Rates Are Rising: Should You Worry?
Rising Mortgage Rates Affect on the Housing Market | Bay Area Housing Market Report
As of early 2023, the Bay Area housing market is showing signs of slowing down, with the increase in mortgage rates being one of the critical factors. Mortgage rates have been rising for the past year, and this trend is expected to continue in the coming months.
The rise in mortgage rates has made it more expensive for buyers to purchase homes, typically leading to a slowdown in demand, but this time that’s not the case. Though rates are rising, we’re still seeing a lot of buyer demand in the market. The Bay Area housing market is still very competitive, with many homes still receiving multiple offers and selling for above the asking price. So if you’re a buyer, is it time to buy, or should you continue to wait?
And if you’re a seller, what do these conditions mean for you? With the rise in demand, sellers have a lot of leverage in the market to get their homes listed for a great price, but will this advantage last?
When you watch this video, find out what the future of the housing market may hold and what it means for you now as a buyer or seller in the Bay Area.