Taking a Break in the Home Hunt? You are Not Alone...
Homebuying can be very stressful for many reasons. The prices are high, the competition is tough and the available homes are low. Yes, there are a few improvements in the market that are favoring buyers but that is not the case for everyone.
If you're one of those who stopped the home hunt, tired of it, or just even thinking of stopping, you are not alone. In fact, according to the National Association of Realtors (NAR), there's a 2.3% decrease in pending home sales in September as compared to August.
Let's look at the current numbers:
Tight Inventory
As of the time this blog is written, there are only 31 available listings in Danville, 28 listings in San Ramon, 23 listings in Dublin and only 22 available listings in Pleasanton. The current inventory across the country is at its lowest as compared to the past years.
There is no certainty of an increase in the inventory but the current situation suggests that competition is still quite tough.
Rising Mortgage Rates
The mortgage rates have stopped plunging after the half of 2021. Even though the rates are now rising, they are still comparably lower than the rates 5 years before the pandemic.
Price Growth is Slowing Down, but not Falling
House prices shot up the ceiling from the end of 2020 up until the 3rd quarter of 2021. However, things are slowing down as the year ends. Prices of homes are still higher as compared to their pre-pandemic value, but there are no signs of stopping of price appreciation.
Is this your sign to stop home buying?
Assess your current situation and ask yourself the following questions:
Am I prepared to battle it out in the bidding war?
How urgently do I need to move?
What are the compromises I can make during the home search?
Do I have a trusted realtor whom I know will be taking it upon themselves to give me the best advice?
What's the Next Step for You?
With the advice of the real estate professional, you can wisely gauge the best step for you. Assess your season, your needs and your realistic budget.
Consult a real estate expert that is trusted by many to ensure that you'll make a wise investment. If you're looking around East Bay, contact our team at 925-415-0835.
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