What could we see from our market as we progress further into 2019?
We’ll discuss this and how you can get the most out of the market as either a buyer or seller.
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As we begin to move further into 2019, we can begin to look at what the future holds for our market. We certainly expect good things to come this year.
Interest rates are steady at the present time, making now the best time for buyers to take action. We’ve seen a bit of a break in rate increases, but that certainly won’t last. The truth is, while rates remain at historic lows, a slight bump up to 5% down the line could be problematic to the market.
Sellers should also heed this advice and be aggressive in the market now; the potential rise in interest rates at some point could force sellers to exit the market.
The Bay Area real estate market will always be robust.
If interest rates surpass 5% this year, something will have to give: It’s likely that housing prices will have to shift and become adaptable to rising interest rates and overall demand. In other words, housing prices will shift a few percentage points lower to balance out buyers’ needs.
The good news? The Bay Area real estate market will always be robust. The bio and tech industries of our area haven’t skipped a beat; they’re bringing on new hires every day and helping to spur on the local economy, which is great for our area and for real estate.
If you’re thinking about buying or selling, now is a great time to do so. Please don’t hesitate to reach out and give us a call. We look forward to hearing from you soon!