You don’t have to take our word for it. Just take a look at the numbers. Homes that go through a price reduction spend nearly two months longer on the market and sell for around 10% less than homes without price reductions. That’s a significant difference, and another reminder to price your home to sell, not to shock.
According to the U.S. Census, Americans are on the move, with 8.7% of the population changing their environment in 2022 alone. Why? There are a number of factors. The aspiration to move from renting to owning is part of everyone’s home dreams. Proximity to family is also a critical component, especially with the cost of childcare. And of course, housing affordability and the cost of living are also huge factors.
It’s interesting to note that young people and seniors are the most motivated demographics to move, and for many of the same reasons like new jobs and career opportunities. Check the numbers for additional insights.
Inventory remains tight in San Mateo County, with median home prices and average time on the market going stagnant year over year. This could be a sign that the market is finally leveling out. It could also be a sign that summertime is traditionally slow for sales. Condos were only a slightly different story in July, with inventory down, prices up, and properties spending eight more days on the market than one year ago.
The market continues to be very tight in Santa Clara County, with home sales down 14% from last year, and condo sales 20% below June 2022. Meanwhile, properties are spending more time on the market as buyers weigh interest rates and inventory against their desire to find their dream home. As a result, home prices have dipped slightly, and condo prices have seen a small spike while buyers wait out the shifting market.
The cost of living in California has many people on the move to new cities and new adventures. What are some of the resources you can use to get familiar with your future home?
The first thing you can do before you pack a single box is check an online travel guide like Tripadvisor, lonely planet, or TimeOut. These sites are full of tips and insights for travelers, and that’s exactly what you are! You’re just staying a little longer. Speaking of which, you can check local government websites in your new city to learn about population demographics and public services like schools, transportation, and safety. It’s also a good idea to understand the city’s governance.
If you’re moving to save money, you’d be wise to crunch the numbers and make sure your new city fits your current budget! You can use websites like Numbeo or Expatistan to get an estimate of the cost of living in cities you’re considering, including the current price of goods and services. Another great resource is local news. Reading the city newspaper or browsing local news websites can help you get a sense of the big issues and challenges you might face after your move.
