Many people, particularly first-time homebuyers, still aren’t sure if homeownership is feasible. Prices, interest rates, mortgage lenders and market speculation are just a few of the things that are cause for concern among those looking to buy their first home.
This recent downturn is allowing the California real estate market to correct itself to more affordable levels. This is good for our economy as well as a positive sign for homebuyers. Real estate should be seen as a minimum five- to seven-year investment in order to give your home time to gain equity. With that average in mind, real estate is a solid investment. But beyond investment and tax benefits is the security and enjoyment a new home can bring.
The truth is homeownership is within grasp of more prospective new buyers in today’s new home market with prices in Five Canyons and Palomares Hills in Castro Valley at their lowest levels since 2004, and relatively low interest rates make real estate investment a very good idea right now.
How long is this “Buyers Market” going to last? No one can actually predict, however the typical cycle in real estate starts to change when inventory shrinks below demand, driving up prices.
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