Buyer / Seller Information Market Updates

2013: Buyers or Sellers Market?

January 11, 2013

Rainy Hake, Alain Pinel Realtors Executive Vice President, is featured in  Silicon Valley Local Magazine as a leader in the industry. In it she discusses how she sees in the market in 2013.

Silicon Valley Local Magazine: Question – Do you think 2013 will be a buyers or sellers market?
Rainy Hake’s Answer: The 2013 housing market in the San Francisco Bay Area will be advantageous for both buyers and sellers.
Buyers are experiencing some of the lowest interest rates in history making home ownership affordable for many. Rental rates continue to climb making it very attractive for those who can qualify for financing to purchase rather than rent. Nearly 30% of all Bay Area homes sales in 2012 were cash buyers illustrating the fact that investors recognize the buying opportunity that currently exists.
Subsequently, Bay Area sellers are benefiting from one of the strongest housing markets in the nation. According to the California Association of Realtors, prices are up as much as 25% year over year in some Bay Area neighborhoods. While not everyone has regained the equity lost in their homes, well positioned sellers are taking advantage of their selling power now. Many of our local markets have less than 1 month of inventory. With supply restricted, well priced homes are receiving multiple offers, the most in the last 12 years, making 2013 a GREAT time to sell! And with patience, there are still a lot of great deals to be had out there for buyers.

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