Just when we felt like the world was settling into a new normal, it changes and evolves. That being said, some things remain the same. The importance of a safe, secure place to call home will always be true and needed. What constitutes safe and secure may change and the wants we have on top of that basic need will always be changing. While over the past few years the size and home configuration leaned into more people working from home and needing separate spaces, including more outdoor spaces, the current return to work movement throughout the Bay Area and the increase in tech sector layoffs is leading to the next housing trend.

The housing market is seeing new threshold prices around the $2mil mark that were pushed up during the run up and more modest homes retreating from the $1.5mil range back to the low $1’s.  This is a great opportunity, even with higher interest rates for first time home buyers to get into great homes in great neighborhoods. 

On the Seller side, we are seeing the importance of home preparation and where and how much to spend being more critical than in the past few years. We will also need to recalibrate our expectations on timing. Homes in great condition and competitively priced continue to sell in shorter time periods. But we see homes that need updating and are priced closer to market value returning to more typical marketing time frames of 21-60 days.  It will take more patience and understanding for Sellers to navigate.

If you are thinking of buying or selling in 2023, it is not the time to take chances. It's a time to reach out to seasoned professionals who can guide you through the process. Please give us a call.