Woodside, CA, real estate for sale is extremely popular with buyers who want to live in a quiet residential suburb, but does this mean that it is a “hot” real estate market?
A “hot” market occurs when homes do not stay on the market long and there are multiple bidders for the same properties. The number of people wishing to buy, exceeds the number of properties for sale. The San Mateo County market is competitive with 56 houses on the market in November and a median price of $1.4 million for a three-bedroom home according to the California Association of Realtors. Given its suburban character with predominantly single-family homes on larger lots, Woodside is in the upper price range of the county with some very high-end luxury properties such as the $135 million Green Gables compound, which is currently for sale. However, the average person purchasing properties closer to the median price may experience high competition for the properties available.
What Are the Real Estate Supply Trends in 2022?
This month, the Motley Fool’s Liz Brumer-Smith predicted that nationally real estate demand will continue to exceed supply. In particular, she cited challenges that are currently impacting homebuilding, such as supply chain issues, labor shortages and high tariffs on Canadian lumber.
She noted that demand might cool with the continued rising real estate prices and interest rates that are expected to rise around .5% in 2022. However, her analysis still predicts a continuing imbalance. As the Bay Area is one of the most competitive real estate markets in the country, these trends are likely to affect Woodside.
How Hard is It to Find a Home for Sale in Woodside, CA?
Woodside has some of the most desirable Silicon Valley houses for sale. Many buyers are attracted by Woodside’s suburban streets and picturesque town center. Despite the quiet atmosphere, it’s an easy commute to the centers of San Francisco and the Silicon Valley. Although demand is slowing for single-family homes following the records set last year, it may still be a challenging market for buyers. The median home price has been trending upward and this is expected to continue for the foreseeable future.
If you’re trying to decide when to sell your house, there may not be a better time than this winter. Selling this season means you can take advantage of today’s strong sellers’ market when you make a move.
Win When You Sell
Right now, conditions are very favorable for current homeowners looking for a change. If you sell now, here’s what you can expect:
Your House Will Stand Out – While recent data shows there are more sellers getting ready to list their homes this winter, there are still more buyers in the market than there are homes for sale. If you sell your house now before more houses are listed, it will get more attention from serious buyers who are eager to find a home.
Your House Will Likely Get Multiple Offers – When supply is low and demand is high, buyers have to compete with each other for a limited number of homes. The latest Realtors Confidence Index from the National Association of Realtors (NAR) shows sellers are getting an average of 3.6 offers in today’s market.
Your House Should Sell Quickly – According to the same report from NAR, homes are selling in an average of just 18 days. As a seller, that’s great news for you if you’re looking for a quick process.
Win When You Move
In addition to these great perks, you’ll also win big on your next move if you sell now. CoreLogic reports homeowners gained an average of $51,500 in equity over the past year. This wealth boost is the result of buyer competition driving home prices up. You can leverage that equity to fuel a move, before mortgage rates and home prices climb higher.
The longer you wait to make your move, the more it will cost you down the road. As mortgage rates rise, even modestly, it will impact your monthly payment when you purchase your next home. Waiting just a few months to make that change could mean a long-term financial impact.
The good news is today’s rates are still hovering in a historically low range. According to Doug Duncan, Senior VP and Chief Economist at Fannie Mae:
“Right now, we forecast mortgage rates to average 3.3 percent in 2022, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low . . .”
Selling before rates climb higher means you can make your move and lock in a low rate on the mortgage for your next home. This helps you get more home for your money and keeps your payments down too.
As a homeowner, you have a great opportunity to get the best of both worlds this season. You can truly win when you sell and when you buy. If you are looking for a home for sale in Woodside, CA, you are strongly encouraged to work with a real estate agent. A real estate agent can help you identify the perfect properties for your needs and negotiate a good offer.