You may have heard that high interest rates and inflation are cooling the Bay Area housing market, but it’s not just happening here. We’ve been experiencing inventory dips and price increases since the second quarter of 2022.
When it comes to buyer demand, it’s important to take the long view. Have a closer look at the short and long term trends, and suddenly going to market may not seem like a bad idea…
Nearly 70% of home listings in the San José metro area went above asking price in August 2021, Just one year later, that number fell to 38% for the same month, and year-over-year price-cut percentages doubled to 25%. The Chronicle has more about how rising mortgage rates are impacting the local market.
In case you need more evidence that we’re in the midst of a market shift, year-over-year numbers for Silicon Valley will set you straight. Sales and prices are down across the board, which could mitigate the downside of high mortgage rates. And with properties spending more time on the market, there’s opportunity to negotiate a good deal that fits your budget. Contact us to talk about it.
With increasing interest rates and inflation catching up with the real estate industry, rents are also on the rise, making a lot of folks dream of a fixed-rate mortgage. Want to see the trends in your city? Use this tool from Zumper.
