Credits to Lindsay Smith and Wendy Starr at BuySellLove.ca for our subject line!

Let’s deconstruct some headlines: 

• Housing Market Predictions For 2023: Are Home Prices Finally Becoming Affordable?
• Home Sales Could Plunge in 2023
• A Housing Market Hangover – The New York Times
• Will 2023 Really Be the Worst Year To Buy a House? (This is a juicy, sensational newsflash.)

When people see headlines like this:

• They believe it wholeheartedly and share with everyone in their circle the doom and gloom news as if it were fact.
• They see some truth in it and may not believe the prediction, but feel that it will happen to some extent.
• They see it for what it is – a news outlet shamelessly selling news.

Market activity in open house traffic, number of offers, overbidding, and absorption rates improved in early 2023. Inventory and the number of new listings have substantially decreased while pending sales and buyer demand have spiked! As of February, mortgage rates have climbed back up causing impacts on loan application rates as well as housing affordability. Because there are not enough homes to sell in Silicon Valley or in Santa Cruz County, we are still seeing homes in certain price bands sell with multiple offers. Case in point, our tear-down listing in Saratoga (see below). The data speaks for itself, and the bottom line is that NO ONE CAN PREDICT what the market will do!

In this month’s newsletter, you’ll find the Global Luxury Report for 2023. This monthly report provides an in-depth look into global luxury leading markets and all residential real estate of the wealthy.

Our Rockview luxury oceanfront listing is featured in the CØMPASS Curated Luxury Homes Publication! This home, located in Santa Cruz, recently underwent a seven-figure renovation to now provide a luxurious beach environment with a rare fully protected seawall and sunrise-to-sunset views.

This month, we’ve also compiled a list of activities in and around Silicon Valley to help you celebrate this coming spring! From art galleries to dance sessions and the Spring Festival, check out the full blog at SVAB365.

To learn more about the median home prices for areas in and around Bay Area, be sure to check out our updated Bay Area Home Price Maps as well as the special report on Bay Area Home Prices, Interest Rates, and Housing Affordability.

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,