I recently had the opportunity to attend the Pacific Coast Builder's Conference, or PCBC, located in San Francisco, CA. Our team had a goal of gaining 95 happy new home owners for the month of May. We were reached our goal and our reward was attending the conference to obtain information about new construction, sales and our current economic condition and how it relates to the housing market.
We arrived in San Francisco on Wednesday, June 17th, and the weather was absolutely amazing! I attended the conference in 2007 and the weather was much cooler then our Idaho climate during is during the months of May. In fact, in 2007 we had to wear our jackets the entire time as it was windy and not above 60 degrees while we were there. We knew the weather was better than average but we really didn't know how great it was until we spoke with some of the locals that claimed we were experiencing the best weather that San Francisco has to offer!
That morning we attended one of the classes that we were looking forward to and there was a lot of good information that I was surprised I had never heard before! But I'll get back to that in a moment!
A friend of mine knows the hitting coach for the San Francisco Giants and was able to get us tickets to Wednesday's game against the Angels! Tim Lincecum was on the mound and he was absolutely dealing for the first 5 or 6 innings as the Angels were unable to hit him. But they ended up giving the Angels the lead in the top of the 8th which ended up deciding the game. Later that night our team headed to McCormick and Kuleto's for a wonderful seafood feast and then to Ghirardelli for some dessert.
The next day we went to another class at PCBC and then to fisherman's wharf to see some of the tourist sites. The city was great and the weather was even better!
Back to the classes at PCBC. As I said before, I learned some information that I am extremely surprised I have yet to hear or see it all over the news. Today we are experiencing the best housing affordability in almost 40 years! That's right, 40 years!!! The average monthly payment for a home is typically 38% of the average monthly income. Today however, the average monthly payment for a home is only 26% of the average monthly income! This is incredible!!!
I'm not sure what is more surprising to me. The fact that affordability is the best it has been in almost 40 years or that nobody knows about it? Consider yourself one of the lucky few if you happen to be reading this within 6 months of the date it was written. I am often asked by my prospects and clients when I think the bottom will hit, even more so recently. While I have no idea when the bottom will come, I know a good deal when I see one. Frankly, it's difficult NOT to find a good deal in today's real estate market.
Referring to that question, I am reminded of one of my favorite quotes from Warren Buffet, "Be fearful when others are greedy and greedy when others are fearful.". Again, you are hard pressed to find buyer's in this market who aren't fearful. And who am I to judge the wisdom of Warren Buffet? The market might not be at bottom yet, but by the time you find the bottom it has likely already passed you by!
Sincerely,
Chase Craig
Kuna Square One Manager
http://www.ownboise.com/
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