September 2023 Copyright by KW Advisors 2023
What’syourhome reallyworthin today’smarket?
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?
Icanhelp...
Contact me for a confidential, no obligation assessment of your home's value.
MortgageRates:Past,Present, andPossibleFuture
If you’re hoping to buy a home this year, you’re probably paying close attention to mortgage rates. Since mortgage rates impact what you can afford when you take out a home loan – and affordability is a challenge today – it’s a good time to look at the big picture of where mortgage rates have been historically compared to where they are now. Beyond that, it’s important to understand their relationship with inflation for insights into where mortgage rates might go in the near future.
Giving Context to the Sticker Shock
Freddie Mac has been tracking the 30-year fixed mortgage rate since April of 1971. Every week, they release the results of their Primary Mortgage Market Survey, which averages mortgage application data from lenders across the country (see graph below):
Looking at the right side of the graph, mortgage rates have increased significantly since the start of last year. But even with that rise, today’s rates are still below the 52-year average. While that historical perspective is good context, buyers have gotten used to mortgage rates between 3% and 5%, which is where they’ve been over the past 15 years.
That’s important because it explains why the recent jump in rates might have you feeling sticker shock even though they’re close to their long-term average. While many buyers have adjusted to the elevated rates over the past year, a slightly lower rate would be a welcome sight. To determine if that’s a realistic possibility, it’s important to look at inflation
Where Could Mortgage Rates Go in the Future?
The Federal Reserve has been working hard to lower inflation since early 2022. That’s significant because, historically, there’s been a connection between inflation and mortgage rates (see graph below):
This graph shows a pretty reliable relationship between inflation and mortgage rates. Looking at the left side of the graph, each time inflation moves significantly (shown in blue), mortgage rates follow suit shortly after (shown in green).
The circled portion of the graph points out the most recent spike in inflation, with mortgage rates following closely behind. As inflation has moderated a bit this year, mortgage rates haven’t yet made a similar move. That means, if history is any guide, the market is waiting for mortgage rates to follow inflation and head back down. It’s impossible to accurately predict where mortgage rates will go for sure, but moderating inflation means mortgage rates going down in the near future would fit a well-established trend.
Source: Keeping Current Matters
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SellYourListingforMorewithHomeConcierge
San Bruno Split-Level
$310,717Profit
702%Return
Home Concierge's secret weapon is our local project directors, who visit and personally manage each of our projects. When the agent reached out with a tight deadline, project director Azary Khalfan took it in stride and immediately called on her local vendors and subcontractors. Our in-house designer, Samantha Black, worked quickly over the holidays to design a new kitchen while Azary ordered finishes for other parts of the home. Ingenuity, strong vendor connections, and hard work transformed the kitchen in 17 days! The home sold for over $400,000 over asking in just one week.
Home Concierge scope of work for this project included:
Kitchen design services with plan drawings
Entire kitchen replacement, including the floor New light fixtures throughout the home
Refresh bathrooms
KitchenDesignBoards
WANT TO KNOW HOW HOME CONCIERGE CAN HELP WITH YOUR LISTING? CONTACT ME TODAY!
SOLD $1,935,000 AS-IS $1,580,000 RENOVATION $44,283 LOCATION San Bruno, CA
BEFORE AFTER
Tips to Harden Your Home During Wildfires
Source: Cal Fire
ROOF
Build your roof or re-roof with materials such as composition, metal, clay, or tile Remove any vegetative debris from the roof.
VENTS
Remove all openings with 1/16-inch to 1/4-inch metal mesh Do not use fiberglass or plastic mesh because they can melt and burn
EAVES + SOFFITS
Eaves should be boxed in and protected with ignition-resistant or non-combustible materials.
WINDOWS
Install dual-paned windows with one pane of tempered glass to reduce the chance of breakage in a fire.
WALLS
Use ignition-resistant materials, such as stucco, fiber cement, wall siding, fire retardant, treated wood, etc.
DECKS
Create an ember-resistant zone around and under all decks and clear debris from under your deck.
FENCES
Separate your fences from your house or upgrade the last 5 feet of the fence to a non-combustible material.
CHIMNEY
Close the fireplace during fire season when the chimney is not being used.
GUTTERS
Keep rain gutters clear or enclose rain gutters to prevent accumulation of plant debris
PATIO COVER
Use the same ignitionresistant materials for patio coverings as a roof
DRIVEWAY
Driveways should be built and maintained in accordance with state and local codes to allow fire and emergency vehicles to reach
DECKS
Have a fire extinguisher and tools such as a shovel, rake, bucket, and hose available for fire
IS YOUR HOMEOWNER’S INSURANCE COVERAGE UP TO DATE? I CAN CONNECT YOU WITH WITH MY INSURANCE SPECIALIST AT GREYSTONE.
CALL ME TODAY!
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South Centr Marin
What's in the M
There were 226 single providing 1 6 months o new listings, and 117 h price of $1.5m. The m was 100%, with an ave market. There were 111 condo sale, providing 2.4 mo were 43 new listings a price of $840k. The m was 100%, with an ave market.
an Sale Price 17 Listings s 3 ays on Market
1.5M
single-family homes, condos and 2022 to August 2023. This may the data was gathered. All data is 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
C
4 New List
2. Months of Inven
100% Median Sale vs
y y Aug2022 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 Jul2023 Jul2023 500 400 300 200 100 0 Aug2022 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 Jul2023 Aug2023 200 150 100 50 0 LISTINGS FOR SALE SOLD LISTINGS
Median SalesPrice
Single-Family Homes
The median sales price has decreased from $1 7m last August 2022, to $1 5m as of August 2023
Condos & Townhomes
The median sales price has increased from $831k last August 2022, to $840k as of August 2023.
AVGDays OntheMarket
Single-Family Homes
The average time spent on the market went up from 31 days last August 2022, to 33 days as of August 2023
Condos & Townhomes
The average time spent on the market went up from 38 days in August 2022, to 55 days as of August 2023
Overbids
Single-Family Homes
The overbid percentage has remained at 100% since last August 2022
Condos & Townhomes
The overbid percentage has remained at 100% since last August 2022.
Back to Table of Contents Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 Jun2023 Jul2023Aug2023 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Aug2022Sep2022 Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023 Apr2023May2023 Jun2023 Jul2023Aug2023 75 50 25 0 Aug2022Sep2022 Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023 Apr2023May2023 Jun2023 Jul2023Aug2023 125% 100% 75% 50% 25% 0%
1624 California Street, San Francisco CA 94109 2207 Lombard Street, San Francisco, CA 94123 SanFrancisco 1430 Howard Avenue, Burlingame, CA 94010 16 E 3rd Avenue, San Mateo, CA 94401 PeninsulaEstates 505 Hamilton Ave Suite #100, Palo Alto, CA 94301 PaloAlto : 951 California Boulevard, Napa, CA 94559 NapaValley