Redwood City is in one of California’s most competitive housing markets and current inventory challenges are not making things easier. If you are looking for a Redwood City home for sale, you should consider working with a good real estate agent who can help you make the best possible offer.
Redwood City is located in San Mateo County which has seen fewer active listings this year according to the California Association of Realtors. The latest figures for December show 306 active listings which is down almost 54% from last year. The November listings for Redwood City numbered 18, which is down almost 65% from last year.
Another issue is how long houses are staying on the market. The median average for Redwood City, CA, homes for sale is only seven days. Given these figures, you must have a good offer and be able to act fast when you see a home you like in Redwood City.
While these might not seem like ideal conditions to buy, it is predicted that home prices in Redwood City will continue to trend upward moderately. According to a survey of experts conducted by the National Association of Realtors, median prices in the United States are expected to increase by 5.7%. Additionally, it is predicted that interest rates will rise in 2022.
Redwood City is a family friendly community with great schools and many high-tech employers. It’s an easy commute to San Francisco, Stanford, and other Silicon Valley economic centers. If you are thinking of buying in Redwood City, now might be the time to act before prices and interest rates rise. Contact a realtor to discuss your options.
Is Now a Good Time to Sell in Redwood City?
Redwood City is considered a sellers’ market. Due to low inventory, people who have Redwood City real estate for sale might have multiple offers and offers above list price. According to CAR, the sale-to-list price percentage is 110.6. This means that many homes are selling above the list price.
Given the low inventory and the high demand for houses for sale in Redwood City, now may be a good time to consider selling if you have plans to upgrade, downsize or move to another area of the state or country.