Fremont Real Estate Market Forecast - Oct. 23, 2012

The market changed on Jan. 1, 2012 from a buyer's market to a seller's market. After the New Year's Eve celebration, we started getting 6-7 new clients each week, with most being buyers. The one thing we heard most was that folks felt this was the time to buy because rates were low and so were home prices. As we normally see with our new home buyers, many were about to be married, newlyweds, expecting or with kids see needing schools. Though we have seen many buyers enter the market, we haven’t seen the sellers come out yet. The result has been a rise in home prices. Also banks are taking fewer properties to foreclosure, with the only good news being that shorts sales are closing at a higher rate than last year. Net-net, my advice is that if you want to buy now, you will have to be aggressive, as you will be competing against others in your bidding. I do believe that pricing will continue to rise here in the Bay Area and especially in areas with good schools, because our economy is strong and folks have to send their kids to school, and those with money will always choose Fremont for its central location and great schools.