I get a lot of inquiries online, and of course in person, about the market. What’s it doing? Where’s it going? Should I buy now, or hold off? Should I sell now? Are we at the peak? My answer, as always, if it’s a good time for you to buy or sell, then do it, and I categorically do not know where we are in the cycle of this current market. Does it feel peaky? For sure. Could it keep going? I think it could. Will it? I have no idea.
You see, there is much more to timing the market than just timing the market. What is your job situation? How long do you see yourself living here? How much money do you have in the bank? What are current interest rates? How old are your children? Are you married? If you have children, public or private school? What if you lose your job? If you sell, where will you go? Earthquakes, natural disasters, global economies, acts of extreme violence (NYC 911), etc, etc. These factors all come into play, and these are the types of questions, concerns, and conversations I have with clients every day, all day (hopefully while paddling out to surf, riding up the lift skiing, or shanking my drive into the other fairway.)
So that brings me to the larger question on everyone’s mind, is the market changing?
I can tell you the market under $2M, especially for single family homes out around the Sunset, Parkside, and Richmond is gang-busters. I suspect a lot of these buyers will be in for a shock when the weather gets back to a normal rainy winter/foggy summer pattern (say no to single use plastics), and agents stop submitting offers above any reasonable comparison property. But until then, anytime you hear about 3-20 offers on any given property, you have to assume demand is strong enough to gobble up that limited supply for a while to come. If you own property in one of those Western ‘hoods, and had been considering a move, I’d be happy to talk details.
Above $2M, for certain properties in certain locations, we have seen some price adjusting, but nothing I’d consider “bubble” bursting worthy, but certainly something to watch.
All of this said, I will, as always, keep my eyes on it for you. If you’re in the market to buy/sell anywhere in the greater Bay Area, give us a shout, and we’d be happy to discuss. My team is growing, so I am in a better position than ever to consult you, and anyone you know, on the path to real estate bliss.
In the meantime, keep your eyes on market activity in your area, and the greater San Francisco metro by getting on my email list, and getting The Goods (Hot new listings, Recent sales, Overbids, Underbids, and so much more.)
Lots of great things to come this year, so don’t be left out in the cold. Follow us.