Recent Comments

    Lorraine Bannister

    As a professional realtor, I am often asked the following questions: “How’s the market?” “Is it a good time to buy or sell?” “What’s going to happen to home values in 2023?”

    In order to answer those questions, I have always observed what consumers are doing and saying, listened to economists, consulted articles from industry leaders and used my professional experience, knowledge of market trends, and area sales statistics, to form an educated opinion.

    Whilst I don’t have a crystal ball, I do believe that 2023 holds lots of
    opportunities for both home buyers and sellers.

    Buyers can take advantage of less competition and bidding wars; theyC
    should indeed “date the rate”and “marry the house” — meaning, take advantage of purchasing now and refinancing later to a lower interest rate, while building wealth through homeownership. They should also be advised, however, that this doesn’t mean current home values or markets are anything like those experienced in 2008, and should be realistic when making an offer for the home that they want.

    Home sellers in the Bay Area have experienced very high appreciation over the last couple of years. Many have acquired good equity in their property and therefore can still benefit from selling today. However, sellers should also be made aware that home values are not those of 2021 and early 2022, and therefore, they should be open to fair market value offers and creative buyer financing.

    Home values will continue to appreciate in 2023-2024 but at a much smaller percentage rate, and we have seen depreciation in those areas that experienced an overheated market, multiple offers and large overbids.

    In conclusion, if you are able to buy or sell now, do so. Don’t wait. Home buyers can benefit from having less competition in the marketplace. Home sellers can benefit from the overall lack of inventory in our area. The Bay Area will always be one of the most desirable places to live and well
    worth the investment.

    Steve Gallagher Lorraine Bannister Coming soon to Fairway in Pacifica Ranch style, coastal living 15 mins to SF. 3 bd, 2 bath, 1450 sq ft. Liv rm, family rm, sm office. Rear gdn. In/out entertaining.
    http://www.lorrainebrealestate.com

    Lorraine Bannister
    Realtor #01119097
    Corcoran Icon Properties
    650.455.1300

    Real Estate in 2023
    Published on January 12, 2023