This week's movement by the Federal Reserve to rein in skyrocketing inflation with an interest rate hike could hit many prospective Bay Area home buyers especially hard.
Daniel Chan, a Bay Area native who now lives in Fremont, said he was considering leaving California for a more affordable state offering a larger house for a cheaper price.
Chan is self-employed as a magician booking jobs in person as well as performing virtually from a home studio. He has looked at buying a home for years and regrets not buying in 2008 during the last economic slowdown. "I felt that I was doing very well in the stock market and it was gaining faster than appreciation of the houses," he told KPIX 5 on Thursday."I feel there is a lot of pressure to buy a home a before everything goes up."
Home prices went up in April, according to local realtors who say buyers will need to pay more for even less home in the current market.
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