THE STATE OF REAL-ESTATE
THE STATE OF RESIDENTIAL REAL ESTATE SINCE COVID-19
The Bay Area real estate marketplace has been incredibly active and competitive despite all the challenges we have faced during these last two years. 2021 and 2020 were remarkably active years in both the San Mateo and Santa Clara County markets. Despite its challenges, people continued to purchase and sell homes.
When you look at year-over-year sales, just in the single-family home category alone, each county outperformed itself from the previous year - the numbers tell the story.
Amid the many challenges from COVID-19, a new era of working and learning from home was ushered into our lives, and along with it the need for additional living space. The desire to have more rooms, a yard, a garage, family room and even being closer to open space recreational areas infused both the buyer and seller pools. What has emerged is a robust economic real estate engine fueling the nation’s economy.
Will this competitive market continue? There is no sign in sight of a slowdown. Demand remains high. With each passing year a new crop of buyers come of age and they, plus the existing buyers, and investors increase the buyer pool in significant numbers. Many people want to live in the San Francisco Bay Area and if they have the resources they compete heavily for what they want.
The increased buyer pool continues to be motivated by the low interest rate financing opportunities, even with a couple of increases forecasted for 2022, money is cheap to borrow. So, is it a good time to buy? YES, it is always good time to buy. The numbers consistently prove that residential real estate is a valuable asset that increases with every passing year.
If you are ready to buy or sell, the time is right now.
Ready to make a move? We are here, whether you need to sell your home or you are looking for a property to purchase, reach out to me or any member of the Gray LaVey Team.
Be well and please stay safe.
Serving San Mateo & Santa Clara Counties from Bayside to Coastside since 2007
Source: data collected from MLSListings, San Mateo County multiple listing service