Headlines don’t really paint the full picture.
If you’ve seen headlines about home prices dropping. Don’t believe them!
Truth #1: Home prices in the Peninsula are up.
Home prices in our Peninsula neighborhoods are steadily rising and faster than the average market rate.
FACT: Home prices in the Peninsula rose 10.4% year-over-year in February 2023, according to the S&P CoreLogic Case-Shiller 20-City Composite Index.
While home price growth is moderating month-over-month nationally (3-4%), the 10% appreciation year-over-year in the Peninsula is still well above the home price growth we saw during more normal years in the market.
Truth #2: You’ve gained a substantial amount of equity.
Aspiring home sellers gained significant amounts of equity over the pandemic as house prices climbed over the past two years.
Truth #3: Supply is still low. Demand is strong.
The supply of homes for sale is still very low and demand for homes is still strong.
FACT: Home sales had the highest peak since July 2020.
In March, total home sales saw their largest monthly percentage increase since July 2020. When mortgage rates ended at over 30 basis points lower than where they started, more buyers returned to the market.
Housing supply remains limited in the Peninsula compared to previous years. Tight inventory and healthy demand contribute to stable and growing home prices.
Bottom Line
It’s a seller’s market. Supply is expected to remain low for the remainder of 2023 and demand is increasing exponentially.
If you are thinking about selling your home, now is the time to start planning.
Schedule a call with us now to learn more about your home equity and the best time to sell.