The East Bay real estate market is diverse with both buyers and investors alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a Free Home Value Report Right Here, or if you're looking to purchase in the East Bay Click Here for Full MLS Access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 925-855-3432.
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To find out where the East Bay market is headed in 2014, it is best to begin by looking at the past 12-15 months. At the beginning of 2013, home prices bottomed out which in turn attracted cash-paying investors to compete with first-time and move-up home buyers. This was most apparent in the $600,000 and below price range – we saw multiple offers within days and multiple offers that exceed asking price.
This heavy competition forced out non-cash paying buyers and home prices continued to soar. This continued until fall and winter of 2013. Inventory levels remained low as well as available buyers. Once investors realized that there were no longer any “deals” and prices were too high to invest, the market began to slow.
Fast forwarding to 2014, most economists have settled on three reasons for why prices will continue to rise:
Fast forwarding to 2014, most economists have settled on three reasons for why prices will continue to rise:
1. Improved job market
2. Millennial generation buying homes
3. Strong mortgage availability
2. Millennial generation buying homes
3. Strong mortgage availability
2014 is proving to be another great year for the East Bay real estate market. Every year, hundreds of experts compile the Home Price Expectation Survey. The results are in for 2014 and the data shows that most economists feel that home prices will increase by an average of 4.5%!
Looking to the Future.
Looking to the Future.
It is safe to say that due to the demand and lack of availability in housing in the East Bay market, appreciation could exceed the national average of 4.5%. Economists also believe that over the next five years, we will experience an average of 4% appreciation year-over-year. I also expect our local market to stay hot over the next few months – there is little inventory and we are still seeing multiple offer scenarios. Buyer demand will remain strong and people will begin listing their homes in May and June once school is out. This will stabilize the market as there will be a level amount of both buyers and sellers.
Let's Work Together!
Let's Work Together!
If you have any questions in regards to buying, selling or investing, please feel free to reach out to us by phone and email. Thanks and stay tuned for the next “East Bay Real Estate Market Minute!”
