The nine-county region’s home sales remain strong.
Question: My parents planned to sell their Bay Area home. Their plans have changed. Their friends and neighbors told them to wait. Their seller’s agent agrees. They blame high interest rates. The advice is to wait until spring. “The interest rates will come down” is what they hear. It is shocking. My parents bought an out-of-state condominium near me. They need to relocate. I cannot help them long distance. Your column indicates a robust Bay Area seller’s market.
On Tuesday, on a Realtor video call, a manager at the National Association of Realtors showed a slide titled “Housing Supply — Availability and Affordability,” with the first bullet of “Estimate underbuilt between 5.5-6.8 million units over the last 20 years.” Underbuilding is a familiar concept. Since 2020, two California Association of Realtors presidents and their chief economist have repeatedly claimed we have been underbuilding in California for decades.
Tell your parents it is time to sell and move. In today’s Bay Area home-seller environment, waiting for spring is for gardening.. Do you have questions about home buying or selling? Full-service Realtor Pat Kapowich is a Certified Trust and Probate Specialist, Certified Real Estate Brokerage Manager and career-long consumer protection advocate. He is based in his hometown of Sunnyvale, California.
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