3 latest property value Trends in the San Francisco Bay Area
Realty investors and property dealers have their eyes set on California due to its fluctuating housing market trends. The continued construction of new rental units in the Bay area has been balancing the supply and demand of real estate properties from the past few years. According to www.bayareamarketreports.com, approximately 8000 new rental units have been built in the past 5 years and the same construction trend is going to continue in the coming years. This much-needed inventory growth has offered many options to people looking for homes.
2019 is going to offer ample opportunities to both buyers and sellers. Here are a few Bay area property values graphs that will help investors in making good deals:-
- Real estate prices are expected to rise
As per the reports published by Zillow Group, Inc. in December 2018, the median home value in Bay area increased by approximately 10 percent. Their experts believe that the trend is expected to continue in 2019. Investors should stay prepared for an estimated 7 percent hike in real estate prices this year.
- No change in out-migrations scenarios
In 2018, a mass out-migration trend was witnessed in the Bay area. The California Association of Realtors reported that approximately 35 percent of the home-buyers discontinued their search due to monetary restrictions in 2018. This provides an added advantage to the people who want to purchase a new home in this area. Since demand has reduced over the years, buyers can find their desired home without any hassles.
- Potential increase in inventory
The construction of new rental units in the Bay area has been inviting a lot of attention. Due to the huge availability of rental units, the competition has reduced considerably in the market. People get a lot of options to choose from, which increases the chances of finding the right match. The construction trend is expected to continue for a few more years, resulting in a comprehensive housing inventory.
Rainbow Funding & Realty helps people in finding their dream home. They can provide you detailed information about the best area values for a home in the San Francisco Bay Area. Get in touch with their staff to know more.