Is now the best time to sell?

      Is now the best time to sell?

It’s a great time to sell.  Prices are currently near the highest they’ve ever been and homes are still selling quickly.  The upward price trend seems to have ended due to interest rates going up.  Many believe prices will drop soon.  Hopefully not much.

Demand for homes in the suburbs went up.  Due to COVID, many companies had their employees work from home.  Many companies realized this saved them overhead and are continuing with the policy. Not needing to commute to work many employees have moved from high-priced rental areas like San Francisco Palo Alto and San Jose to the East and North Bay suburbs where they get more bang for the buck whether buying or renting.

Larger, nicer homes gained popularity.  This “work from home crowd” needs a larger home to incorporate workspace and desire a nicer home because they spend more time there.  

The end result is, suburban real estate prices hit the highest they’ve ever been and homes sold quickly.  The market is still up and still a “Sellers’ Market” but there is evidence it is starting to turn.  Interest rates have doubled recently and inflation is consuming more of people’s paycheck.  This one – two punch should affect home prices soon.