Have we hit bottom in the real estate market? It depends on who you ask and where you are standing. Consider the population factor. Here in California, we have experienced a steadier rate of population increase lately than we have since 2003. That seems to make no sense, unless we look at what the recession did to home prices here. One of the by-products of this economic debacle was the large drop in home values and prices. This has made California within reach for many more home buyers than in previous years. These days, California real estate prices are more in line with the rest of the country. Many folks who have wanted to move here have a better shot at it now.
There are many factors to consider when looking at the ebb and flow of an areas population. Jobs, births, deaths, etc. Overall, availability of jobs and affordable housing is up at the top of the list. We are all familiar with the obvious - if there is no work, and housing is unaffordable, folks will go elsewhere.
The balance of an economy is very delicate and precarious. Incoming residents to an area, in addition to housing and food, also affect the sectors of water, and energy. Here in California, we are exploring what the demand on these resources means and researching the possible creation of more green technology and energy jobs. California is full of innovators!
The world of real estate in a given area is an excellent indicator of economic health. Ask any local Realtor – he or she can tell you if people are coming in, or going out, if there are jobs coming in or going out, and what kind of people are coming in or going out. Are folks retiring and moving away? Are young families coming in that just accepted new jobs close by? Is there new construction going on that will provide good local jobs? Is there new housing being built? Are companies moving in to town and hiring, or are existing companies cutting back and laying off? Just a few examples of how delicate the economy of an area can be based on the ebb and flow of its population.
Those in the know say that a stable or growing housing market is a big economic indicator. The San Francisco Bay Area is home to many top companies, from the Silicon Valley, to right here in San Ramon. Companies like PG&E and GE are expanding here in Bishop Ranch! This means hundreds of new employees are coming to our area. These incoming, well educated folks need homes to live in, quality schools for their children, and clean safe neighborhoods for their families. San Ramon meets all of those needs. As a result, we are experiencing very high demand, but a very low inventory of homes for sale. There are often multiple offers and buyers for every home that comes on the market. Here in San Ramon, we are experiencing a perfect storm that is starting an economic comeback in our area. We are feeling very optimistic these days indeed, and feel that we may indeed have hit bottom and are rebounding – bottoms up! Want to buy San Ramon real estate? Need to sell San Ramon homes? Give us a call! We’re ready to help!