It’s that wonderful time of the year for giving, so why not spread some cheer to your hardworking REALTOR with a well-deserved hug?
You’ve probably caught wind of the housing market taking its time lately, but do you really grasp the leisurely pace it’s adopted?
With over 30 years of selling homes on the Peninsula under our belts, we can confidently say that this is the slowest market we’ve ever danced through—yes, even slower than the 2008 housing crash!
But fear not, because we’re here to bring a ray of sunshine to this real estate tale. Picture sellers basking in historically low, practically once-in-a-lifetime, interest rates—some as dreamy as sub 3%! These homeowners are feeling snug as a bug and are in no rush to pack up and leave their cozy interest rate haven.
So, who’s doing the happy dance of moving? Well, not many, but we’ve got a cheerful bunch! Think of those homeowners who own their piece of paradise outright or the savvy downsizers ready to splash some cash on a new cozy abode.
And let’s not forget the daring few who decided not to tie the knot with a fixed-rate loan and are now riding the wave of prevailing market rates. It’s a small club, but they’re not hindered by the guilt of abandoning their historically low rate.
Say goodbye to the daydreamers looking for ‘a little more room.’ They’ve traded in the moving boxes for home expansions and are happily settling in.
Now, for a bit of comparison magic! We took a trip down memory lane, comparing sales in San Mateo County from the pre-pandemic era—a baseline for a ‘normal year’—to the last two years.
While Q1 in 2022 started with a bang in historical appreciation, interest rate hikes tried to rain on the parade. Despite the hiccups, we’ve weathered the storm with a slow but steady decline in home values and activity throughout the remaining nine months of the 2022..
The housing market is on a journey to good health, albeit at a snail’s pace.
Now, let’s focus on our beloved Belmont. While it’s true that we’ve faced a bit of a rollercoaster, the silver lining is shining through. Our community has weathered some impacts, but guess what? The tides are turning, and we’re witnessing a steady rebound in home sale activity. It appears home prices are on the upswing, and over-asking bids are back, registering ~ 50% of the sales.
While this latest market snapshot captures the current sentiments accurately, it’s essential to flip through the pages of history to truly understand how we arrived at this point.
Zooming in on the first 11 months of each year, the snapshot unveils the dynamic journey. The resilient kick-off of 2022 set the stage, propelling new listings and sales to remarkable heights within the initial three months.
Fast forward to 2023, and the market shift becomes more apparent. A full year of declining new listings and sales tells the tale of adaptation and evolution in our real estate landscape.
Consider this snapshot a chapter, not the entire book, as we continue to navigate the twists and turns of the market story…
Belmont always demonstrates a more pronounced effect:
It’s almost unbelievable to think of any sector in the Bay Area facing an 18% income drop, but when you couple that with a 25% decline in available homes to sell, it paints a picture that’s not just about numbers—it’s a story.
This is the kind of scenario that calls for spreading some extra holiday cheer to your favorite REALTOR®. In a market that’s weathered an 18% dip in sales, their hard work and dedication shine even brighter. So, why not make their season merrier and brighter? 🌟🏡 #HolidayCheer #SupportYourREALTOR
Thanks for reading, and Happy Holidays everyone!
Drew and Christine Morgan are experienced REALTORS and NOTARY PUBLIC located in Belmont, CA. They have been assisting buyers and sellers in their community for over 30 years. Drew and Christine have received the coveted Diamond award and ranked among the top 50 agents nationwide and top 3 in Northern California by RE/MAX. To contact them, please call (650) 508.1441 or email info@morganhomes.com.
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This article provides educational information and is intended for informational purposes only. It should not be considered as real estate, tax, insurance, or legal advice, and it cannot replace advice tailored to your specific situation. It’s always best to seek guidance from a professional who is familiar with your scenario.
BROKER | MANAGER | NOTARY DRE# 01124318 | 01174047
