According to many experts, the California real estate market, along with the weather, is expected to cool off somewhat in the Fall.
We are more likely to see something a little closer to normal, and yet the market is likely to stay highly competitive because there will still be many more buyers than sellers. This does not mean that home prices will fall, but the expectation is that going into the end of the year, prices will rise a more modest 5%-6% as opposed to the 17.2% annual rise in April.
While more Bay Area homes are likely to go up for sale during this second half of the year, the influx won’t be nearly enough to put a dent in this housing shortage, but it may help curb the wild price growth.
Sonoma County on down to San Francisco and Peninsula markets, demand is forecasted to stay strong even though many buyers are frustrated or simply priced out of the market. More millennials are hitting their home buying years, and because builders haven’t been able to ramp up construction to meet the population growth, resales will continue to experience a healthy growth.
One Realtor explained what we in California might be facing:
“Don’t expect deals in the fall if you are house hunting in the most desirable part of a market or competing for a particularly nice house. Homes that stand out for one reason or another are still flying off the shelf.”
If you are hoping to buy or access your equity this fall, but have been turned down for a conventional mortgage, give Sun Pacific Mortgage a call at 707-523-2099. Or visit our website at www.sunpacificmortgage.com. We have been helping folks just like you for over 33 years, and we look forward to pairing you up with one of our many private lenders who can make your dreams come true.