Is Bay Area real estate entering a 'balanced market'?
Uncertainty continues to plague the Bay Area real estate market in the midst of another federal interest rate hike and an ongoing stock market slump.
Although sales are cooling across the region, market analysts don’t think we’re in a buyer's market locally — yet. “We’re obviously going through some sort of market correction,” said Compass chief market analyst Patrick Carlisle. “... It may be the market will slow down and adjust, but there’s no economic indications now that there will be anything like the crash we saw in 2008.”
Instead, the term “balanced market” is being tossed around, a new spin on the phenomenon of buyers earning back power they haven’t had for years. Kenneth Hogan, an East Bay real estate agent for two decades, said he’s had some buyers pull out of the market entirely because of stock market declines, but he’s also had clients take advantage of the current climate of decreased competition. “It used to be a free-for-all, but not anymore,” Hogan said. “Buyers are starting to get their turn at it.
“There’s a weird feeling of it being a stand-off,” said Zillow senior economist Jeff Tucker. “The flow of new listings dropped 18% from July to August. That suggests to me that sellers were digging in their heels. They’re thinking, ‘I don’t have to sell so I’m just going to wait.’” Median home prices are up 6% nationwide in August, while San Francisco and Oakland were the only two metro areas where prices fell year-over-year, according to Redfin’s most recent“Out of everywhere,” Tucker said, the Bay Area has emerged as something approaching a buyer’s market. “I think the one thing holding me back from saying that [outright] is buyers still don’t have a lot of options to choose from. Inventory is still low.
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