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Will It Be Faster Than Smoke Through A Keyhole?

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Will It Be Faster Than Smoke Through A Keyhole?
By: Myrl Jeffcoat - November 7th 2007

Will it be faster than smoke through a keyhole?

Housing recoveries are often rapid.

There is no question we are in a cool down of the real estate market here in the Greater Sacramento area, but let me explain to you what I think makes this cool down, or correction, so different than the melt down we experienced in the early 1990s.

In the late 1980s and throughout much of 1990, there had been a very large run-up of prices on homes in our area.  Similar to what we've experienced in recent years as well. 

A little over a year ago, we wondered if we were experiencing a bubble, or a bulge.  We understood the market was ripe for a bit of a correction, a slow down, or something of that nature.

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However, in the real estate recession of the early 1990s, we had local issues, which contributed greatly to the meltdown we experienced.  Namely, Sacramento had the closure of three military bases, which catapulted the area into recession, and a housing bust.

Prior to 1990, much of our local economic well being was hinged on our having the military bases, up and running.

However, once recovery began in the marketplace, it moved swiftly – faster than smoke through a keyhole. 

When we look around today, we see much more diversification of our businesses, corporations, and a strong job market, which contributes to our economy and financial stability. 

In a recent article in The Sacramento Bee, Jim Wasserman wrote, “For the sake of all anxious homeowners standing around the wishing well, let's look at local history. If it has anything to tell us, it's that real estate recoveries – and that dependable upward trajectory for California home values over the long run – usually come pretty fast once they start.”

 

 

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The conditions of the current real estate market create a wonderful window of opportunity to sidelined buyers of a few years back, who were unable to purchase homes because of artificially high prices.

 

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If you are currently considering selling or marketing a home, please feel free to call or contact me. I can provide a free, no-obligation Comparative Market Analysis of your property. . .Or if you are thinking of buying a home, I would be pleased to be given the opportunity to sit and explore with you the opportunities that await homebuyers at the present time.


Service is always
a priority

Myrl Jeffcoat

Local Realtor since 1981

Phone: 916.635.0420

E-Mail Myrl

Sacramento - El Dorado -  Placer Counties

License# 00827565

Date: October 2007