Single Family Residential home in San Mateo County:
Median Sale Price was $1,800,000 (previously $1,740,000 in September)
Average Days on Market was 28 (previously 29 days in September)
Average Sale Price to List Price Ratio was 100.4% (previously 100.8% in September)
Average Price/SqFt was $1,108 (previously $1,131 in September)
What We Are Seeing in the Market
"I look to the future because that's where I'm going to spend the rest of my life." - George Burns
A Glimmer of Hope...
Earlier this month the Federal Reserve approved a highly telegraphed 0.75 percentage point interest rate hike. This rate increase moved the interest rate on short term borrowing to its highest point since 2008.
We were then greeted with some great news when the Consumer Price Index (CPI) improved month over month from September to October. It was was announced in November that inflation had dropped from 8.2% to 7.7%.
This is a BIG DEAL!
Seeing inflation improve for the first time in months was a welcome reprieve for the stock markets and investors. ????
We do anticipate that the Fed will raise rates another .50 percentage point in December, but we should see increases reduced after that.
We will be keeping a close eye for hopefully another month of improvement when we get another CPI report next month :)
Advice for buyers and sellers in this market
As a seller, if your property sits on the market for more than about a month, be prepared for buyers to ask you to pay for interest rate buy-downs so they can improve their interest rate.
In most scenarios the seller can save the buyer more money by buying down their interest rate than they would save if they reduced the price of their property or accepted a lower offer.
It’s very important that your realtor understands this and how it’s calculated.
For buyers the same thinking is going to hold true. Getting a property for $20k-$50k less is not going to feel like you saved much once that money has been calculated for amortization over a 30 year period.
As always, we’re available to walk you through these negotiating tactics/options.
The Pickett Real Estate Group -----
Client Success - October 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.
1 Bed | 1 Bath | 602 SqFt.
Cozy Condo in Potrero Hill, San Francisco!
Contact Kevin at (415) 283-7919 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.
Fun News
???? HALLOWEEN WAS SUPER FESTIVE!!! ????
Dressing up, eating too much candy, and telling fortunes!
-----
???? Kevin hosted a super fun Book Swap in Linda Mar! ????
It was a great time meeting the neighbors, sharing books, and helping donate the leftover books to charity!
Stay tuned for our next event in December!
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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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