San Francisco Bay Area Housing Market in 2022
If you are considering buying in, selling in, or relocating to the San Francisco Bay Area in 2022, one of the first things on your mind is the Bay Area housing market.
While no one can tell you exactly what is going to happen to the Bay Area housing market this year, here are a few things we think you can expect, based on our expertise and the forecasting of industry experts.
Experts predict that the Bay Area housing market will remain a seller’s market into 2022. Even with the expected rising of interest rates, the demand for homes in the Bay Area will continue to outpace supply significantly.
If you are a seller, now is one of the best times in the history of the Bay Area housing market to sell your house. Even if you are only considering listing your home, the potential offers you may get may surprise you and say your decision. Some experts say selling in this market is the best financial opportunity you may get in your lifetime.
If you are a buyer, real estate agents who have significant experience in the Bay Area housing market suggest being mentally and financially prepared to make your most competitive offers. You should also be ready to make offers on multiple properties, be patient as you wait for properties to come on the market, and make sure you are prepared to make quick decisions. Most properties are getting multiple offers within hours of listing.
Space to Work and Workout from Home
As has been the case since the beginning of the pandemic, people are looking for homes with space to work remotely (aka “zoom rooms”) and home gyms. Whether buyers are still required to work from home, many people have now shifted their lifestyles to include more time at home.
Properties that accommodate home workouts, having home offices, and offer outdoor entertaining space will continue to be top sellers in the Bay Area housing market.
If you are a seller, consider staging your home or making improvements to it that accommodate this modern wishlist.
If you are a buyer, decide before beginning the search if these things are must-haves or negotiable items for you.
Seasonality is a Thing of the Past
Traditional advice has likely taught you to wait to list your house until the spring, and to expect prices to be lower or offers to be less competitive in the “off season” of the winter. This is not the case anymore in the Bay Area housing market.
This highly competitive market will remain hot all year long, even during the holidays. We may see a slight increase in demand, as well as supply, during the summer, but real estate experts expect to see a relatively stable market all year long.
If you are a seller, this is great news! No need to wait until a more competitive time of year to list your home.
If you are a buyer, this means you can buy when the time is best for you, without worrying about getting a worse deal if you shop during a “busy season.”
Buyers can expect interest rates to go up, but no one can say exactly when. Many expect it to happen sometime in the second half of 2022. Even if rates rise to 4%, they will remain historically low, so there is no reason to put off buying property. However, this looming hike in rates is expected to create an even greater sense of urgency, increasing the highly competitive nature of the Bay Area housing market.
If you’re ready to make a move in the Bay Area housing market, we are ready to help you find what you’re looking for. Contact us today to find out how we can help!
Amar Realtor offers expert real estate services with proven results in the Cupertino real estate market as well as outlying areas including homes for sale in Milpitas, San Jose, Campbell and properties in San Mateo County, homes in Contra Costa and Alameda County.