According to a survey by WalletHub, Valentine’s Day spending is expected to reach $25.8 billion in the U.S. this year, or about $185.81 per person choosing to celebrate the holiday.
Meanwhile, 46% of Americans say inflation is affecting their Valentine’s Day plans, and 24% don’t expect their valentine to spend any money on a gift this year. But another 45% expect their valentine to spend at least $50.
So what gives? Get more numbers.
It’s always important to consider the “big picture” before making any financial decisions, and especially when it comes to real estate. This is particularly true in the Bay Area, where a home is not just a lifestyle choice but also a long-term investment. Here are some dos and don’ts for home buying in an uncertain market.
I’ll take the Do’s. First thing’s first: Ignore the noise. Back-of-the-napkin analysis or one set of data should never dictate your next move. If you’ve made a financial plan, stick to it. Wait for the right moment, and make your best offer. And it never hurts to rebalance your investment portfolio to insulate yourself from market fluctuations. Like the meme says: Keep calm, and carry on.
Looks like I get the Don’ts, which is only one letter away from donuts, so now I’m hungry. But seriously: You can’t time the market, so don’t even try. Don’t panic because of something you read online (even our emails). As the market continues to recover, you can make significant gains simply by holding steady. Hang on to your investments for the long haul, and your patience will pay off.
The market continues to wake up on the cool side of the pillow, with inventory and median sales prices down year over year. Of course, the holidays are typically a slow period, and with the global economy still in recovery mode, we’ll see what the new year has in store.
It was more of the same on the San Mateo County real estate market in October. Sales continue to dip year over year – down 39% for houses and nearly 50% for condos – and homes are spending much more time on the market than they were at the same time in 2021. Interestingly, median condo sales prices are up 12% from last year, but houses are selling for 5% less.
We were grateful to close a recent home sale before the open house, especially in an environment where many homes are spending a longer time on the market. It only took two days to find a perfect buyer for our sellers, and we ended up getting them a preemptive bid that was $100K over their asking price!
