The Bay Area continues to top the list of hottest real estate markets in America, even though our local market has slowed considerably since the spring and early summer. Housing economists have recently published a study highlighting ten cities that are considered the hottest real estate markets in the US. Homes in the Lafayette CA real estate market did not have the same rapid turn around as those in San Francisco, but the competitiveness of the city is driving real estate renters and buyers into outlying areas. Homes are moving rapidly in and out of the market, and they are trading at some of the highest values in the last eight years. Homes values in the Bay Area rose by 11% year over year, and they are expected to increase an additional five percent over the next year.
In the report, the team of economists studied 100 metro areas over a two-month period. The cities were ranked by how quickly the homes moved on and off the market over the review phase. Several cities in the Bay Area topped the list. San Francisco came in at number one with four other California metropolitan areas ranking in the top 50. The report concluded that the trend started this past spring, San Francisco was officially the fastest moving market in the country. As the summer started, other California metros like San Jose, Oakland, and Southern California filled out the top five. During the two-month period studied, research showed that homes for sale in San Francisco moved the fastest with only 26% of the homes remaining on the market after roughly 60 days. While not at the pace of San Francisco, the Lafayette CA Real Estate market is outpacing the rest of the country by several percentage points.
Buyers in the Lafayette CA Real Estate Market
With the reality that homes are sometimes selling faster than they are listed, home buyers are likely wondering how to navigate such a highly competitive market. The best course of action for would-be buyers is to start with comprehensive financial vetting and credible pre-approval by a respected lender. Don’t have your cousin who is a part-time mortgage broker “pre-approve” you for a loan with some unknown mortgage company and expect that you’ll be competitive if there are multiple bids on your desired property. It simply won’t happen. Sellers want certainty of close of escrow, and credible financing or cash is the foundation of the sale.
A Licensed Professional Realtor is a Buyers’ Advocate
Buyers waiting for conditions to change need not bother. Hoping to save money by waiting for more favorable home values will take quite some time. Housing economists expect homes in the Bay Area and the five top CA metros to continue to outpace national rates well into 2017. Home transactions in the Bay Area are moving so rapidly, the advice and guidance of a trusted and locally knowledgeable agent has never been more valuable.