certain areas... but you have to know where to look. If you are looking for something in Emerald Hills for under $800,000, give me a call. And make your move before rates go up and weaken your buying power. All the best, Michael