With interest rates heading up and housing prices trending down, the question a lot of people are asking: should I buy or should I wait?
According to the California Association of Realtors, the Bay Area housing market peaked in April. That was when people paid the highest median price for a single family home, $1,540,000. It dropped to $1,250,000 in October.
San Francisco actually peaked in March of this year at $2,060,000. It dropped to $1,692,500 in October.Santa Clara County peaked in April at $1,970,000 and dropped to $1,625,000.Will prices continue to fall? Some experts believe they could go down to 2020 or maybe even 2019 levels.Those experts say, if you plan to live in the house for the next eight to 10 years, have a stable job and are financially ready, then buy now.
They say demand is very low so there are fewer bidding wars. And supply is up, they say you have negotiating power with the seller. As for the high interest rates, they said"marry the house and date the rate." They say buyers can refinance when the rates are low.Da Lin is an award-winning journalist at KPIX 5 News. He joined KPIX 5 in 2012, but has been reporting the news in the Bay Area since 2007. Da grew up in Oakland, and before his return to the Bay Area, he spent five years covering the news at three other television stations in Texas, Southern and Central California.
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