Few homes for sale, high prices, fierce bidding wars – and now higher interest rates – have seeped into the Bay Area real estate market.
But local real estate professionals say the impact of higher rates could be muted for many in the Bay Area – where most buyers are wealthier, have higher incomes and can fit the increase into their budgets. “Most of our borrowers in the Bay Area are extremely well-heeled,” said Jay Voorhees, owner of JVM Lending in Walnut Creek. “They’re extremely well-qualified.”
Still, the creep-up in interest rates along with rising Bay Area home prices make the region even less affordable for many families. In September,could afford to buy the median-priced single-family home in the region, according to the California Association of Realtors. A decade ago, about 45% of families could make a purchase.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Will rising mortgage rates and higher home costs cool the Dallas home market?Housing forecasters are counting on higher mortgage rates to tame the Dallas area’s runaway home market. Higher prices and a lack of inventory are already...
Source: dallasnews - 🏆 18. / 71 Read more »
Neighborhood lawn libraries offer young Bay Area readers access to anti-racist booksNo library card needed here. The local group building equitable communities for young readers. MuellerSheWrote LIBERALISM IS A MENTAL DISORDER I n D o c 8
Source: abc7newsbayarea - 🏆 529. / 51 Read more »
Nubbins, cherished Bay Area cat, allegedly taken by Airbnb guests'They stole my damn cat!' why did you leave your cat?
Source: SFGate - 🏆 534. / 51 Read more »
Popular Bay Area town still torn over changing racist namesakeIt's namesake was a 'bumbler' who lost multiple wars and threw temper tantrums. Just rename it for John Thomas Bragg and leave the name alone. I'd totally go with Glass Beach, California. New tourism campaign
Source: SFGate - 🏆 534. / 51 Read more »
Bay Area comic book shop offers free copies of 'Maus'Comics Conspiracy donated dozens of copies after Tennessee schools removed the book.
Source: SFGate - 🏆 534. / 51 Read more »
Coldplay postpones Bay Area, Los Angeles, Phoenix stadium shows“We’re very sorry to announce that due to logistical issues, we’ve had to reshuffle the opening dates of our U.S. tour.” Cold Who?
Source: mercnews - 🏆 88. / 68 Read more »