In 2020-2021, home prices increased by 18.2% in the San Francisco/Bay Area as demand exceeded supply. More people wanted to own their own homes or to move to bigger homes due to the pandemic. In 2021, house prices continued to rise more moderately, and this trend is expected to continue into 2022.
Given that single-family homes are more expensive, is it a good time to look at Palo Alto houses for sale?
Do you currently have a house for sale?
If you have a house for sale, you may have some equity in your home due to the appreciation. You may be able to afford a larger or more desirable home due to the size of the down payment you are able to offer.
Due to Proposition 19, you can purchase a home that is up to three times as expensive without affecting your property tax rate. Additionally, interest rates are currently low. Considering these factors, now may be a good time to upgrade your home.
There are many houses for sale in Palo Alto that can offer you larger indoor and outdoor spaces, more desirable neighborhoods and schools and other amenities. Contact a realtor to learn more about houses for sale in Palo Alto, CA.
Consider Palo Alto Hills Homes for Sale
One example of an exclusive neighborhood is Palo Alto Hills. Palo Alto Hills is a quiet area with access to nature and outdoor leisure activities. Palo Alto Hills is a small community with many large lots and luxury homes adjacent to Pearson-Arastradero Preserve. Despite its seclusion, it is a short commute to the city centers of Silicon Valley.
Are You a First-Time Buyer?
Making the leap from renter to homeowner can be a big step, but more and more renters have decided to put down a down payment on their first home in the past year. Buying can allow you more space for working and playing at home, which has been a common motivation for the past year. It also allows you to build equity which creates a sense of financial stability.
While prices have increased in the past year, experts predict that this trend will continue more moderately than in the past. Waiting to buy will likely not result in lower prices. Plus, you may miss out on record-low interest rates which are currently around 3.1%.
Whether you wish to upgrade your home or are getting into the housing market for the first time, 2022 is a good time to buy a home in Palo Alto. Contact a realtor to help you navigate this desirable area.