HarperMees & Associates Says Bay Area Real Estate Sales Ready to Take Off
June 16, 2008 Business News(PRLEAP.COM) John Harper of HarperMees & Associates in Danville, California says home sales in the California's East Bay are ready to take off in the second half of 2008.
Bucking the trend of continued doom and gloom in the real estate industry, HarperMees & Associates in Danville, CA sees the second half of 2008 having the potential to produce one of the best fourth quarters for East Bay home sales in a long time.
"We are seeing a rapid increase of interest from investors and buyers seeking affordable housing in foreclosures and bank owned properties," says John Harper. "Our online inquires for information on foreclosures has increased almost 30% in the last month."
According to Gus Kramer, Contra Costa County Tax Assessor, property tax values in some East Bay communities have fallen back to 1998 levels.
With the strong euro and Canadian dollar fueling foreign investment, California, one of the top 3 U.S. markets for foreign real estate investors, is positioned to benefit from rekindled interest in the purchase of bank owned properties.
"We are seeing a very significant difference in data gathered from the MLS this year over 2007," says Harper. "Last year, the suprime mess caused pending sales to flatten and decrease from May to December. This year we are seeing pending sales continue to strengthen."
East Bay real estate has been a historically good investment with property value appreciation remaining robust through many challenging times. While property values may take some time to recover, sales activity of foreclosed real estate is increasing, which is a positive sign that recovery may be on the way.
Paul Mees, international sales expert for the team, says, "We are very positive on the I-680 corridor from Walnut Creek to Pleasanton, but absolutely bullish on the East Bay communities of Antioch, Pittsburg and Brentwood, California."
HarperMees & Associates is the top producing team at Keller Williams Realty in Danville, CA.