We are going into summer season but I am seeing a rapid increase in for sale inventory lately especially in the Sunnyvale / Los Altos / Cupertino area. Is anyone else noticing this? Interest rates are at all time high in the last 23 years and the stock market is doing pretty good. What could be driving this? #housing #mortgage
I dont see increase in inventory. Still the number of homes listed for sale is no where close to what they were pre-pandemic. My gut feeling, people overpriced their homes in anticipation of rate cuts, so they are sitting a little longer in the market, and appears to give the illusion of more inventory. Once they slash the price, there will be bidding war again and homes will keep going for ridiculous prices. Bay area unfortunately will probably remain unaffordable for an average Joe. You can only play in Bay area matket if you got some sick stonk money.
Why believe that housing market would crash?
You mentioned it already - interest rates are at an all time high.
There were 72 for sale last month and 92 this month in Los Altos out of 10,700 properties... I'd call that a rounding error
Crash is coming baby. Sell and make buck now.
This is temporary. If market further slows down, less seller would come to the market. They got 2-3% mortgage and there is no large scale layoff so far to force sellers to sell.
Don’t listen to anyone trying to time the market. No one knows
I see sudden increase in inventory and will be so until June to make use of the spring season/ school crowd. Recently I am seeing under listed properties as well, which is odd.
Likely due to a fear of an impending housing market crash, which at this point sounds inevitable, and likely to occur heading into 2025.