Bay Area Move-Up Buyers: Now Is the Time to Act!
November 11, 2013Many would-be move-up buyers have been sitting on the sidelines in recent months, crossing their fingers that the Bay Area’s superheated real estate market will cool. But conditions are about to get tougher – so hesitant move-up buyers should act now.
Looming ahead is the prospect of rising interest rates coupled with continued price appreciation in home sales. Buyers who don’t seize the moment will likely regret it with their checkbooks down the road.
“I tell people to buy everything you can afford to buy with these interest rates today,” says Patrick Barber, president of Pacific Union’s San Francisco region. “They cannot stay this low forever.”
We’re already seeing the truth in that statement. At the start of the year, the APR for a 30-year, fixed-rate mortgage was 3.41, one of the lowest levels ever recorded. But in June, rates crept above 4.0 percent. By the end of August, they were at 4.46 percent – a 31 percent rise.
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