Home values on the rise again in Northern California

Northern California's real estate market has been through its ups and downs, but it's currently experiencing a steady rise in home prices despite the high interest rates. After a drop in home prices, the market is now seeing a rise, much to the relief of sellers.

One of the factors contributing to this trend is the low inventory of homes for sale, which creates high demand and multiple offers. Northern California's population growth is one of the reasons for the high demand for housing, especially in urban areas. However, the strict zoning laws and regulations make it challenging to build new housing units quickly enough to meet the demand.

Moreover, many homeowners are choosing to hold on to their properties, either because they're comfortable with their current homes or because they don't want to risk not finding a suitable home in such a competitive market.

Despite the high interest rates, buyers are still willing to make offers above the asking price and waive contingencies to secure a home. The highly competitive market demands quick and decisive action from buyers.

As long as the inventory remains low and the demand stays high, it's likely that Northern California's real estate market will remain a seller's market. Multiple offers and bidding wars will continue to be the norm in the foreseeable future.