Housing MarketMarket ReportSANTA CLARA COUNTY February 24, 2023

How Buyers Can Win In The Silicon Valley Market – Jan 2023 Market Report| Lynne MacFarlane, Realtor

This presentation is from the buyer’s perspective to win in one of the most competitive real estate markets in the country. This video touches on three things one needs to know about the Silicon Valley (Santa Clara County) real estate market using Jan 2023 data from Aculist/ MLSListings. Below is the presentation, feel free to share with friends and neighbors. I’m happy to help with your kind referrals. 

 Three things that are happening right now in the Bay Area Market:

  • Number one, the median price for the county increase, but data is mixed.
  • Number two, buyers have more time to preview properties but fewer listings mean they have fewer options.
  • Number three, buyers and sellers are making more concessions and having to come together.

My advise to first time home buyers is to come up with your wants and needs list for a new home, but don’t expect to have your dream home as your first home! Here in the Bay Area home prices are high, but so is appreciation (compared with the rest of the country!) 

Lynne MacFarlane Silicon Valley Real Estate Blog - Percent Change in Home Prices Nationally over 5 years

 

Lynne MacFarlane Realtor Blog - Percent Change in Home Prices Since 1991

 

Let’s take a look at what’s happening regionally here in Silicon Valley / Santa Clara County –  (SFR 2020 – 2023 Jan)

Lynne MacFarlane Realtor Blog - Santa Clara County median Sales Price

For buyers – With this slight uptick in new listings this might be the opportunity to get your foot in the door in this moving market but smart if you do it BEFORE the big rush of buyers in the spring! 

A strategy to win a home in the Bay Area is to be prepared and understand that the Silicon Valley has an extremely robust economy and buying a home and waiting  for appreciation is much smarter than waiting to buy! Take a look at this graph below that charts four years of Median Price since 2019  It takes strategy, and patience to build wealth over time.

Lynne MacFarlane Realtor blog - Median Price from 2019

The graphs included show the median sales price from 2019, 2020, 2021, 2222 and today. Those that bought in 2019 have already gained considerably and we can see that with today’s post-covid real estate market and our economic concerns there is no such thing as timing the market.

Dr. Elliot Eisenberg, partner economist introduces the perspective coming from Q4 2022, the national and regional economic view.

If you’re interested in learning more about the Silicon Valley/Bay Area real estate market in Q4 2022: 

“Home price growth is the principal driver of home equity creation. The CoreLogic Home Price Index reported home prices were up 17.7% for the past 12 months ending September, spurring the record gains in home equity wealth.” – Dr. Frank Nothaft, Chief Economist at CoreLogic

Call to receive a Professional Equity Assessment Report (PEAR) and a Seller consultation to help and we can discuss your lifestyle goals, your timeline and needs.

Lynne MacFarlane Homes logo

 

Lynne Watanabe MacFarlane, MCDM, SRES, SRS | Realtor

Professional Fiduciary Association of California, Silicon Valley affiliate

Intero | A Berkshire Hathaway Affiliate

phone 408.800.1141 or 831.346.2743

DRE# 02066698