Is the fever in the housing market is starting to break? Many buyers have been beat down for the last six months — and after losing so many homes and going through the emotional roller coaster, plus with the impending holiday season, some have decided to stop searching for now.
With more folks sidelined, some of the steam has been let out of the market. Prices aren’t rising by as much anymore, as competition is decreasing and homes are taking a little longer to sell, giving buyers some breathing room.
Lawrence Yun, chief economist of the National Association of Realtors expects the days of homes receiving 20 to 30 offers are becoming a thing of the past. Some homes are lingering on the market without even an offer. This fall, buyers may once again be able to include contingencies in their offers, such as requiring inspections, appraisals, and loan contingencies, and still win bidding wars. They may even get homes at list price (IF they price homes traditionally, not Oakland or Berkeley, so this depends on your city’s real estate market culture).
The question on the minds of sellers, buyers, homeowners, and just about everyone else is whether prices might actually fall. Sorry to break it to you buyers, that likely won’t happen anytime soon. The nation is still suffering from a severe housing shortage resulting in more buyers than homes for sale.
But will prices continue to skyrocket? The experts say most likely no… Rising interest rates are expected to keep price growth in check: After all, buyers can afford to pay only so much for their monthly housing payments. So if rates rise, buyers won’t be able to afford more expensive properties.
So, there you have it, everyone. Let’s connect and talk real estate. Let’s redefine possibility, and I will help you! Feel free to reach out anytime. This is Tanja Odzak with Our East Bay Home, brokered by eXp Realty.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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