Times are Changing

Our clocks were turned back last night, but that's not the only way that times are changing.
According to the California Association of Realtors, in 1989 the median price of a single-family home in Santa Clara County was $246,847. Today, just 18 years later, that same single family home is selling for $860,000 - a 248% increase.
Certainly in recent months we have seen a shift from a seller's market to a buyer's market but that switch was necessary to continue a healthy flow of exchange amongst
buyers and sellers. The bottom line is that our economy couldn't maintain the
double digit increases we saw in home prices in 2003 and 2004 without seeing a shift. If we continued to see an increase of that size, we would nearly eliminate the
first-time home buyers, drastically impacting our economy. Shifts in our market are what keep our economy running smoothly.
Is Now the Time to Buy? Around San Jose it could be. Mortgage rates remain low (by historical standards), prices have stabilized and there is a large selection of homes to choose from.
Certainly it makes a more exciting news story for journalists to dwell on the negative, but for smart consumers it is definitely more economically advantageous to seize opportunities as they present themselves. And this market may offer some tremendous opportunities.