A UCLA economist today predicted that the Bay Area "housing bubble" is about to burst. Click here to read the SF Chronicle's story.
Although the article cites that economist Edward Leamer's 2001 recession prediction was spot-on, I don't think home owners in San Francisco need to worry about the value of their property just yet.
The trend of multiple offers and "sold way over asking" continues hold strong, particulartly in the $599,000 to $850,000 range of the market. Despite the Fed's increase in interest rates to 6.25%, last Friday's disappointing employment report and the recent volatility in oil prices have caused interest rates for some home financing solutions to be as low this week as they were in March of 2004. In fact, if you purchased your home in the last 2 years, it might be the perfect time to consult your loan specialist to see if now is the right time to re-finance your loan for better terms.
Have more questions about trends in the housing market? Questions about selling or buying a home? Contact me today for honest, experienced answers.
Amy Blakeley, Realtor®
ablakeley at mcguire.com
(415) 296-2173 Direct