Your San Mateo July 2022 Market Update

What’s happening in our local San Mateo County real estate market?

There are a lot of stories going around, but what does the data say? Today I want to talk about the first half of 2022 and what happened to our local San Mateo County market.

Most of my clients are hearing about tons of price reductions in our market right now, which is true to some degree. There are more price reductions than there have been, but you have to look at where homes sold compared to their original list price. Homes are selling for about 8% over their list price on average, so only overpriced listings have had to correct downwards.

If you’re thinking about selling in this market, you’ve experienced 52% appreciation since 2017. If you live in Pacifica or San Carlos, that number is more like 60%. Even though it looks like the market may have peaked in April, Pacifica just had a record-breaking month in June.

“There are some great opportunities for buyers in this market.”

If you’re a buyer, you’re hearing that interest rates have gone up a lot, but there are ways to get around them. Jumbo loans are about a point cheaper than conventional loans, and there are lender programs that allow you to buy down your interest rate. If you need a lower rate, you can find plenty of creative solutions, and I’d be happy to connect you with a lender so you can talk through them.

In addition, those higher rates also mean there’s less competition. Fewer people at open houses means you won’t have to compete against 10 or 20 other offers, so there are some great opportunities for buyers as well.

If you have any questions about our market or how all this applies to your situation, feel free to call or email me. I’m always happy to talk.