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What's Happening with Real Estate in San Mateo County?
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Year-over-year, home prices do seem to be increasing by 8.2%, which is excellent news for homeowners in the area. The average home sale price rose by 21%, and the average days on market fell by 21.8% year-over-year.
This is placing us in a very nice seller's market. High demand and low inventory are fueling this market, and we don't expect this to change too much in the next few months. This means that if you've been waiting to sell your home, now would be a great time to do so. Inventory continues to drop, so we are in need of good homes to sell.
Mortgage rates have risen very slightly in the last few weeks, but we don't expect a major spike anytime soon. With an election coming up next year most people do not expect rates to rise too much until then. What this means for you is that now is your opportunity to buy affordably. If you wait to buy, your buying power will take a big hit even if interest rates rise only by 1%.
What this all means is that now is an excellent time to sell, and an excellent time to buy. If you need help doing either in San Mateo County, please don't hesitate to contact me!
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