Here’s a brief update on the latest trends in Bay Area real estate.
It’s been a big year for the Bay Area real estate market. Home prices are up 18% year over year, but since prices hit all-time highs in June, we’ve seen a bit of a cooldown. We’re seeing more inventory come on the market than we did last year.
With more inventory comes more competition for sellers, which gives buyers a little bit of relief compared to the hyper-competitive market that we had this summer. Don’t get me wrong, it’s still a tough market for buyers. Most homes are selling in less than 14 days with multiple offers, but the opportunities are increasing.
If you’re thinking about selling, it’s always tough to predict when the best time to list is. We don’t have a crystal ball, but we know that we’re near all-time highs in pricing and all-time lows in interest rates. If you’re in a situation where you’re considering selling, it’s worth it to explore your options in this market to see if you can accomplish your goals. You can still maximize the sale of your home with the proper preparation.
If you have any questions for me about the market or want more specialized statistics, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.