Moving up to a larger home can be an exciting and fulfilling achievement. In this hot Bay Area real estate market, many homeowners were fortunate enough to buy after the Great Recession and have now received a generous return on their home. Recent reports have indicated that home values in the Bay Area are at all-time highs and may reach higher in the coming years. A large factor in the rise of home values is rooted in the simple concept of “Supply and Demand.” If you are thinking about moving up to a larger home, this may be the time to do it. Here are a few reasons:
- There are tens of thousands of buyers and only a few thousand homes on the market at any given time. When multiple buyers are bidding on the same property, the price can easily jump thousands of dollars. This all bodes well for sellers.
- Consistent growth is forecasted in this Bay Area housing market. Numbers like 4-5% in home value growth per year is music to the ears.
- More homes are being updated prior to listing. If you are moving up, you’ll have a great chance at finding a larger property that has just been remodeled. Sellers want to bring in the highest offers and they understand that an updated home will achieve this.
If you would like more information about moving up, you’re just in luck!
We’ve written a FREE eBook just for you. It’s called “Moving Up to a Larger Home.”
Here is a short snippet from the book:
“The Bay Area real estate market is a unique marketplace. Whilst it felt the effect of the Financial Crisis it has rebounded strongly given its ties to Silicon Valley. Mortgage rates have risen slightly and the start of 2017 saw a slower real estate market catering more to buyers than sellers however this is a typical phenomenon during the colder months of the year and signs are positive for a healthy market place for 2017.
Changes in government leadership put questions in the minds of buyers and sellers. At this stage the market is responding positively to the change in leadership and with the leadership being focused on job creation, tax cuts and infrastructure spending. Expectations remain positive that this will have a flow on effect for Bay Area real estate.
For instance, if taxes are cut whilst improving infrastructure, this may well allow more people enough cash to invest in properties of their own, whether that be from an owner occupier or even an investment point of view. According to the National Association of Home Builders or NAHB, buying a home in 2017 will not be any different than the last three quarters even though there has been a rise in property prices and interest rates. Homes across America will largely remain affordable. This is according to the Housing Opportunity Index or HOI that the organization releases and which keeps track of the ability of US based home owners to afford a typical home in the country.”