With headlines about record high home prices, you might wonder if there is a good time for those with Los Altos condos or houses for sale to be sold. Today the market in the Bay Area is considered a seller’s market with Los Altos one of the most desirable communities.
Although prices have increased, the local tech sector still generates high employment and good incomes for many people in the area. Housing affordability is a major issue in the area. However, according to the California Association of Realtors’ first-time buyer affordability index, 37% of households have the incomes to afford the median price of an entry-level home in Santa Clara County. This includes highly motivated buyers who are looking for a quieter life where they can raise families and spend more time at home while still staying within commuter distance of the office.
The pandemic has driven a large increase in single family home sales in Los Altos among people who were previously renting. In particular, buyers are looking in suburban areas like Los Altos because they need more living space. Although this may slow in the future, the trend is not expected to end soon. Finding a qualified buyer for a home sale in Los Altos is more than possible in 2022.
What if I Am a First-Time Home Buyer?
It’s true that you may face higher prices than pre-pandemic, but that does not mean now is a poor time to be looking for Los Altos condos for sale or Los Altos houses for sale. According to a National Association of Realtors’ survey of forecasters, home prices will continue to rise, but more moderately than they have over the past two years (around 5.7%). This means that your new home will make a great investment for your future.
Another important issue to consider is the current low interest rates, which are also expected to rise to 3.7 by next year according to the same NAR survey. Although rising interest rates are a concern, they are still at historic lows.
While housing prices are up, it might be a good time to look for a Los Altos house for sale because you can potentially receive a good return on your investment while benefitting from low interest rates.