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That's the question you should be asking yourself.
Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home.
So, do you know what your home is worth in today's market?
Contact me for a confidential, no obligation assessment of your home's value.
Many homeowners thinking about selling have two key things holding them back. That’s feeling locked in by today’s higher mortgage rates and worrying they won’t be able to find something to buy while supply is so low. Let’s dive into each challenge and give you some helpful advice on how to overcome these obstacles.
According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical 30-year fixed mortgage rate offered to buyers is closer to 7%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.
Advice:
While experts project mortgage rates will gradually fall this year as inflation cools, that doesn’t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And right now, home prices are back on the rise. If you move now, you’ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.
When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That’s going to keep inventory low. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“Inventory will remain tight in the coming months and even for the next couple of years. Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.”
Even though you know this limited housing supply helps your house stand out to eager buyers, it may also make you feel hesitant to sell because you don’t want to struggle to find something to purchase.
The Advice: Broaden Your Search
If fear that you won’t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types, including condos, townhouses, and even newly built homes, can help give you more to choose from. Plus, if you’re able to work fully remote or hybrid, you may be able to consider areas you hadn’t previously searched. If you can look further from your place of work, you may have more affordable options.
Source: Keeping Current Matters
1,182 New Listings
605 Sold Listings
1.2 Months of Inventory
$1.1M Median Sale Price
107.1% Median Sale vs List
21 Avg Days on Market
The data, sourced from Broker Metrics, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
306 New Listings
206 Sold Listings
1.9 Months of Inventory
$737K Median Sale Price
102.5% Median Sale vs List
25 Avg Days on Market
Last
Last 12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $1,2m last July 2022, to $1 1m as of July 2023
Condos & Townhomes
The median sales price has increased from $722k last July 2022, to $737k as of July 2023.
The average time spent on the market went down from 24 days last July 2022, to 21 days as of July 2023
The average time spent on the market remained the same has remained at days since 25 days since July 2022
Single-Family Homes
The overbid percentage has increased from 105 9% last July 2022, to 107 1% a year later
Condos & Townhomes
The overbid percentage has increased from 101.4% last July 2022, to 102.5% a year later.
In July, Contra Costa h for sale with 865 new months of inventory. T increased to $899k. T steady at 101 4% The market was 19 days. There were 281 condo sale, with 235 new list with 1.6 months of inv price increased to $57 remained steady at 10 on the market was 23
Single-Family Homes
The median sales price has increased from $879k last July 2022, to $899k as of July 2023
Condos & Townhomes
The median sales price has decreased from $590k last July 2022, to $575k as of July 2023.
Single-Family Homes
The overbid percentage has increased from 100 1% last July 2022, to 101 4% a year later
Condos & Townhomes
The overbid percentage has increased from 100.5% last July 2022, to 101.0% a year later.
Single-Family Homes
The average time spent on the market went down from 20 days last July 2022, to 19 days as of July 2023
Condos & Townhomes
The average time spent on the market went up from 17 days in July 2022, to 23 days as of July 2023
In July, Napa County had 2 for sale with 64 new listing of inventory. The median s family homes increased to overbid remained steady a time on the market was 57
There were 25 condo and sale, and 11 new listings p 2.6 months of inventory. T condos increased to $699 decreased slightly to 100.3 the market was 55 days
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Single-Family Homes
The median sales price has decreased from $1m last July 2022, to $927k as of July 2023
Condos & Townhomes
The median sales price has decreased from $777k last July 2022, to $699k as of July 2023.
The average time spent on the market went up from 45 days last July 2022, to 57 days as of July 2023
The average time spent on the market went down from 43 days in July 2022, to 55 days as of July 2023
Single-Family Homes
The overbid percentage has increased from 100% last July 2022, to 100 1% a year later
Condos & Townhomes
The overbid percentage has decreased from 103% last July 2022, to 100.3% a year later.
In July, San Francisco had 271 single-family homes for sale with 184 new listings, providing the market with 1.6 months of inventory. A total of 153 homes were sold, with a median sale price of $1.4m. The median overbid for single-family homes was 106.1%. The average time on the market was 26 days.
There were 618 condo and townhome units for sale, providing the market with 3.7 months of inventory. There were 216 new listings for sale, and 137 condos sold. The median sale price for condos was $1.1m. The median overbid was 100%. The average time on the market was 49 days.
s
53 d Listings
1.4M an Sale Price
6 Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
le-Family Homes
12 months, year-over-year.
12 months, year-over-year
Single-Family Homes
The median sales price has decreased from $1 6m last July 2022, to $1 4m as of July 2023
Condos & Townhomes
The median sales price has decreased from $1.2m last July 2022, to $1.1m as of July 2023.
The average time spent on the market went up from 21 days last July 2022, to 26 days as of July 2023
Condos & Townhomes
The average time spent on the market went up from 48 days in July 2022, to 49 days as of July 2023
Single-Family Homes
The overbid percentage has decreased from 110 5% last July 2022, to 106 1% a year later
Condos & Townhomes
The overbid percentage remained has remained at 100% since July 2022.
In July, San Mateo had 41 for sale, providing the ma inventory. There were 343 of 278 homes sold. The m single-family homes was overbid for single-family h average time on the mark homes was 20 days.
There were 167 condo an sale, providing 1.9 months market. There were 117 n 88 condos sold The med was $923k. The median o average time on the mark
%
y Homes 20 Avg Days on Market
278 Sold Listings
$1.8M Median Sale Price
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Condo & Townhomes
117 New Listings
88 Sold Listings
1.9 Months of Inventory
$923K Median Sale Price
100.8% Median Sale vs List
33 Avg Days on Market
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price remained at %1 8m since July 2022
Condos & Townhomes
The median sales price has increased from $897k last July 2022, to $923k as of July 2023.
Single-Family Homes
The average time spent on the market has remained at 20 days since July 2022
Condos & Townhomes
The average time spent on the market went up from 26 days in July 2022, to 33 days as of July 2023
Single-Family Homes
The overbid percentage has increased from 101 3% last July 2022, to 101 8% a year later
Condos & Townhomes
The overbid percentage has increased from 100.2% last July 2022, to 100.8% a year later.
Santa Clara had 620 s in July, providing only were 688 new listings median sale price of $ of 104 4% There was the market. There were 290 units months of inventory. T for sale and 314 cond sale price at $961k an 101.7%, and the avera decreased to 24 days
06 d Listings
1.7M an Sale Price
s 7 Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Single-Family Homes
The median sales price remained has remained at $1 7m since July 2022
Condos & Townhomes
The median sales price has increased from $950k last July 2022, to $961k as of July 2023.
The average time spent on the market went down from 22 days last July 2022, to 17 days as of July 2023
The average time spent on the market went up from 21 days in July 2022, to 24 days as of July 2023
Single-Family Homes
The overbid percentage has increased from 100% last July 2022, to 104 4% a year later
Condos & Townhomes
The overbid percentage has increased from 100.3% last July 2022, to 101.7% a year later.
In July, Solano had 425 homes for sale with only 1.3 months of inventory, and 293 new listings were added to the market. The median sale price for single-family homes was $600k, and the median overbid was 100 1% The average time on the market was 34 days.
There were 44 condo and townhome units for sale with 1.7 months of inventory, and 27 new listings were added to the market. The median sale price was $370k, and the median overbid was 100%. There was an average of 40 days spent on the market
293 New Listings
275 Sold Listings
1.3 Months of Inventory
$600K Median Sale Price
100.1% Median Sale vs List
34 Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
27 New Listings
21 Sold Listings
1.7 Months of Inventory
$370K Median Sale Price
100% Median Sale vs List
40 Avg Days on Market
JULY 2022 - JULY 2023
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has increased from $590k last July 2022, to $600k as of July 2023
Condos & Townhomes
The median sales price has decreased from $440k last July 2022, to $370k as of July 2023.
Single-Family Homes
The overbid percentage has increased from 100% last July 2022, to 100 1% a year later
Condos & Townhomes
The overbid percentage has decreased from 101.1% last July 2022, to 100% a year later.
Single-Family Homes
The average time spent on the market went up from 30 days last July 2022, to 34 days as of July 2023
Condos & Townhomes
The average time spent on the market went up from 24 days in July 2022, to 40 days as of July 2023
In July, Sonoma had a total of 660 homes for providing the market with 2.2 months of inve There were 259 new listings, 297 homes sold a median sale price of $855k, with a median overbid of 100%. The average time on the ma was 35 days.
There were 56 condo and townhome units fo sale, providing the market with 1.5 months of inventory. There were 45 new listings for sale 37 units sold. The median sale price was $48 with a median overbid of 100% The average on the market was 30 days.
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
45 New Listings
37 Sold Listings
1.5 Months of Inventory
$485K Median Sale Price
100% Median Sale vs List
30 Avg Days on Market
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has increased from $820k last July 2022, to $855k as of July 2023
Condos & Townhomes
The median sales price has increased from $466k last July 2022, to $485k as of July 2023.
Single-Family Homes
The average time spent on the market went down from 39 days last July 2022, to 35 days as of July 2023
Condos & Townhomes
The average time spent on the market went down from 35 days in July 2022, to 30 days as of July 2023
Single-Family Homes
The overbid percentage remained Has remained at 100% since July 2022
Condos & Townhomes
The overbid percentage has decreased from 102% last July 2022, to 100% a year later.
In July, there were 212 single-family homes for sale, providing 1 5 months of inventory 56 new listings and 162 homes were sold, with a median sale price of $799k and a median overbid percentage of 100%. There was an average of 36 days on the market.
There were 116 condo and townhome units for sale, providing 2.5 months of inventory with an average of 60 days on the market. With 45 new listings and 42 condos sold, there was a median sale price of $799k and a median overbid of 100%.
56 New Listings
162 Sold Listings
1.5 Months of Inventory
$799K Median Sale Price
100% Median Sale vs List
36 Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from July 2022 to July 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
Single-Family Homes
The median sales price has decreased from $1 8m last July 2022, to $1 6m as of July 2023
Condos & Townhomes
The median sales price has decreased from $855k last July 2022, to $799k as of July 2023.
Single-Family Homes
The overbid percentage has decreased from 100 8% last July 2022, to 100% a year later
Condos & Townhomes
The overbid percentage has remained at 100% since July 2022.
The average time spent on the market went up from 21 days last July 2022, to 36 days as of July 2023
Condos & Townhomes
The average time spent on the market went up from 30 days in July 2022, to 60 days as of July 2023
