The real estate market pricing in the Bay Area peaked in 2018
. After 2018, there was an 11.5% decline in the median home price. While housing prices are still high, many people are finding that purchasing a house is more affordable than renting. Rent prices have been increasing
the most in the most depressed neighborhoods. While in neighborhoods with higher incomes, rent has increased around 6-7%, rents in lower-income neighborhoods have increased 67-90%.
2020 is a great time to purchase your home in the Bay Area. Tech companies are coming back to the Bay Area after dipping their toes in other locations like Detroit, due to the abundance of qualified professionals that make them so successful; there was a decline in mortgage rates, and there is a large number of new millionaires in the area. Because of these booms, it’s best to purchase your property soon, before the influx of new, wealthy buyers purchase in your area.
There are many affordable homes available to purchase around the Bay Area. Richmond, San Pablo, Hercules, Martinez, Pinole, San Leandro, Vallejo, and all around the Bay Area have beautiful, affordable homes in safe neighborhoods. If you are interested in purchasing a home in 2020, please contact us
for a consultation. We are more than happy to help!