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| A Peek Into Our Crystal Ball |
| While the picture in our crystal ball is a bit fuzzy right now, we thought you might appreciate an update on the current real estate market and our expectations for 2024 and beyond. Inconsistent...unpredictable...schizophrenic...hot(!) are all words we have heard agents use to describe our current market. Which adjective is used largely depends on location. Palo Alto and Cupertino/Sunnyvale generally fall under the "hot" category, though there are certainly exceptions. And the level of "heat" seems to radiate out from those epicenters in roughly concentric circles. We have seen this pattern in real estate cycles before and it usually points to a market that is strengthening. Supporting this is the fact that the market for high end properties (e.g. $10M+) appears to be gaining momentum. The home buying activity of the uber wealthy is often a forward-looking indicator of the market to come. In looking ahead to 2024 and beyond, we see the market slowly ramping up as time goes on. In part this can be attributed to the expectation that interest rates will eventually drift down - but nobody, especially the lending professionals we have talked to, expect to see 3% rates again for many years, if ever again. The consensus interest rate we have heard is ~5.5% sometime in 2025. This may be why lenders are girding for a quiet 2024 with a motto of, "Stay alive until 2025." That said, there are certainly opportunities for buyers and sellers even today. From a buyer's perspective, now may be a terrific time to act. The benefits derived from waiting for interest rates to come down may be offset by even a modest increase in home prices over that same time period. Buying now allows you to bank that appreciation and stop paying rent. From a seller's perspective, while the last 1-2 years may have caused some indigestion, prior to that most homes appreciated handsomely. This may be an opportunity to lock in your gains, diversify your investments, or even buy a new home. We recognize that every situation is unique and we are always happy to provide a free consultation on the pros and cons of buying or selling given your particular circumstances. In one such consultation last week our advice was NOT to sell right now. We strongly believe that providing specific information and education allows you to make the best decision for you. |
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| | As the days get shorter and the holidays loom, we like to step up our giving. In these endeavors we have traditionally sought to include our kids...though both are now away at college/grad school. If you are looking for ideas, here are a few of our favorites: Build-a-Box - A local non-profit that delivers complete Thanksgiving meal kits to those in need. You can donate money, help build dinner kits and/or deliver meal kits the Monday before Thanksgiving. Our kids even received volunteer hours for this eye-opening work. Unfortunately, we will be away this year, but volunteers are welcome! More info on Build-a-Box is here. Second Harvest - Well known for their canned food drives at schools and around town, Second Harvest is another great option for helping feed those in need (as well as student volunteering). If you have non-perishable food to donate, WE WILL PICK UP AND DELIVER FOR YOU - just reach out we will coordinate with you. More info on Second Harvest is here. One Warm Coat - Got growing kids? Is your closet bursting? Every year we find more gently used coats, sweaters and blankets to donate to One Warm Coat. With the weather getting colder, now might be the perfect time to thin your closets. WE WILL PICK UP AND DELIVER FOR YOU - just reach out we will coordinate with you. More info on One Warm Coat is here. * That is our college first year, Chase, apparently very pleased to have his own Thanksgiving turkey! Photo from 2007. |
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| Featured Listings and Sales |
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| off market sale pending ~ rare original eichler |
| 344 Northumberland Avenue, Redwood City |
| 3 beds, 2 baths on a 5,959 square foot lot |
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| | sale pending ~ San Carlos charm |
| | 2 beds, 1 bath main house PLUS 1 bed, 1 bath ADU |
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| | Sold ~ Willow glen tree lined street |
| 2487 Gunar Drive, San Jose |
| 6 beds, 3.5 baths on an 11,714sf lot |
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| | | Looking for a luxury property or even a brief escape from reality? Flip through our online magazine, Compass Curated, for some of the most exclusive listings in the United States. |
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Please feel free to forward this newsletter to friends and family - and remember, we are never too busy for your referrals! |
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| | | DRE #01270223 & #01281597 |
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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