Interest rates have increased again and stock markets have declined: they continue to see substantial volatility and it remains difficult to confidently predict their future effects on the real estate markets. The next major indicator of buyer and seller psychology and market dynamics will be what occurs during the next two months of the fall selling season. Feel free to reach out to us for detailed information about our local real estate market. |
Refinancing May Be a Good Idea
Dear Monica: How should I react to the recent Federal Reserve comments that they will raise rates more times in the next months? I have a house that I would like to refinance but I don’t know if this is a good time to do so -Judith C. Dear Judith: This could be a very good opportunity to refinance before rates increase more. Depending on your future plans, you may want to refinance into a lower fixed rate for 5, 7, or 10 years which may reduce your monthly payments. Then you could either pay down principle during this period and when it reverts to a fluctuating rate, refinance again depending on the lending climate at that time. It is hard to predict where the volatility in the present market is going but at least you can manage your payments for the next years with a good loan now. |
Interest rates just hit their highest weekly average since 2008. |
Over the summer, sales prices declined vs the same period in 2021, but not to the extent that many expected.
It is important to note that median sales prices can be affected by multiple factors other than changes in fair market value. |
The pandemic brought astronomical gains in sales prices and it is perhaps a sign of a re-balancing market that we are "giving back" some of those gains. However, we are still above pre-pandemic prices! |
6 Bed | 4.5 Bath | $4,750,000 |
3 Bed | 2 Bath | $2,998,000 |
2140 Santa Cruz Avenue #B302 2 Bed | 2 Bath | $939,000 |
2 Bed | 2 Bath | $1,329,000 |
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5 Bed | 4.5 Bath | $6,738,000 |
4 Bed | 3.5 Bath | $5,500,000 (represented Buyer) |
3 Bed | 2.5 Bath | $2,300,000 |
3 Bed | 2 Bath | $1,585,000 |
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We have buyers looking in Atherton, Menlo Park, Palo Alto, Woodside, Portola Valley, and Los Altos Hills in prices ranging from $4M - 15M and are always looking for pre-market opportunities or properties coming soon. If you know of any properties that fit, we would love to hear about them! |
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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 presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
Photos may be virtually staged or digitally enhanced and may not reflect
actual property conditions.
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