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The Unlikeliest Real Estate Hotspot: Why Oakland’s Boom Means You Should Buy Now
When I heard that Julia Roberts was dating Lyle Lovett back in the 90s, I remember thinking – if these two unlikely celebrities can find love, anything is possible! That same sense of incredulous possibility struck me recently when I learned that Oakland, California is currently the hottest real estate market in the country.
Oakland…really? The city better known in popular culture for crime and urban blight than for attractive home prices and bidding wars. But according to recent data from GOBankingRates, analyzing factors like median sales price, days on market, and volume of homes sold, Oakland has surprisingly beat out all other California cities as the prime spot to buy real estate right now.
So what gives? And more importantly, why should you care if you don’t have plans to move to Oakland anytime soon?
Here’s the thing – Oakland’s housing boom is indicative of broader trends impacting real estate markets across the country. We have an ongoing housing shortage coupled with strong buyer demand, meaning that home values will very likely continue rising overall, even if some markets cool more quickly than others.
So while Oakland seems an unlikely poster child for hot real estate, its breakout status signals that buying a home even in traditionally less-desirable areas could pay off handsomely in the long run. Just like Julia Roberts and Lyle Lovett’s unconventional relationship, Oakland’s market makes you re-think what’s possible.
And today’s low mortgage rates make buying that much more attractive. Rates may tick upward but likely not drastically given concerns over an impending economic slowdown. So buying now locks in savings versus the longer you wait.
The takeaway – Oakland or elsewhere, the data and experts suggest that buying real estate in today’s market is a smart move. Home values should continue outpacing inflation over the long term. And the unlikelier the hot market, the more chance you grab outsized returns.
So let Oakland’s unlikely boom serve as a wake-up call to finally make that home purchase you’ve been putting off. Have any other questions? Reach out – I’m here to help analyze the options so you can make the right real estate decisions for your situation.
