Market Connection: February 2024 Market Outlook and Report
Feb 29, 2024
Turning Point in San Mateo County Market: Buckle Up Buyers!
Hold onto your hats! Based on recent data, a turning point might be upon us in the San Mateo County real estate market. While the time frame is brief, the trends are unmistakable: sellers are gaining the upper hand.
Why the sudden change? Let’s dive into the details and explore what this means for you as a buyer.
Surging Demand:
- Increased Open House Activity: Both our team and fellow agents report significantly higher open house attendance, indicating strong buyer interest.
- Increased mortgage application rates: over the last two weeks, mortgage applications rates have increased from the first week of the year.
- Multiple Offers on Homes: Properties that might have received a few offers before are now attracting multiple bids, highlighting intense competition. This echoes your experience with 25 offers on a single house!
- Dozens of Similar Cases: This isn’t isolated; similar trends are occurring throughout the county, suggesting a broader market shift.
Supporting Indicators:
- Faster Absorption Rate: Properties are selling quicker, reflected in shorter time on market and rising pending and closed sales rates.
- Shrinking Inventory Levels: Contrary to expectations, new listings haven’t surged to meet the demand, further tightening the supply chain.
The Conclusion:
These combined factors suggest our market is transitioning back to a strong seller’s market. Based on short-term data, the trend is consistent and aligns with anecdotal evidence.
Advice for Buyers:
- Be Prepared: Get pre-approved for a mortgage, have your finances in order, and act quickly when you find a suitable property.
- Don’t Wait: The longer you wait, the more intense the competition becomes. Consider making competitive offers to secure your dream home.
- Seek Expert Guidance: Partnering with a knowledgeable real estate agent can be invaluable in navigating this dynamic market and securing the best deals.
Remember, this is just the beginning. Stay informed about market updates and adjust your strategy accordingly. By being proactive and well-prepared, you can navigate this changing market and achieve your real estate goals.