The Latest in the Bay Area Housing Market

It is a seller’s market, as you all know, and buyers are facing bidding wars in their hunt for homes. Most recently, according to the National Realtors Association, about 40 percent of potential buyers have not bought a home yet because they are getting outbid. In the Bay Area housing market, about 77 percent of all buyers are outbid. The current phenomenon buyers are experiencing is due to record low mortgage rates and low inventories. The way to win in the current market is to be clear on what you want and to take into account where you stand financially. If you don’t have the 20 percent down payment and are not financially ready, now might not be the right time to buy. However, if all of your finances are in order, and you are looking to buy a home that you will live in for at least ten years, now is the time to buy. That being said, a little bit of patience, knowing what you want in a home, and neighborhood will lead to success in buying your dream home.