When it comes to making it in the Bay, 10% not enough. That’s the price drop for the average home in San Francisco.
In fact, home prices are down throughout the Bay Area. But sales remain extremely slow.
According to a report by Redfin, prices are down. On average, more than 10% in San Francisco and almost 6% in San Jose.
While it may be good news for buyers, but it means far fewer sellers.
“I do think that sellers are a little nervous, like, I don’t want to sell for 6% less than what my neighbor sold for a year ago. That’s painful,” said Holly Barr of Compass Real Estate.
Another thing that is painful is a steep decline in tech stock prices.
“It is the most tightly linked to the tech industry,” said Jeff Tucker, Senior Economist of Zillow.
That plus layoff concern is pushing many would-be buyers to the sidelines.
“The price declines in the Bay Area are not surprising, considering that it’s the most expensive part of the country for housing,” Tucker said.
Moving forward, NBC Bay Area asked real estate experts, what’s likely to turn things around?
The experts said spring as they said that’s when people look for new places to live, new schools for their kids, and new homes.
Scott Budman has more in the video above.
Source: NBC Bay Area