February 2024 Market Update

Dated: February 19 2024

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When the Fed signaled that it planned to cut interest rates multiple times in 2024, the market and consumers got very excited. The real estate market in the Bay Area had slowed from its peak in the spring of 2022 when multiple offers were common, even for homes not in top condition.

Yet, interest rates have not been dropping rapidly yet. Due to the lack of inventory however, homes are still selling. The home sale may take a bit longer than it did in the peak of 2021-2022 and it may receive 1-2 offers instead of 10-12. Sale prices resemble the early part of 2021, even with the higher interest rates.

Many buyers have been waiting on the sidelines due to high rates and challenges they face qualifying for mortgages with high rates and home prices. As rates fall, these buyers are expected to come back in great numbers, potentially causing home prices to rise if there has not been a corresponding increase in inventory. 

Our advice to sellers is to prepare the home for sale, doing fixes when possible and to price the home competitively. Our advice to buyers is to consider buying now while the competition is less and refinance later when the rates come down.

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Ted Von Roll

We are Ted and Liz, a husband & wife team proudly serving the real estate needs of our neighbors in Castro Valley, Hayward, San Leandro, San Lorenzo, Pleasanton, San Ramon, Dublin, Livermore, El Cerri....

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