Questions You May Have About Selling Your House in the Bay Area

There's no denying several factors, like higher mortgage rates, have had a big impact on today's housing market. That may leave you with some questions about whether it still makes sense to sell your house and make a move. Here are four of the top questions you may be asking—and the data that helps answer them.

1. Should I wait to sell?

If you're thinking about waiting to sell until after mortgage rates come down, here's what you need to know. So are a ton of other people. And while mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. As Bright MLS says “Even a modest drop in rates will bring both more buyers and more sellers into the market.”

That means if you wait it out, you'll have to deal with things like prices rising faster and more multiple-offer scenarios when you go to buy your next home.

2. Are buyers still out there?

Higher interest rates don't mean no one is moving right now. While some people are holding off, there are still plenty of buyers active today. And here's the data to prove it.

The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity for March (the latest data available) over the past seven years: 

Showing Traffic Above Pre-Unicorn Years (Showing index of March over the last 7 years)

You can see demand has dipped some since the 'unicorn' years (shown in red). That's in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to understand today's demand, you have to compare where we are now with the last normal years in the market (2018-2019) – not the abnormal 'unicorn' years.

When you focus on just the blue bars, you can get an idea of how 2024 stacks up. And that gives you a whole new perspective.

Nationally, demand is still high compared to the last normal years in the housing market (2018-2019). And that means there's still a market for your house to sell.

3. Can I afford to buy my next home?

And if you're worried about how you'll afford your next move with today's rates and prices, consider this: You probably have more equity in your current home than you realize.

Homeowners have gained record amounts of equity over the past few years. And that equity can make a big difference when you buy your next home. You may even have enough to be an all-cash buyer and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“. .  .  Those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

4. What goes into selling a home in the Bay Area?

In a competitive market like the Bay Area, getting top dollar for your house requires preparation. Here at Pickett Real Estate Group, we take a proactive approach to ensure a smooth and successful sale.

By following these steps, you can position yourself to win in today's housing market, even with higher mortgage rates.

If you’ve had these four questions on your mind and they’ve been holding you back from selling, hopefully, it helps to have this information now. A recent survey from Realtor.com found that more than 85% of potential sellers have been considering selling for over a year. That means there are several sellers like you who are on the fence.

But that same survey also talked to sellers who recently decided to take the plunge and list. And 79% of those recent sellers wish they’d sold sooner.

Ready to sell your Bay Area home?

Contact us today for a free consultation and market analysis. We'll help you understand your options and create a personalized plan to achieve your selling goals.

Meticulous Preparation: We don't just throw a sign in your yard and call it a day. Our team, led by Kevin's unique point home readiness checklist, works tirelessly to make your house shine. This includes decluttering, staging furniture, and minor cosmetic touch-ups. We also partner with a licensed third-party company to ensure your home is move-in ready for potential buyers.

Proactive Inspections and Disclosures: We understand the importance of transparency. By getting key inspections completed upfront and disclosures prepared beforehand, we can avoid surprises and delays during the selling process.

Strategic Marketing: We leverage a data-driven approach to market your home to the right audience. This ensures you get the most qualified buyers through your door, increasing your chances of receiving top offers quickly.

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San Mateo County Rolling 3-Month Data

Below, our data is based on averages for Single-family homes in San Mateo County over the last 90 days (March to May 2024). This data was gathered on June 07 , 2024.

San Mateo County Market Report

Thinking of selling?