We have all heard of the crazy market shifts recently. Mortgage rates rose dramatically last year which impacted many buyers’ ability to buy a home and after several years of rapidly rising price appreciation, home prices finally peaked late last year causing experts and headlines to say home prices would end up crashing in 2023. But, as of now that has not happened.
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty… and I sell homes in Oakland, Berkeley, and the San Francisco East Bay
So, with all this going on in the market, why aren’t home prices crashing? According to Lawrence Yun, chief economist with the National Association of Realtors, and I quote “We simply do not have enough housing inventory nationwide. With the supply not being there, the repeat of a 30 percent price decline is highly unlikely.” The lack of available homes on the market is putting upward pressure on prices and simply won’t allow a price crash in the near future. This is good news for sellers as experts believe low inventory will continue throughout 2023 preventing the housing market from crashing. This also means for buyers they may still have little choice but to bid up prices to get their offer accepted.
Bottomline, the supply and demand equation will not allow for a housing crash, Of course, all markets are different and it is best to reach out to your local real estate professional to get the current market update.
If you are planning to enter the housing market and are feeling a bit confused about what is going on, it is best to consult an experienced real estate team. Feel free to connect with me so I can guide you through this important decision.
And if you’re thinking about selling, ask me about my home selling plans where you get to pick which real estate services you want and the fee you pay… Most of the them include my super duper digital marketing that… no one else does in our area. I’m Tanja and I sell homes. I offer simplified and transparent choices!
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.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?