2008 was a challenging year for the local real estate market. However, our Upper Rockridge neighborhood was the only area of the Oakland Hills, and much of the Bay Area for that matter, that remained stable. In fact, our homes‚ year-over-year values were slightly higher in 2008.

What will be the fundamental market driver in 2009? Confidence. Both buyers‚ faith in their ability to remain employed and mortgage lenders‚ belief in borrowers‚ credit worthiness will be crucial. At this time, we are witnessing both buyers‚ and lenders‚ confidence being tested as never before by ongoing economic conditions.

In 2009 buyers with rock-solid credit will be able to purchase the best homes at the most competitive prices. For sellers, it will be imperative that their homes are in top-notch condition with little or no deferred maintenance and are priced to sell.

If you are considering selling or buying a home or need experienced, professional real estate advice, I invite you to contact me.

Best wishes for a healthy and joyous 2009!

Sincerely,
Michael Thompson

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