Low inventory, price appreciation, and rising mortgage rates all add up to stiff competition when buying a home and nowhere is this more evident than in the Bay Area. Properties in Santa Clara County sold within 21 days, the fastest in the nation while San Mateo County saw homes sold within 23 days – the second quickest. San Jose’s 95111 ZIP code (in southern San Jose) had properties selling within 9 days!
With prices continuing to rise – 60 consecutive months and counting – and inventory continuing to fall – 21 straight months of declines – the trend is far from over.
Experts agree that perspective homebuyers should get pre-approval from a lender, clearly define a budget, find a realtor who thoroughly understands your wants and needs, then be prepared to move quickly!