5 Crazy Trends in Bay Area Real Estate
The Bay Area real estate market is the prime territory right now if you’re looking to sell a property. Currently, the housing market in the Bay Area is witnessing some of the craziest trends, and the sooner you purchase a home, the sooner you’ll be experiencing the profit from your investment.
Though the pandemic has brought uncertainty and many new challenges, Bay Area real estate is soaring high right now and continues to climb. As Relators®, we believe now is the time to find your dream home, largely due to incredible interest rates that keep your payment lower than times of inflation. This helps increase your buying power and gives you the ability to qualify for more than when interest rates are up.
Want to learn why you should be investing in the Bay Area real estate? Here are 5 crazy trends that are specific to the Bay Area real estate market and may not be experienced in other areas at the moment. So, without further ado, let’s get straight into the action.
Back to 2018
It is the year 2021, if you entered into the Bay Area real estate market in 2018, chances are you have equity. Many investors are selling their rental properties and displacing tenants. If you have a desire to rent out a residence, this is a good time to command top dollar for your property, due to high demand.
If you have made money on your investment, it is a great time to sell!
Whether you want to sell or rent out your the space, don’t wait anymore! Now is the time to find an offer on your current home or rent it out for an impressive amount. The Bay Area housing market is offering high profits to the right investors.
The one trend that shined out along with increase in home pricing, is more space requirement. Schools and offices shifting online require people to find a quiet spot at home to communicate with their peers. That’s why space is an essential part of the discussion.
Many buyers are now looking for ample space in condos to accommodate the entire family in separate rooms so that every family member can carry on with virtual meetings in utmost peace and quiet. They also are not concerned as much about commute time and living near their job, because they are working from home.
This has had a large impact in the East Bay with an influx of people purchasing further away from the large cities and driving prices up in the outskirts.
The Trend is “NOW”
The housing market in the outer Bay Area is the place to invest now. People selling in the higher priced areas are bringing cash offers to the urban areas and enjoying mores space for less money.
If you’re a seller interested in investing in a property with lower pricing than where you live and finding something affordable to meet your growing family needs, the East Bay is the place to go. Find out your purchasing options by connecting with a reputable lender. (I have recommendations).
It is one of the best times to borrow money with the low interest rates and gives you more buying power than in recent years. You may find you can buy for the same amount you are paying in rent every month.
Consider the Furthest Ends of Bay Area real estate
The pandemic has shifted the market in the seller’s favor, and you can call this time the best seller’s market that Bay Area real estate has seen in a long time.
Many sellers are now considering selling in the Bay Area real estate areas because they can cash in on their equity and move to the suburbs and get more for their money. The remote work process has individuals looking for residential properties in the East Bay Area and Delta regions.
The prices in these areas at this point are affordable for most families.
Considering the fact that many people will be moving further away from city centers, they will be finding places they can call home in a place where many believed was impossible or impractical a few years back.
The remote and online work and school options have people looking for a home as far as Sacramento. You will find many Realtors® serving a vast area in the housing market as customer needs have changed.
The Great Bay Area | Going East
Many people have started gravitating towards the East Bay area, with many real estate agents possessing an array of Bay Area real estate choices. You would find a surge of interest in people searching for places in the suburbs of the Greater Bay-East Bay; these areas include:
- Walnut Creek
- Alamo
- San Ramon
- Danville
- Pleasanton
- Benicia
- Martinez
- Fremont/Hayward
- Dublin
- Brentwood
- Discovery Bay
If you’re looking to find a place in any of these areas, now is a great time to make an investment. You will find many places that fit your budget in this housing market.
If your life norms have changed, you don’t have to be in the same vicinity or even the city you work or study, making the move possible. The market has opened many opportunities for Relators® to expand their portfolio and buyers looking for homes in places they could live in before the pandemic.
The New Real Estate “Norms” in Bay Area real estate
The contemporary shift in the global world order has drastically affected the real estate dynamics, which include but are not limited to:
- No more open houses where the buyer can scout the place beforehand for their safety
- From a real estate agent and seller’s point of view, not having open houses saves the added cost of advertising and waiting for someone to make a move
- Not having an open house cuts through the crowd and only attracts people interested in making the purchase
- You can tour the house online at any point in time and only visit the ones that are shortlisted
- Transactions are mostly made online now; you don’t have to meet multiple house owners or buyers, respectively
In Conclusion
For a soul looking to invest in the right property at the right time, these crazy Bay Area real estate trends are something to capitalize on!
How long will these trends last? No one knows!
The best approach is to decide on the sort of investment you`ll like to make. Either way, we`re here to help you out. With years of experience backing our veteran realtors in the Bay Area, we can get you the correct deal for you.
Want to reach out to us? Call or text us at (925) 848-5166 or email us at mkirk@kw.com