What does the Lamorinda market look like?

Happy Spring!! Wondering what is happening in the Lamorinda real estate market? Is it a good time to buy? Is it a good time to sell? Should you stay put?

As we know, the real estate market is constantly changing. Price per foot is up since January and days on market is lower. So what does this actually mean?

This year, we are seeing extremely low inventory which naturally drives up pricing. For sellers it's great, for buyers, not so much. Hello seller's market!! What's the real reason for this though? High interest rates. With a national average for a 30 year fix at 6.87% (per bank rate.com) that is up significantly from the 3% we were seeing last year. For seller's they most likely have a home paid off, almost paid off, or are locked in at a lower rate so them selling and moving doesn't make sense from a financial stand point. However, if they have to sell given a job transfer etc. It's a great time to sell because there are a lot of buyers out there. 

On the contrary you are most likely assuming it's a horrible time to buy. That is definitely not the case. Ever heard the saying "Marry the house and date the rate"? Well its true. Don't wait until interest rates drop because pricing will increase and you will have a home with higher property taxes forever whereas an interest rate you can refinance. Get your foot in the door. Renting doesn't create equity.