Interest rates jumped to their highest point in 23 years, but by November 3rd, they had seen a near-record decline.

Q3 median house sales price was down about 6.5% from Q3 2022, and the median condo price down about 4%.

We expect to see substantial activity this fall. Historically speaking, Luxury home listings in San Francisco commonly see a particularly large spike in autumn sales.

The overall consensus is that rates will come down in 2024. Some predict as early as 1st quarter of 2024 and rates dropping to as low as 4.9%.

Listing volume is way down, but we could be headed for a spike in activity in time for the hot autumn selling season.

Where are all the sellers? Also: How does a pool affect the value of a home?

Things have generally tilted to sellers’ advantage, with homes selling faster, with more offers, for higher prices.

Median home sales prices have begun to recover from mid-winter lows, though remaining far below peak prices hit in Spring 2022.

The spring market continues to recover: Open houses are seeing increased traffic, more listings are selling, and selling more quickly with multiple offers.

The market continues to recover, but with many dynamics at play.

After a period of declining buyer demand, market activity is again on the climb — just as mortgage rates are.

Buyer demand is increasing. Prices are still relatively soft, but that could change, and soon.

Some buyers are making the best deals in years. For sellers, pricing, preparation and marketing are now critical.

The great majority of indicators continue to describe a market that has substantially cooled and “corrected” since spring 2022

Buying and selling continues, though at reduced levels, and this can be an excellent time for buyers to aggressively negotiate prices.

There are certainly major economic and demographic challenges at play right now, but a market correction is not a crash.

As of early September, interest rates have increased again and stock markets declined once more:

Current market conditions make now a favorable time for buyers. Find out how.