Due to the current storms we will likely see a delay in kicking off the 2023 selling season so we are 60 days away from getting our first taste of this year’s home values.
2022 3rd and 4th quarter housing numbers are coming out with all indications that Bay Area home prices have dropped double-digits since record setting sales in late Spring 2022.
For a more accurate assessment of home prices you should compare quarter by quarter – year to year (especially spring to spring), told to me by Compass lead economist, Patrick Carlisle. Looking at Q4 2021 v Q4 2022, median home price in Lamorinda went from $1,940,000 to $1,835,000.
But don’t panic. I see values buoying-up throughout the spring as there will be FEWER buyers in the 2023 market. This is sure to create a more equal playing field in most price ranges. However, if you are chasing a home that falls into a B+ grade or higher, be prepared to compete for these homes. If you are a seller in this top-grade category, take advantage of the spring market and sell for top dollar.
In either case, if you are a buyer or a seller, best to hire the right agent. What is your definition of the “right” agent?
There is a lot to goes into this decision. Do your research whether buying or selling as this is likely one of the most important transactions in your life.
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