How far has the sky taken its nosedive?
Belmont, the unflinching survivor among its county peers, stands tall. As of August 2023, compared to the same time last year, property values have barely dipped by a paltry 2%. Now, if we peer back to the zenith of April 2022, brace yourselves – prices have done a 180-degree reversal, plummeting by a whopping 22.2%.
It’s just like hopping on a roller-coaster, but with a twist of real estate drama! You kick off all jazzed up, gripping the rails as life throws you twists and turns that make your heart race faster than a caffeinated squirrel. Then, before you know it, the ride’s gone by in a flash, leaving you back where you began, scratching your head and wondering, “Did that just happen, or did I accidentally time travel?”
Ah, but who in their right mind wants to face the truth that we collectively snoozed on the market bonanza in Q1 of 2022? Certainly not us. All of us homeowners who dreamt of relocating missed out on a princely 20% windfall just because we decided to take a yearlong siesta.
The Apple stock enthusiasts can surely empathize – oh, if only they hadn’t hitched their wagons to a 21% plummet from January to June that same year.
That whirlwind surge in home prices during the first quarter of 2022?
Let’s call it an oddball occurrence, spurred by eager buyers racing against the clock before interest rates decided to return to their usual, mundane state – you know, that realm around the 7% mark. We’ve been lulled into complacency by those “government-sponsored” teaser rates for so long that shaking off the hangover seems nigh impossible…
Someday, we’ll sober up and carry on. But, for now, many sellers are trapped in the first stage of denial, hoping against hope that home values will once again take off like rockets, defying all sense and logic. And then there’s the bunch that’s just plain ticked off, digging their heels in and refusing to budge. Watch as they bargain their way through, ready to do the time-warp dance, vowing to sell as soon as prices catapult back up. Meanwhile, the disheartened seller reclines, nursing their wounds, ruing the day they ever thought that kitchen remodel was a brilliant idea – $75,000 spent and a 20% loss on resale to show for it.
And so, like clockwork, we make our way through the stages of grief, finally setting up camp in the land of depression, because revisiting anger is way more comforting than embracing acceptance. It just goes to show – tea leaves are as clear as mud.
Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 30 years of experience in helping sellers and buyers in their community. As Diamond recipients, Drew and Christine ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California. They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.
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The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.
Drew Morgan—Broker Associate 01124318 | Christine Morgan—Sales Associate 01174047
Co-Owners of Morganhomes, Inc. Licensed under RE/MAX Star Properties 01811140
