An article was published on SFGate yesterday stating that the median price for a Bay Area home increased 23.2 percent in March from the median price in March 2013. Wow!
Imagine being a buyer looking for a home in this market! Prices are high and inventory is low. This article made me think about the possible actions a buyer could take and I came up with three.
One action a buyer could take would be to throw in the towel about buying in this market, pack up their bags and head out of town!
Another choice a buyer could make would be to wait for this crazy market to cool off and hope that prices come down to a more affordable level. The problem is the buyer may end up looking like this before that happens!
The last choice is for the buyer to get together with people they trust, stay in the market, figure out how to get it done and make it happen!
It will be interesting to watch if this trend in prices continues - what do you think?
Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.