No matter where we go lately, all anyone wants to hear about is the real estate market. We get it, we do, because until June the typical statement was “Boy, you must be making a killing the way things are going!” Well, as we all know this is no longer the case, and as of June 2022 our market changed dramatically while some sellers struggle to adjust the new real estate reality. Listing prices everywhere are being reduced, or they are being listed lower than they would have been in the time span between December 21 and April 2022. That is literally about how long the most recent spike in sale's price was. Where we are now is pretty close to where we were prior to that span of time. Which was honestly not a terrible place to be. You can can see this in my last 20 month graphs posted on social sites.
So, what are we up to now that the market seems to be cooling, besides chasing down the new and perfect listing price? Well, we are prepping 5 listings that will go onto the MLS after the holidays. These will be in the 2 to 4 million dollar range. We are getting inspections done far in advance so that we can address any glaring items that might turn away a potential buyer. Every single day we check to see what has closed, and how that might compare to our next listing. Modern and clean designed homes are still selling, just not with multiple offers far above asking.
ON THE BUYING FRONT, we are scouring the MLS daily looking for potential deals! There are finally listings that have been sitting on the market for more than a month ( or 2) that may be ready for our aggressive offer. In an effort to remedy the affect of rising interest rates we are calling our lenders and looking for craftier loan scenarios for our eager and bullish buyers. The market has not been this buyer friendly for quite a long time, yet there are many young buyers who have waited for the opportunities we are finally seeing now! With 7/1 ARMS interest only, 10/1 arms on a 40 year loan, seller credits and family gifts, we are creating financial snap shots that closely mimic what these buyers would be paying in rent, and getting them into this previously prohibitive market.
Just this week we have sold a downtown Redwood City condo for $595,000.00! The previous young owner had completely renovated the unit and lived in it while he built equity, then sold the condo to buy a single family home in Menlo Park. Our new buyer was thrilled to move right into an elevated space that is walking distance to the train and all downtown offers. We helped another young couple buy a fixer upper in a very nice neighborhood in the mid $1.3s. A purchase that low in that same neighborhood was unheard of over the last 3 years. We are also in contract for a 2,000 square foot home in the hills for only $1,800,000! It is move in ready, and would not have even been in the realm of possibility earlier in the year. And lastly, we are in contract for a young buyer to purchase a 2/1 duplex for under $1,300,000. Both units needs a full renovation, but hey, that is real estate. And that my friends is called building equity.
The good news about this market in a nutshell is that selling prices are still exceptional compared to the rest of the state and the country. We still have the privilage of living in one of the 5 most expensive area codes whether we like it or not. And lastly, there is once again a window of opportunity for new buyers to enter the market. For now…..
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