In my last post post, I advised that all those in the housing market, whether buying or selling, should expect a slight balancing of the market in the months to come. Typically, spring and summer are the most active real estate transaction seasons, and impending mortgage rate hikes will push sellers onto the market now, and buyers out later on.
Newspapers today assaulted readers with stories of record sales in the resale home market all over the Bay Area. The SF Chronicle notes that the threat of mortgage rate increases is pushing buyers into the market now, before it happens.
Siliconvalley.com also has an article on the record hitting phenomenon, with a complete Bay Area breakdown in a table at the end of the piece.
So, what should you do?
Sellers: If you're a seller that has been considering taking advantage of the market, do it now. The hyper-activity of the market you see now will subside within 2 months.
Buyers: If you're a buyer with a lean budget and think the increase in mortgage rates will knock you out of the market, it's time to start aggressively putting those offers in. If you're a buyer with a little more wiggle room, it's best to wait until the market balances out a little more. If you are working with a good real estate agent, they will be experienced enough to know which way to advise you.
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