With home prices on the rise, local homeowners who have been thinking about moving within Lafayette are taking a closer look at what it would take to stay in place and upgrade the home they already own.
What’s at play is not just the rising price of homes but an increasingly competitive market fueled by a backlog of San Francisco buyers anxious to live the Lafayette dream life. These out-of-town buyers are often first time homeowners, unencumbered by existing homes and mortgages, and sometimes backed by their extended family’s liquidity. Many have pre-approved mortgages and are in a position to bid with no financing contingencies, and that makes it harder for others to win in a multiple bid situation.
Meanwhile, our local homeowners may not yet be in their dream home, but many are already in their dream neighborhood, with neighbors and schools that they love. With the rising home values opening up home equity loan possibilities, remodeling becomes a tempting option – and that is going to be good for our local remodeling industry.
My prediction: Look for more contractor trucks in your neighborhood soon. If you’re thinking of embarking on a home project and don’t know who to call, you will find a list of trusted service providers in my Black Book, on the website.