My Thoughts On The 2023 Real Estate Market And What's To Come

We all thought prices were going to come down this year due to the 5% higher interest rates! But prices have stayed strong, and have remained at about what they were last year, and even higher in some counties here in the SF Bay.

I believe will continue to hold strong into the foreseeable future due, in part, to these three factors:

1. New homes are being built much slower than they were in the past. The number of new households in need of homes to buy (demand) is growing at a much faster rate than the actual supply of homes for sale in the market (supply).

2. Lending guidelines are MUCH more stringent than they were before the 2008 financial crisis. Much more income verification and higher down payments are now required for subprime loans, greatly lowering the chances of widespread loan defaults.

3. Interest rates WILL come down at some point. When they do, a lot of buyers that have been sidelined recently or even a while ago will begin flooding back into the market as interest rates come down, driving the levels of competition far up again.

Unfortunately, timing the market rarely works. If you are able to purchase a home, at a fair price, that is comfortable for your financial situation, it will almost never be a bad time to buy real estate if you plan to live in the home for at least 5 years.

Let me know if there is anything I can do to help you or someone you know find a home that they love, and begin building equity for their families.

Westin Means - SF Bay Area Realtor®
📲 Call or Text - 415-758-2053
💻 Email - [email protected]
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