There is one hell of a golden opportunity in the making for first-time buyers in the East Bay of California. The chances are many will miss it because they have been brain-washed by the doom and gloom of the past eighteen months.

With all of the press around the downturn in the housing market and the suprime meltdown it?s easy to forget that the only loans in trouble amount to less than 10% of all the mortgage market. We?re not underplaying the reality or seriousness of the current situation, but situations like this often hold a golden opportunity for some.

Right now that golden opportunity in real estate exists for buyers with solid credit, a decent down payment and secure employment. Sounds like your typical mortgage candidate prior to all the insane lending ? someone saving and planning with a goal in mind.

Here?s what makes the current East Bay real estate market a market of opportunity:

  • Interest rates are low and heading lower
  • Home prices have dropped, while they may drop much more, they won?t be bouncing back real soon either
  • Home sellers are beginning to accept the reality of the situation
  • First-Time Buyer programs still exist and applications are down

This is one of those cyclical times when savvy buyers and investors make deals that others will wish they had five years from now. How often have we wished we had purchased that lot, house, stock ten years ago?

It?s rarely easy or convenient for the average Joe to take advantage of situations like this. Even those with solid financial position succumb to the media brainwashing and apply alll the doom gloom across the board to everytihng in life.

Recession concerns are only going to increase this window of opportunity for buyers. If you are in a position to buy, you only need to answer one very simple question to determine whether or not you can make yourself golden ? can you afford it?

Keep your eye on the ball with our East Bay Real Estate Market Detail Reports ? updated every week.