One of the most common questions I hear is something like this: “When will home prices decrease? Should I wait for prices to drop before buying a home?” Or for Sellers, “If I don’t sell now, will I miss my chance?”
I don’t have a crystal ball, but I’ve been reviewing the predictions of real estate experts who analyze several factors including historical data, inventory, supply and demand, interest rates and migration patterns of buyers.
The supply/demand of new and existing homes remains a driver for home prices and forecasters continue to predict increasing home prices due to an inadequate inventory. The frantic appreciation experienced during the last year is unusual and that pace of appreciation is expected to moderate.
While home prices are predicted to rise through at least 2025, an increase in mortgage interest rates is expected. So, if you are a buyer on the sidelines, it might be a great time to purchase a home in the beautiful East Bay, especially if your purchase is rate-sensitive. As area experts, we would love to go to work for you to help you find your dream home. Our experienced Buyer’s Agents are ready to serve you!
Real estate experts agree that it’s more important than ever to choose an experienced agent to guide you through the buying/selling process. In a changing market, don’t leave the biggest transaction of your life to chance.
Thinking of selling? The timing may be ideal. If you are considering a home sale in 2022, it’s a perfect time to strategize!