2023 Real Estate Market by Jeff Lang

Hello Friends and Clients,

Jeff Lang here, your trusted real estate expert and realtor in the beautiful Peninsula area of the Bay Area. I hope this newsletter finds you well as we step into 2024, a year brimming with potential and opportunities in the real estate landscape.

I recently shared a video analysis (which I hope you had a chance to watch) reflecting on the rollercoaster journey we experienced in the real estate market during 2023. The highlight, or should I say the "elephant in the room," was undoubtedly the fluctuation of interest rates.

Interest Rates: The Elephant In The Room

2023 saw a dramatic shift in interest rates, rising from historic lows during the pandemic to a peak of 7.8% on October 25th. By December 28th, they had moderated to 6.61%, aligning more closely with the national historical average. This fluctuation played a crucial role in shaping the market dynamics last year.

The Impact on Buyers and Sellers

Many buyers found themselves sidelined due to these rising rates. Those pre-approved at rates like 6.2% or 6.6% were either forced to wait or completely priced out of the market as rates soared into the 7% range. Sellers, on the other hand, hesitated to part with properties tied to lower mortgage rates, fearing the financial burden of higher rates on new purchases. Consequently, low mortgage rates became a prized asset.

Record Low Listings, Yet Steady Prices

This led to the lowest number of new listings in decades. In San Mateo County, units sold were down by 20%, and in Santa Clara County, the decrease was around 26%. Compared to 2022, we saw a staggering 42% drop in units sold in San Mateo County! Despite these challenges, the median sale price in our area remained robust, dipping only slightly. The enduring desirability of our area, coupled with low inventory levels, has kept prices relatively stable.

Looking Ahead: 2024, A Year of Pent-up Demand

The Market's Silver Lining

As we move into 2024, there's a palpable sense of pent-up demand. Homes are still selling at about 1% higher than the asking price, signifying a resilient market. It's a tale of two markets – well-priced homes that are marketed effectively (think staging, digital and print marketing) and represented by a skilled agent continue to attract significant attention.

Your Strategic Partner in Real Estate

In a market like this, strategy is key. It's not about chasing the market; it's about understanding it and making informed decisions. That's where I come in. With my expertise and knowledge of the Peninsula area, I'm here to guide you through the complexities of buying or selling your home in 2024.

Thank you for your continued trust and support. Here's to a successful year ahead in the real estate world. Remember, whether you're buying or selling, I'm just a call or email away, ready to assist you with your real estate needs.

Stay tuned for my 2024 prediction next week.

Jeff Lang

REALTOR®

Primary phone
(650) 766-6412
License Number
#01221669
Email
[email protected]
Address
1440 Chapin Ave,
Burlingame, CA 94401

About The Author

Jeff Lang's career in real estate is a testament to his strategic, growth-oriented mindset and his dedication to helping clients navigate the unique landscapes of San Mateo County. With his focus on areas from Burlingame to San Carlos and Pacifica since 2011, Jeff has become an invaluable asset to those seeking the perfect balance of urban and suburban life. His appreciation for the county's temperate weather and easy access to a plethora of outdoor activities resonates deeply with his clientele, who seek both the vibrancy of urban living and the tranquility of suburban spaces.

Beginning his journey in commercial real estate in San Francisco in 1997 and later transitioning to residential real estate in La Jolla, Jeff has honed a deep understanding of the industry. Known for his professional, caring, and patient approach, he brings a results-oriented and responsive attitude to every transaction. Jeff's unique strength lies in his ability to outperform competitors by leveraging his extensive experience and education.

Jeff leverages his education having received his JD and an MBA, alongside numerous real estate certifications including Master Certified Negotiations Expert and Certified Luxury Home Marketing Specialist, enabling him to devise winning strategies for each transaction. His approach not only ensures success but also puts his clients at ease, earning their trust and loyalty.

Outside of real estate, Jeff's life is as dynamic and multifaceted as his professional pursuits. His hobbies range from trail running and hiking with his dog to playing golf, tennis, and pickleball, and he's an enthusiastic Peloton user. A proud graduate of law school at the age of 42 and an Ironman triathlon finisher, Jeff's achievements speak to his determination and commitment. These qualities, combined with his professional expertise, make him an exceptional choice for buyers, sellers, and investors—especially in the $2m+ range—who are looking for more than just a transaction but a partnership with a seasoned expert who will turn them into raving fans.

In his over two decades in real estate, Jeff is most proud of partnering with his clients to build the life of their dreams. It helps that Jeff is a negotiations shark, having competed nationally as president of the negotiations team in law school and as a Master Certified Negotiation Expert (MCNE). His MBA and JD also give him and his clients a competitive advantage in every transaction, leading to his listings selling for 4.8% more than the average San Mateo County agent and offers getting accepted 6x more frequently.

If you are looking for an agent who will take on your goal as their own and be relentless in their pursuit of achieving that goal, then you want Jeff as your partner. He’s completed five marathons, including one in Antarctica, and dozens of triathlons, including an Ironman. His passion for taking on a challenge and grinding away to craft creative solutions is unparalleled. Jeff has a natural talent for putting things in perspective, keeping your eye on the prize, and clarifying the strategy to provide opportunities for success in your transaction.

A few of Jeff’s other certifications include NAR’s ePro for advanced digital marketing and NAR’s Green Designations for sustainability in real estate, Pricing Strategy Advisor (PSA) certification, Keller Williams’ BOLD program, and Tony Robbins’ Mastery University. He is also a member of the Institute for Luxury Marketing. These help him and his clients outpace the competition by selling at a higher price and getting offers accepted more often. This track record and partnership continue to provide repeat and referral business, the basis for his growing business.

Reach out to Jeff for a free consultation to discuss your real estate goals. He would be happy to make your goals his and utilize his extensive experience to make it happen.