Single Family Residential home in San Mateo County:
Median Sale Price was $1,705,000 (previously $1,800,000 in October)
Median Days on Market was 18 (previously 14 days in October)
Sale Price to List Price Ratio was 98.6% (previously 100.4% in October)
Price/SqFt Ratio was $1,111 (previously $1,108 in October)
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By: Kevin Pickett
What We Are Seeing In The Market
With home prices still near record highs and mortgage rates still more than double what they were a year ago, despite trending down, affordability remains a challenge for potential homebuyers. Mortgage applications were up 4% this week for the first time in a few months. Consumer confidence in the real estate market has improved, but is still down significantly from the past few years. With a lackluster buyer traffic, builders are continuing to cut prices and offer sales incentives.
Strategy for Sellers
If planning to list your home in the next few months; make your property as “move-in ready as possible”. New paint, new fixtures/ hardware, and fresh flooring are a must. Don’t give buyers anything to complain about. They’re complaining enough about the interest rates and affordability. Be prepared to wait longer than normal for a workable offer. If you don’t have to sell, be patient.
Strategy for Buyers
If you find yourself (not) in a multiple offer situation, ask your mortgage lender if there’s a way to improve affordability by having the seller credit you for an interest rate buy-down, rather than a price reduction. You may be surprised that the interest rate buy-down will save you much more money in a 2-4 year span than a price reduction. Lastly, buyers may be able to get into neighborhoods right now that they didn’t think was possible in the last few years. Pay attention to the active inventory, or let us do it for you!
Recap
There are opportunities in the market, and ways for buyers and sellers to make the transaction more attractive with rate buy-downs and buyer incentives. We’re not going to see a market collapse with core real estate fundamentals remaining strong.
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Client Success
November 2022
2 Bed | 2 Bath | 1,060 SqFt.
Charming Ground Level Condo in South San Francisco!
Refreshed unit with Open Concept Living!
Contact Kevin at (415) 283-7919 for additional details.
2 Bed | 2 Bath | 1,267 SqFt.
Premiere Luxury Condo in Mission Bay, San Francisco!
Price Reduction!!!
Contact Caitlin at (650) 576-3994 for additional details.
3 Bed | 1 Bath | 1,320 SqFt. | 2 Car Garage
Storybook California Rancher in North Shoreview, San Mateo!
Contact Caitlin at (650) 576-3994 for additional details.
2 Bed | 2 Bath | 1,176 SqFt.
Exquisite, Contemporary Condo with breathtaking views in the heart of the Marina!
Contact Caitlin at (650) 576-3994 for additional details.
2 Bed | 2 Bath | 1,370 SqFt.
Gorgeous Condo in San Francisco!
Incredible downtown skyline views!
Contact Kevin at (415) 283-7919 for additional details.
UPCOMING EVENT & SPECIAL OFFER
Fun News
Wishing you the Happiest of Holidays to you and your families!
We appreciate you, and we are honored to support you in your life and real estate journey.
Have a Wonderful Finale to 2022!!!
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If you or someone you know needs help buying or selling Real Estate, contact us for a complimentary consultation!
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