Predicting the Future: Bay Area Housing Trends

Forecasts indicate 2022 will remain a sellers’ market, so if you’re expecting top dollar for your home, now is the time to list. According to Zillow senior economist Jeff Tucker, the pandemic may have contributed to sellers waiting to list their homes for sale this winter, contributing to a lack of inventory. With few homes on the market, house prices are rapidly increasing. According to a report from Redfin published earlier this month, “home prices were up 14%, and pending sales rose 4% from a year earlier despite a record low number of homes for sale.” Demand is high now, don’t wait for supply to catch up. You know what they say- strike while the iron’s hot.

Often we hear sellers make comments about waiting until spring to list their homes. While some markets experience seasonality due to extreme weather conditions, the Bay Area Housing market continues to see strong demand from buyers in the winter. We marketed 119 Florentine Street in San Francisco in the second week of January this year and saw hundreds of buyers come through the door in just days. Priced competitively and staged to the nines, we presented 13 offers to our clients; the sale is pending. 

Then there’s the elephant in the room: interest rates. We all know it’s not if interest rates will go up; it’s when. Looming interest rate increases have placed added pressure on buyers already dealing with low inventory and have contributed to the purchasing frenzy. According to a report from Freddie Mac, current mortgage rates hover around 3.55%, which is historically low but will rise. Buyers can still succeed in this market despite the competition, but having a solid strategy will be essential. Working with a top-notch agent is more important than ever, so you can benefit from expert guidance and snag your dream home over other buyers. All agents from our team know what it takes to make that a reality. According to a report from Freddie Mac, mortgage rates hover around 3.55%, which is historically low. 

Whether you’re a buyer or a seller in today’s housing market, now is the time to take advantage of low-interest rates. If your goal is to buy or sell a home in 2022, we can help. Our top-performing team with decades of experience knows how to navigate any housing climate. Give us a call today at 415-467-4000. Or you can schedule a strategy call HERE

James Ball, Michele Jauregui and Ron Davis Voyage Real Estate DRE#00961181