Higher home prices and climbing interest rates, said a Zillow economist, are “just a one-two punch to buyers.”
Few homes for sale, high prices, fierce bidding wars – and now higher interest rates – have seeped into the Bay Area real estate market.
But local real estate professionals say the impact of higher rates could be muted for many in the Bay Area – where most buyers are wealthier, have higher incomes and can fit the increase into their budgets. “Most of our borrowers in the Bay Area are extremely well-heeled,” said Jay Voorhees, owner of JVM Lending in Walnut Creek. “They’re extremely well-qualified.”
Still, the creep-up in interest rates along with rising Bay Area home prices make the region even less affordable for many families. In September,could afford to buy the median-priced single-family home in the region, according to the California Association of Realtors. A decade ago, about 45% of families could make a purchase.
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