As we wrap up another eventful year, and get ready to gather with family and friends to celebrate the season and each other, I hope this note finds you well.
I am grateful to continue to have had the privilege to help guide many of you in accomplishing your real estate goals. So many moments of kindness were shared among our communities, and I’ve also experienced moments of personal growth in working with each of you. Thank you!
So what were the good and the bad gifts this year in housing?
- The biggest lump of coal this year – INFLATION!
- 7 interest rate hikes! Enough to make any economist’s head spin!
- Home Buying opportunities like we had back in 2018 – almost no competition for home buyers right now!
- Rents soared over the summer, and as we conclude the year, we see these start to drop a little bit too
- Housing supply continues to be low, which remains good news for home sellers (building permit requests are down year over year)
- More passive real estate income earning opportunities arose: Senate Bill 9 is official in California! This automatically changes the zoning on every single-family residential lot, to allow more living units to be built, to house an elderly parent, earn additional rental income etc.
DEFINATELY A MIXED BAG!
I hope your year has been a good one. Your trust in our business is the fuel that powers me to show up alongside you, and help you win as you transition through your family’s Real Estate goals. As you plan for your family’s financial goals next year, reach out to me for a strategy call. I’m always here to help.
My best to you and your family this holiday season.
PS: No market update is complete without some numbers!
The figures below illustrate how much your starter condo and 3 bed single family home will cost you across our local counties, now, compared to this past summer.
While housing prices in Contra Costa and Alameda counties are starting to decline since the summer, we see that monthly payments are higher, due to the interest rate hikes.
Monthly housing payments in San Francisco for a 3 bedroom home is over $10,000. Another reason why the East Bay continues to be a desirable option for many professionals and families to locate to.