‘The coldest winter’; Rising interest rates cool off Bay Area real estate market

Source: CBS News — 

SAN MATEO —  The pendulum is shifting in what many have described as a ‘roller coaster’ real estate market. Sellers are no longer in the driver’s seat, and buyers have the edge.

But that doesn’t mean the market is favorable for buyers right now, said Daryl Fairweather, the Chief Economist for Redfin.

“It’s not like buyers are winning here,” Fairweather told KPIX. “They’re paying a lot more for the privilege of borrowing. By some metrics, you could say that we’re in more of a buyer’s market than we were earlier this year. Buyers are facing less competition, homes are taking longer to sell, and homes are selling for below their list price.”

“So, all of those things are more positive for buyers than they were earlier this year. But when you look at how expensive it is to buy a home, it’s hard to feel like buyers are better off now than they were earlier this year.”