According to Oscar Wei, Chief Economist for the California Association of Realtors, “The best time to buy was probably 10 or 15 years ago when the price was really low.”
Wouldn’t we all love to jump aboard a time machine and make financial decisions based on what we know today? Obviously, that’s not possible. So what’s the advice for today?
Wei adds, “We can't go back in time, so we should take advantage of low rates.” Low rates benefit both buyers and sellers in the real estate market. Simply put, low rates allow buyers greater buying power. And for Sellers, low rates encourage competition in the marketplace, giving a greater likelihood of a higher sales price.
So, what’s the projection for 2022?
HouseCanary predicts a housing shortage to continue through 2022, but price increases are expected to be less dramatic. Homeowners continue to purchase homes at a brisk rate, fueled by low interest rates and a newfound flexibility for working remotely.
Because long-time homeowners are enjoying low mortgages and tax rates, many are less likely to list their homes and a supply/demand issue remains a driving force for increasing prices in the Golden State.
Now is a great time for both buyers and sellers in the bay area marketplace.
Give me a call and we can strategize your next ‘move!’