The busy spring homebuying season is underway in the Bay Area — but sellers aren’t cooperating.
The busy spring home-buying season has arrived in the Bay Area — but sellers aren’t cooperating.
“For the right house, there’s definitely a lot of buyers,” said William Wu, 36, who along with his wife and two young children were at a crowded open house for a white four-bedroom home in the Burlingame hills with panoramic views of the San Francisco Bay. It’s estimated value is $2.5 million.Many homeowners who might otherwise be willing to sell had locked in mortgages before average interest rates spiked above 6% starting last year. Rates hadn’t been that high.
Oscar Wei, an economist with the Association of Realtors, said a typical monthly increase for the region during that time of year is about 9%. While Wei expects prices to continue to climb through most of the peak home-buying season this spring and into the summer, he doesn’t foresee the record-setting price jumps of the past few years.
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