I was one out of many I'm sure that took place in a survey that measured real estate confidence. Keep in mind my opinion is based on my knowledge of what is happening in our own neighborhoods here in Fremont, Newark and Union City and sometimes neighboring counties at best. We tend to focus on the Fremont, Newark and Union City home values here. http://www.tricityhome.com and more specifically about Parkmont home sales here. http://tricityhome.com/Parkmont_homes_sold.html
Since the term market conditions can be subjective, I am setting the stage here by simply outlining that I felt market conditions were to be defined as: The current frequency of new and existing home sales as they are relative to their selling prices to last year.
I checked a 7 out of 10 for market conditions today as opposed to last year. Market conditions for Fremont being on the rise since that time due to the decreasing supply of homes left on the market and the fact that multiple offers were steady and in some cases on the rise. This latter point brings up the "demand" portion of the equation. Supply and demand will show us immediate conditions, but to predict the future condition is much more complicated.
In short, I felt somewhat optimistic about our real estate confidence. Naturally, there is another school of thought floating out there that we are headed for another crunch in bank owned properties and short sales. That may be, but at least Realtors and banks are getting better at handling the inventory surplus and getting them off the books at a more effective rate. So, if we do swing down again, I feel that it may not be as nearly significant as it was when it first hit. No one was ready at that time. Now we are.
Here is a copy of the report I got for free as a participant--let me know what you think.
Real Estate Confidence Report http://agent.point2.com/RECI/RECI_February2010_Report.pdf By Jeff Pereyda