Thinking of Selling Your Home? The Market is on Fire Right Now.

 

A shortage in Bay Area housing, combined with the “light at the end of the tunnel” for the pandemic, has resulted in home prices skyrocketing around the Bay.

Along with low mortgage rates, there has been enormous surge in housing demand around the entire country, but especially here in Northern California. The National Association of Realtors (NAR) reported that home prices across America rose 16.2% year over year during 2021’s first quarter, but as you would expect, the numbers in the Bay Area dwarf the national average. Between January and March, home prices soared 21.8%. This likely due to increased optimism as the pandemic slowly tapers down, but it also has to do with buyers are willing to offer up insane bids to accumulate as much property as they can.

Let’s face it, the Bay Area real estate market has been hot for decades and doesn’t show any sign of slowing down, but what’s happened lately is surprising even by our standards. Case in point: a Berkeley home sold for over $1 million above asking in March. With bidding wars a common sight at just about every listing, it’s not unheard of to speculate that similar price surges could happened elsewhere in the Bay over the next couple of months.

As a result of all of this, I think that now is as prime of an opportunity as ever for property owners to cash in on their investments. There is very little competition right now due to a shortage of inventory, so if you’ve been sitting on a property for the past few years and have considered selling, this is the exact time to do it.