Is now the time to buy a Bay Area home?
SAN FRANCISCO -- Economists in recent months have been sounding the recession alarm.
With interest rates heading up and housing prices trending down, the question a lot of people are asking: should I buy or should I wait?
Some housing experts say that, if you're not in a rush, it may be wise to wait.
According to the California Association of Realtors, the Bay Area housing market peaked in April. That was when people paid the highest median price for a single family home, $1,540,000. It dropped to $1,250,000 in October.
San Francisco actually peaked in March of this year at $2,060,000. It dropped to $1,692,500 in October.
Alameda County peaked in May at $1,545,000 and dropped to $1,250,000.
Santa Clara County peaked in April at $1,970,000 and dropped to $1,625,000.
These median prices are consistent with the numbers back in 2021.
Will prices continue to fall? Some experts believe they could go down to 2020 or maybe even 2019 levels.
But there are housing experts who believe prices won't fall too much more.
Those experts say, if you plan to live in the house for the next eight to 10 years, have a stable job and are financially ready, then buy now.
They say demand is very low so there are fewer bidding wars. And supply is up, they say you have negotiating power with the seller.
As for the high interest rates, they said "marry the house and date the rate." They say buyers can refinance when the rates are low.
