Market Trends – July 2022

Happy July! We hope this summer season has been treating you well!

In our listings and sales section of our newsletter, we have various development and several single-family home opportunities coming soon, plus a beautiful condominium home in Palo Alto that is currently for sale.

For Sellers, the story is still the same as last month’s newsletter, only more emphatic:

What we are telling all of our clients considering selling:
“It’s a race (to the finish line) and a beauty contest right now [when trying to sell a home].”
The race is that you don’t want your neighbor selling first and basically dictating how the market will view the value of your home. The first person out wins in this market! REALLY!

Many economists are saying we are already in a recession. Some pockets of areas are still doing really well—like the beach communities in Santa Cruz. We are also seeing certain neighborhoods in Silicon Valley that are still drawing buyers. At the same time, we are seeing beautiful listings that are sitting without many showings. If a property sits on the market for more than 2-3 weeks without an offer, it is a sign that the property is priced too high (a rule of thumb that is true for most price bands).

For our Buyers, with price reductions on the rise and increasing inventory levels, now may be the perfect time to check in with us if you’re considering purchasing a home! Our contact information is below.

Summer is here and market statistics are beginning to reflect the severe impacts of this year’s earlier months. Market activity is cooling as we see buyer demand, listings, and overbid percentages decline. Active listings and price reductions have continued to increase as a result. Homes are still selling fairly quickly, however. The average weekly mortgage rate for a 30-year fixed-rate loan has dropped to 5.3% from 5.81% two weeks earlier.

Capitola is the perfect place for those who enjoy beach walks and the quaint charms of the seaside. Capitola offers just about all the entertainment and amenities of a larger city by the sea! This month, we at Silicon Valley and Beyond have curated a living guide on what it’s like to live in Capitola. Check out the full blog at SVAB365.

As always, if you have any questions about this month’s market conditions, or buying or selling a home, please don’t hesitate to reach out to us. Our team at Silicon Valley and Beyond often helps our clients plan 2+ years out. Please do not ever think that contacting us is too early in the process. We handle everything—including planning moves!

Let us know if you’d like to chat about what we are seeing in the current marketplace. Book a 15-minute call with Dawn here.

Here’s to creating a better future,