With home prices reaching unprecedented heights, we may ask: Is this the top of the market? If not, how long can prices continue spinning skyward? Sampling Multiple Listing Service data for one popular Oakland zip code, I found the median price of a home has almost tripled since this seller’s market began in January 1997.
Sellers want to know, in the foreseeable future, when would be the best time to sell. Buyers ask if they should purchase before prices rise another notch, or wait until the anticipated “market correction.” Looking back at local real estate history plus a recently released “Risk Index” provides some clues to guide our expectations.Read More