C21Mike's Real Estate Blog (San Francisco Bay Area)

Have we hit the market bottom? Maybe not, but we're getting close. Once everyone thinks we have hit the bottom, then buyers will really begin pouring into the market. Now is your chance to buy when the market is near the lows. Nobody can time the exact bottom.

Yeah, mortgage rates aren't the best right now. Plus it's quite difficult to even get approved for a loan. But if you can...then jump at the opportunity to scoop up low-price REO / Bank Owned properties. That's where the bargain are right now.

I am convinced of this. So convinced, that I just purchased an REO property in the East Bay (in fact, it closes today 8/8/8...that's got to be a good omen, eh?).

So what are you waiting for? Waiting for EVERYONE to start buying again? Look at the stock market; it's in a super-state of flux right now. Do you think the big boys on Wall Street are going to wait until it's completely rebounded before investing? Heck no. They buy when it's close to the bottom so as to maximize gain. They always seem to know what's going on before the rest of us do. With these wild 200+ point swings up and down every other day, I think they're shaking out all the nervous investors and accumulating for themselves. That's my 3 cents. I could be wrong, but I think I'm on the right track.