How Low Can East Bay Homes Go?

Years ago, real estate buyers would have never thought that homes in East Contra Costa County would be priced as low as they are today. Homes in Brentwood, Antioch, Oakley, Pittsburg, Bay Point and Concord have reached low low prices. Buyers are finding bargain properties with little or no work needed. With everything on sale, buyers have a plethora of options from which to choose.

But with so many options, and buyers, it can be difficult to have your offer accepted by the banks. These inexpensive homes are receiving multiple offers within the first hours of it being listed. In addition, even though a home may be listed extraordinarily low, the multiple offers are coming in well above the asking price. Banks have realized that listing a property with a lower than market asking price, will entice home buyers to flock to the property. Within a few days, homes have soared past the original asking price and go into contract quickly.

There is talk around the town that home prices will continue to drop throughout East Contra Costa County. That may very well be true…but consider that homes are already reaching a low price point. Homes are beginning to fall into the $110 dollar per square foot range. When a home is being sold for that price per square foot, there really isn’t much room for it to come down in price. That is not an absolute statement, but it’s normally true. Furthermore, while foreclosures continue to flood the real estate market, trends do not show a slowdown into the future. Banks will more than likely continue to take on more inventory and keep cutting deals on their properties.

As a home buyer, this is one of the best, if not the best, times for you to purchase a home. Rates are considerably low, first time home buyer programs are outstanding, and there is tons of inventory available. While inventory levels remain saturated, it does not mean that buyers can wait on the sidelines. The best deals out there are getting multiple offers within hours of putting it on MLS. The point is, if you are planning on getting a deal, be prepared to act quickly.

Narrow down where you would like to purchase a home. Either the community, neighborhood, street, area, whatever is important to you. Once you do that, work with a reputable Realtor or real estate agent to find you the deal of a lifetime. Act quickly, and the next one just might be yours! We may not be at the bottom, but it sure would feel good to know that you bought near it, instead of on the upswing.