Single Family Residential home in San Mateo County:
Average Sale Price was $2,340,828 (previously $2,341,518 in August)
Average Days on Market was 29 (previously 23 days in August)
Average Sale Price to List Price Ratio was 100.8% (previously 101% in August)
Average Price/SqFt was $1,131 (previously $1,106 in August)
What We Are Seeing in the Market
"Nothing is more expensive than a missed opportunity." - H. Jackson Brown
Our market is still experiencing increasing mortgage interest rates, which is giving buyers reluctance to enter the market, and causing new listings to sit on the market longer than expected.
What can sellers and buyers do to soften the costs of rising interest rates (buyers) or price reductions (sellers)?
We're seeing a comeback of something called a 2-1 INTEREST RATE BUYDOWN.
This is a situation where the seller will credit funds back to the buyer (to be held in escrow) where the interest rate paid by the buyer/ borrower will be reduced by 2% in the first year, and 1% in the second year. Then in the third year the interest rate will change to what it is at the time the offer is accepted. Hopefully, the borrower will be able to refinance their loan before the start of the third year. If that were to happen, they would be refunded the money held in escrow for the buydown!
In this situation, the seller will likely net a higher dollar amount by crediting the buyer for this short term interest rate buydown (rather than reducing their price), and the buyer can save thousands of dollars in the first two years with a significant reduction in their interest rate!
A WIN/WIN!!!
Once a negotiation begins this is a great option for a buyer and seller that are a little bit apart on price!
If you or anyone you know is considering getting into the market, we would love to be introduced to them and walk them through how this works!
We really believe we can negotiate the seller to pay for these particular buy-downs right now. One of our October closings will have a very similar credit going to our client. ????
The Pickett Real Estate Group -----
Client Success - September 2022
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.
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.
Fun News
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NEW SWAG!!! Real Estate Agent. Fashion Influencer.
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Richie and Caitlin celebrated their 7 year anniversary with a trip to Greece!
Beautiful sunsets, amazing culture, and stuffed our faces with gyros.
If you are planning an upcoming trip to Greece, let Caitlin know. We have some GREAT recommendations!
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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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