Hello Caton Team Readers. Thank you for tuning in.
Today I’m sharing a market snapshot – how many Single Family Homes and Condos are currently FOR SALE, how many are NEW on the market as of Jan 1, 2023, and how many are PENDING and SOLD as of Dec 1, 2022, in San Mateo, San Francisco and, Santa Clara Counties.
The bottom line – properties are selling. Frankly, buying during the “slow” time of the market – I.E. over the holidays and during the first part of 1st quarter – often offers a buyer LESS competition and perhaps some negotiation opportunities. Why? Homes for sale over the holidays and winter – HAVE TO SELL – and historically the winter season most buyers are in hibernation mode. Fewer buyers equal less demand and MORE opportunities for the buyers that are out there.
So, do yourself a favor; if buying Real Estate is a goal for you – let’s take a look at your budget with today’s rate. Because buying today – at today’s home prices – with temporary low demand – gives you an edge. Remember, when rates go down – a buyer can REFINANCE their loan, and grab that lower rate while earning equity as prices rise – because here in the San Francisco Bay Area – home prices have been rising since 1849 – and that’s accounting for the dips along the way.
If a buyer waits for rates to lower, demand will rise and we’re back to overbidding when inventory is low.
Key takeaways: Demand is low right now – in part due to the rise of Interest Rates from 2022 AND our seasonal market. The Caton Team has great success working with budget-conscious buyers during a slow market. Don’t wait for demand to rise when rates drop, don’t be another offer on the desk. Right now, today, many homes are NOT getting multiple offers – giving a buyer a chance to pay a fair price, without overbidding.
Each client is unique and each market is unique. The Caton Team is here to help you every step of the way – let’s chat about your options and devise a game plan to turn your dreams into reality.
Got Questions? The Caton Team is here to help.
Call | Text | Sabrina 650.799.4333 | EMAIL | WEB | BLOG
Got Questions? The Caton Team is here to help.
Call | Text | Sabrina 650.799.4333 | EMAIL | WEB | BLOG
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