As the spring selling season gains traction, market activity rebounds as buyer demand and overbidding percentages continue to climb. Inflation rates have dropped significantly from 6% to 5%, continuing to decline from its peak of 8.9% in June! Mortgage rates have also trended further down after inflation rates declined this past week, however, the number of listings coming on the market continues to be extremely low. Many potential sellers have been holding off from listing their homes but…

WE NEED MANY MORE HOMES TO SELL!

The differences between this market and the market we experienced in 2008 are that in 2008 – WE HAD INVENTORY TO SELL. Right now, we are in an extreme shortage of available homes! Most homes priced under $2.5M-$3M in most Silicon Valley cities are selling with multiple offers (much different than what the headlines have reported!). Yes, the interest rates have risen, but so will home prices. Lenders are also offering programs like 3-2-1 buy-downs (less 3% 1st year; less 2% 2nd year; less 1% 3rd year). Let us know if you would like a personal introduction to one of our long-time, preferred lenders.

For more information on the current market, interest rates, and housing affordability, make sure to check out an updated report for Macroeconomic Factors & Indicators Pertinent to the Bay Area and Annual Home Prices in Santa Clara, Santa Cruz, and San Mateo.

This month, we’ve also compiled a list of activities in and around Silicon Valley to help you and your family enjoy the spring in full bloom! From coastal walks at Pillar Point Bluff to noontime concerts and outdoor art exhibits, check out the full blog at SVAB365.

Considering relocating or making a move? Let us know if you want to review your options. We are master negotiators. Please do not ever think that contacting us is too early in the process. We handle everything—including planning moves!

Here’s to creating a better future,