As interest rates creep up, many thought it would mean some potential home buyers would back off. So far, that doesn't seem to be the case in the Bay Area's red-hot market.
“The headlines are screaming historically high sales prices. The finer print is, people still want to buy homes,” said David Stark, with the Bay East Association of Realtors. “If you look at how long a home was on the market, it’s at historically low levels, which tells us that buyers are not only willing to pay those prices, but they’re willing to pay those prices quickly.”
“Even as rates have really, surged over the course of the last eight weeks or so, we haven’t seen that affect buyer demand for several reasons,” Levine told KPIX 5. “But the bottom line is, we still have ultimately too many buyers and not enough homes to put them in, that’s keeping the market relatively strong.”
“It is significant that we actually have more for the first time in a very long time. We still have a long way to go to get back toward something that looks normal,” Levine said. “But, I think for those buyers in particular who really do want to move forward with those transactions and get in while the gettin’ was good as it were with rates, that’s good news in the sense that they might have a few more options moving forward.
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