San Mateo County Market Update July 2024

Summer is here, and with it comes the familiar sight of people jetting off on vacations. Summer is also bringing a familiar shift in the real estate market, but there are some unique trends we are seeing this year.

A Change in Pace, Not a Standstill

The summer months are showing a shift in the overall market pace. Unlike in the busy spring market where most properties receive multiple offers, many buyers are on vacations. Depending on your location, the asking price, and the condition of the property, we still see homes receiving strong offers, often multiples, and more often than not selling over list price. We do see some properties taking a little longer to move. This doesn't necessarily mean the market is shifting significantly; it just is an indication of a seasonal shift, one that oftentimes is more balanced with room for strategic positioning. Sellers can use this time to their advantage by strategically prepping their homes to hit the busier fall market, or take advantage of less competition and test the market now. For sellers who do want to prepare for the fall market, read more about how I help sellers maximize their home's value with no upfront costs. For buyers, there are new buyers entering the market this summer, but most aren't ready to buy now. For buyers who have been in the market, this means less competition, and possible a better position to find your dream home.

Pricing Adjustments

Some sellers are adjusting their pricing strategies to reflect current market conditions. In our local San Mateo County market, we have seen a weekly average of 19 price reductions each week since May, up from a weekly average of 9 seen from January through April. According to NAR, median sale prices for existing homes are still rising, but the rate of growth is slowing. This means that realistic pricing is key to attracting buyers in a more competitive landscape.

Open Houses: Less Crowded, More Focused

Open houses might not be quite as packed as they were in the peak season. But here's the good news: there's a new wave of buyers entering the market! These are first-time buyers, just starting their search, and they're eager to find their dream home but they may not be ready to buy right this moment - they're just starting their search. While open houses might not be the feeding frenzy they once were, they offer a chance for a more focused experience to come in and spend time falling in love with a home. This translates into opportunities for serious buyers.

Fall Market Forecast: Robust and Ready

With all these new buyers entering the market, we anticipate a very robust fall season. By the time autumn arrives, these buyers will be pre-approved, informed, and ready to make a move. This influx of fresh faces, coupled with a more balanced market, could lead to a very exciting fall for both buyers and sellers.

Get Ready to Sell (and Maximize Your Value!)

Here's how I can help:

• Expert Guidance: I can walk you through the best choices to maximize the value of your home. We'll discuss everything from minor cosmetic updates that can make a big impact (think: fresh paint and updated hardware) to staging strategies that showcase your home's potential.
• Stress-Free Preparation: Did you know we can help you prepare your home for the market with no upfront costs? Let's discuss the options available and tailor a plan to fit your needs. There are companies that offer [concierge real estate services] that can handle everything from minor repairs to deep cleaning, allowing you to focus on the move itself.

Remember, your neighbors are calling me to get their houses ready for the hot fall market. Don't miss out! Contact me today and let's get started on maximizing the value of your home!