Recently rates dropped, but that didn’t last long. Numerous economic reports (see report below) came out showing positive signs that the economy will “steam” forward coupled with the Federal Reserve’s statement that they have “no plans on increasing rates in 2019” means one thing in the near future…Higher Values and Higher Rates! (Rates tend to increase when the market is doing well)
In addition with companies like Uber and Lyft that will be going public, bay area property values will most likely continue to rise. Then there are other unicorns (company’s valued at more than $1 Billion) that include the following that could push local values and rents even higher:
1) Cloudflare out of San Francisco
2) Zoom out of San Jose
3) Rubrik out of Palo Alto
Summary…If you were planning on buying and hoping values would drop, you may have to wait a very long time as this growth market is not over yet! In hindsight, you may want to buy sooner, rather than waiting and paying higher rates and payments in the future.
For more info on buying or looking at your refinance options, please contact me.