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The spring and early summer are usually when there are the most buyers looking to purchase and the most competition for homes. People with families often wait until this time so their move doesn't interrupt the school year.

Buyers can typically get the best deals in November and December.

Prop 19 is a California amendment which allows homeowners who are 55, severely disabled, or whose homes were destroyed by wildfire or disaster, to transfer their primary residence’s property tax base value to a replacement residence of any value, anywhere in the state.

This tax base transfer can be done up to three times. Considering how much property values have increased in the SF Bay Area over the past few decades, Prop 19 is especially beneficial for those homeowners wishing to retire and downsize while keeping the lower property tax rates they can afford on a retiree's limited budget.

Private mortgage insurance (PMI) is often required on conventional loans with less than a 20% down payment on the home's purchase price. PMI protects the lender in the event a buyer stops making payments on their loan and can usually be dropped from a loan once the buyer reaches 20% equity. PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis.

While mortgage rates can affect your buying power, don't let them stop you from finding your dream home. Temporary and permanent rate buy-downs are available (often paid for by the seller), as well as options to refinance for a lower rate once rates drop.