The upcoming year is expected to bring many changes to the real estate market in Northern California. Here we will take a look at four of the top trends that you should watch out for in the upcoming year when considering “right-sizing”.
- Double Digit Sales
There are 10 California cities whose home sales are expected to increase by the double digits. Among them, San Francisco is expected to see a 32% increase. Sales increases are so bright in the Bay area that many analysts have declared a ‘real estate bubble.’ The 2014 year was one of the best in the Northern California since 2008, and the upcoming year will only put things on a higher pedestal for the region.
- Mortgage Rates to Fall under 5%
By the end of 2015, it is expected that Northern California mortgage rates will decrease by an average of 5%, and in some instances, even lower. There is no assurance that this will happen, but analysts do have a positive outlook for those numbers to greatly decline.
- The Bay Area will See the Biggest Increase in Real Estate Sales
Although there is an expected growth in real estate sales in many states throughout the U.S for the 2015 year, it is Northern California and the Bay area that will lead the pack with those sales. Tighter supplies of homes and an increased number of jobs in the area are to thank for this.
- Mortgages will be Easier to Obtain
Lenders are loosening the grip they have held on to strongly since the recession, and for prospective home buyers, the news couldn’t be better. This means that it will be far easier to buy a home than it has been in quite some time. If you’re a senior who is going to be selling the family home, this means your home is likely to sell quicker when compared to the past few years.
Remember, the four above predictions are just that. It is never a guarantee that the real estate market will go in one direction, but with 2014 records so high, it is likely these predictions will soon become reality.