Although the prevailing wisdom is that power is shifting from sellers to buyers, there are indications that sellers are not relinquishing control easily. Median prices were up from last month in both San Mateo and Santa Clara counties. Year-over-year, median prices were only slightly down, and closed sales rose compared to September. New listings are down everywhere and inventory is tightening in all counties, factors that can boost prices. Seller muscle is definitely showing in median days on market (still under 30 days across all counties in our area) and in percent of list price received (which remains close to 100%).
Despite the uncertainty many are feeling about a possible recession and an election year coming up, it’s still a positive environment for those who are thinking of selling in the near future and want to make the most of their home appreciation while still good opportunities for buyers who can take advantage of low mortgage rate which can increase their buying power.
As we close out the year, we’ll continue to keep you posted – feel free to contact me any time to discuss your specific real estate goals! Just a note that if you are thinking to sell a house in the new year, this is the perfect time to call me to get the process started. Wishing you and your loved ones abundance always!