I am asked every day what is going to happen in this market and if buyers or sellers should wait longer for the right time to pull the trigger. The trend we are seeing was very predicable, interest rates rise and more buyers are priced out of their previous purchase limits. Once these buyers were forced to revise their expectations as a result of higher interest payments, many dropped out completely and decided to keep renting or stay in their current home. The Bay Area is an extremely unique real estate market because of the influx of highly paid professionals that have the means to afford valuable homes or high rents. This is important to consider because things like interest rates, foreclosures, short sales and other problems seen during the last real estate crash would likely happen here last. Now that buyers are dropping out of the mix we are seeing less offers being submitted on desirable homes, but price points are still strong. This means there are not as many bidding wars, multiple counter offer situations or exorbitantly high offers over asking. I am still being asked if now is the best time to buy or sell and I say yes for both. If you are selling than its never been a better time to walk away with massive proceeds from your home sale. As a buyer its still a great time to buy before interest rates rise again especially knowing that offers on a home will not need to always be way over asking price for a chance to win. If you are thinking of buying or selling make sure to get in touch with me and we can develop a strategy for your success as the market shifts!
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