Hello Readers – Your Realtor Sabrina Caton of The Caton Team here with a great article written by my fellow Realtor Chuck Gillooley on – The White Oaks Blog –
I had to share it – because it is exactly what I’ve been sharing with my clients. Sometimes hearing it from another, well respected source helps us all understand this Fall Market Opportunity. Please check out my Instagram Page for regular Market Update Highlights: Instagram or Facebook
Ideal Buying Conditions
If you’ve been battling all year to buy a home in San Carlos, your persistence and resilience is about to pay off. Right now, conditions for buyers are the best that they have been in at least a year.
There are three factors in play that are favoring San Carlos buyers right now:
Inventory: As of this morning, there are 35 single-family homes for sale in San Carlos, ranging from $1.3M – $3.6M. This is nearly triple the inventory of just a month ago, and represents an unprecedented level of choice for buyers who have been accustomed to inventory level in the teens. More inventory means less buying competition, and less competition keeps prices from spiraling out of control in a frenzied multiple offer.
Short Timeline: Unlike the Spring real estate market that lasts for at least 4 months, the Fall market is much more compressed. Sellers are very motivated to get their homes in contract before the end of October, because the market always takes a break in November and December. This means that market window in the Fall is less than half as long than in the Spring, and sellers don’t have the luxury of holding out for an extended period of time to get their price.
Cheap Money: Although mortgage interest rates have risen significantly since last year, rates are still at historically low levels and have been stable for the past few weeks. And this is in an environment where the Federal Reserve has publicly stated that there will be additional increases in the prime rate throughout the year. And while much of the focus has been on interest rates, it’s important to note that the stock markets have been increasing a much faster rate, giving home hunters additional buying power.
I read this article at: Why Right Now is a Great Time to Buy a Home in San Carlos.
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Thanks for reading – Sabrina
Berkshire Hathaway HomeServices – Drysdale Properties
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