Home prices continue to drop in the Bay Area from this time a year ago, according to a Redfin report, and one economist advises buyers 'now is the time to strike if you have the means to do so.'
In San Francisco, prices were down 10% year over year, and in San Jose they have dropped 7% year over year, the report shows.
Daryl Fairweather, chief economist with Redfin, has some advice for those looking to buy:"Now is the time to strike if you have the means to do so." "If you are buying now, you are pretty much in the driver's seat," she said."You can take your time when it comes to touring homes, submit an offer that's … a bit under the asking price and really ask for any amenities you want."The Bay Area, however, remains one of the most expensive markets for homes in the U.S., and with mortgage rates still relatively high, the slightly lower list price might not make much of a dent in the monthly payments.
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