Northern California 2013 Real Estate Trends

East Bay real estate is experiencing a shortage. It’s not a shortage of buyers, but a shortage of sellers. People living in East Bay who own their homes are holding on to them despite the trend that more buyers are moving into the area and want to live in Northern California/ East Bay area. Real estate trends usually have a fair balance of homes for sale and buyers who are looking, with one or the other being slightly less or more available.

Because of the increase in Federal and local taxes this year, homeowners who are selling have to sell close to escrow and close out at escrow in the beginning part of the year. Prices of homes to make up for the new tax situation will be sold at 12% higher than they were last year. Mortgage interest rates are also on the rise, making it more difficult for the buyers as the year goes on. In a way, it’s a seller’s market because the demand is great and buyers are anxiously looking. However the sellers have their work cut out for them, especially if they have to move in a hurry.

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