Bubble Schmubble…

What if the real estate experts declared a real estate bubble, but no one participated? While the national news is full of articles about home price declines and increases in foreclosure rates, the Bay Area, especially the East Bay area in Pleasanton and surrounding areas, is quietly showing surprising strength in the early Spring.

Low inventory and steady if not spectacular demand is keeping the market stable. There are even (you didn’t hear this from me) multiple offers happening, although not the 12 offers/$50,000 over asking/no contingencies/You get to keep our kids type of multiple offers we saw in 2003 & 2004. So where does that leave us? As real estate brokers, we can only really concentrate on the here and now. Clients don’t pay us to arrive at the value of their home in 6 months, or one year ago, but rather to arrive at the value of the house today, given current market conditions. So right now, today, the first week in March, the Pleasanton area real estate market is good, stable, and acting like a typical early spring market. Don’t ask me about the market in say 6 months, because obviously I can’t say. But for now, the only bubbles we are seeing in Pleaanton are the champaigne bubbles celebrating the relatively quick sale of the seller’s house.

Now… back to the South Florida condo market.