Published May 4, 2022

The Pickett Post - May 2022 Newletter

Written by Kevin Pickett

The Pickett Post - May 2022 Newletter header image.

THE PICKETT POST

May 2022 Newsletter

It's Time to Make a Splash in the Bay Area Housing Market!

Market Update

Fed Rate Hikes? New Buyer Strategy? Pandemic Bubble Burst? What does this all mean?

NUMBERS UPDATE
Single Family Residential home in San Mateo County:

Average Sale Price was $2,714,093 (up from $2,629,873 in March)
Average of 12 Days on Market (up from 11 days in March)
Average Sale Price to List Price Ratio was 113.4% (down from 115.2% in March)

While the market still remains competitive, we are seeing a slight shift based on a few factors.

The Fed has met twice this year and both times have increased rates. They're meeting again in early May with all signs pointing that rates will rise again, effectively bringing us back to Pre-Pandemic levels.

Rising rates are never fun, but to provide some perspective...rates are still historically low! Current rates are inching above 5%, but over the past 30 years, mortgage rates have averaged just under 8%.

So what do changes rates mean for an approach to strategy?

The current Buyer strategy is an increased motivation to find their home ASAP before another hike in rates decreases their purchasing power.

The current Seller strategy is equal motivation, acting now while Buyers still have a stronger purchase power so they can afford to provide you top of the market value.

While we live in an area where the Buyers far outweigh the amount of inventory that's ever on the market, if rates continue to rise (as projections show they will), Buyers may decide to take a pause in their search or, if they continue, may not be able to afford what they could earlier in the year....or even a month ago.

Our advice is this. The one consistency of the market is that it's constantly changing. If you are looking to buy or sell, your window to take advantage of maximum purchasing power and maximum sales value is now.

Pickett Real Estate Group Highlights

Keller Williams honored the Pickett Real Estate Group with the Double Platinum Award for 2021.

This is a foundational reminder how our core values help us stand out in the Bay Area real estate market.
1. Build Trust thru Actions.
2. Go Above & Beyond for your Clients.
3. Know Your Market.

We are thankful for this award and we are truly grateful for our amazing clients who choose the Pickett Real Estate Group to guide them through their home buying and selling experience.

March 2022 Client Partnerships

Fun News

April for the Pickett's was all about fun! Kevin and his family spent Easter in Pacifica with his extended family. Liam and Amelia scored some sweet bunnies!

Kevin also took Liam to his first Warriors playoff game. The Dubs beat the Nuggets to advance to the next round!

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The Beanan's celebrated Easter with Caitlin's folks in San Mateo. Grace tried her first peep!

Grace also had her first Easter Egg hunt....What a blast!

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Who Do You Know That Is Looking to Buy or Sell? Call Us today!

Free Home Valuation

The Pickett Post - May 2022 Newletter

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