(Im)perfectly normal – A preview of the spring market

BY LUCY PROBERT

The housing market in the East Bay has been in a whirlwind for the past few years, and experts don’t expect much of a change when spring comes around. Lowered post-pandemic interest rates are moving up, hovering around 6%, and inventory remains minimal.

“While sellers are still in a strong position, it will likely continue to be a very trying time for buyers,” said Paula Martel, broker and manager of Century 21 Topsail Realty.

Lofty prices and inventory continue to be key issues, but some challenges are coming from outside factors.

“What’s happening on a macroeconomic level can affect the real estate market,” said Cherry Arnold, sales associate, Mott & Chace Sotheby’s.

“Will there be a recession? Will the Federal Reserve achieve their goal of a ‘soft landing’? Even supply chain issues can have an impact. With more instability comes more fluctuation,” she said.

“And for higher- end buyers, more than interest rates, inflation and the stock market can have a strong impact on them as well.”

Inventory shortages existed pre-covid While Covid has affected inventory and demand, the transition was already in the works even before the pandem- ic.