Market Updates

When is the market going to turn? Maybe it already has. I know that the title might have piqued your attention, so let’s get started.

Today, I have another Bay Area Real Estate market update for you. This time, we’re going to talk about the market turning. Anecdotally, I see some stuff on the ground that has made me feel concerned, optimistic, or a combination of both, trying to figure out what is going on and where we’re headed here in the Bay Area Real Estate market.

If you were intrigued by the title, I have a feeling that you also want to know something about the supply side of our real estate market. I’ve already talked about a lot of things on the demand side, such as competition, contingencies, and market updates from the buyer or consumer side. That is why I wanted to take a moment because I haven’t really addressed that real estate supply side yet, and it’s also a big part of the equation. It’s a big part of the conversation that we’re in here today, and there are really interesting stats, nationally and locally, that I think are all poignant to your real estate experience here in the East Bay.

As a follow up to last week’s market update, today, I want to show you some data from the California Association of Realtors (CAR) which I found absolutely fascinating. The general trend? Things are definitely getting better and there’s some really good data that indicates very positive things–but don’t celebrate just yet.

Inman, a real estate news publication that talks about real estate industry-related news, recently put out a series called “Bubble Trouble.” This series shared four stats that will give us hope and four stats that won’t. In this market update, I’m really excited to share with you some of those stats that I found really interesting, as well as some anecdotes about what I see on the ground in this local market so let’s get into this!

I am seriously nauseous from this market. It’s out of control. In this market update, I want to talk about some of the things I see on the ground– some actual stories of bidding situations that I’ve been in personally through representing buyers and sellers. Let’s also talk about the mortgage interest rates, specifically, how they’ve gone up and what that’s actually done to our real estate market. Let’s go.

Something in yesterday’s Alameda Journal just caught my attention. It’s an article out of the December 18 edition called “Renter’s Hunt for Deals and Short-Term Commitment.” Why do we care? It’s renters. It’s not homeowners, it’s not buyers, not interest rates, right? Here are the things I got from the article and my Bay Area Real Estate Market 2021 Prediction.