Are you considering buying or selling a home in Walnut Creek, CA? As a real estate agent born and raised in Walnut Creek, I’d like to provide you with some insights into the current market conditions.
As of today (Feb 23, 2023), benchmark interest rates are currently at 6.88% and rising towards 7%. While this may seem high, it’s important to keep in mind that interest rates are historically low. If you’re considering buying a home, now may be the time to do so before interest rates climb even higher.
In the last sixty days, homes in Walnut Creek sold at a median price point of $1.46M. This is 5% under the original list price. In addition to homes selling under their list prices, many sellers are offering concessions, such as money towards closing costs, rate buy-downs, and repairs. As a buyer, this is a great opportunity to negotiate and get a good deal on a home.
While interest rates may be high, it’s important to remember that real estate is an appreciating asset. Buying a home now, even at a higher interest rate, can pay off in the long run. There are also various financing options available, such as ARMs, temporary buy-downs, and interest-only loans, which can help you save money in the short term.
If you’re a buyer in a buyer’s market, take advantage of the opportunity. It’s important to work with a knowledgeable real estate agent who can guide you through the process and help you find the best deal possible. If you’re considering selling your home, it’s important to price it competitively and consider offering concessions to attract buyers in this market.
In conclusion, while the current real estate market in Walnut Creek may be challenging, there are opportunities to be had. Whether you’re buying or selling, work with a trusted agent who can help you navigate the market and achieve your real estate goals.