Mother’s Day Hangover

/

We don’t know about you, but we felt a little behind the curve on Monday. Maybe it was all the mimosas and See’s Candies for Mother’s Day! How did you celebrate Mom?

CHIC (Pearl)

Every woman will tell you that flowers are a waste and chocolates are bad for their diet. But the truth is, every mom loves flowers, and every mom likes chocolate, especially when it comes from their babies — no matter how old those babies get!

GEEK (Kevin)

I’m the kind of guy who celebrates Mother’s Day every day. Whenever I’m in the neighborhood, I’ll stop by to see if anything around the house needs fixing or if mom needs a grocery run. At the end of the day, it’s the little things that make mom happy!

Round and round it goes

/

Over the past 40 years, the Bay Area housing market has seen at least four major booms. Every time, experts said the good times would never end. Every time, they were wrong. Economists call this “irrational exuberance”.

Each of these booms – or upcycles – have been followed by market corrections, sometimes with devastating consequences, such as the Great Recession. Every time, experts predicted an endless downward spiral. Every time, they were wrong.

Like any industry, housing markets run in cycles. But despite all the booms and busts, our local market has always come back stronger than ever.

Whether it’s our status as a financial, innovation, and cultural center, spectacular natural beauty and open space, and diversity, inclusion, and opportunity, Silicon Valley continues to be one of the world’s great metropolitan areas.

Demand & Supply

/

As higher mortgage rates become the new normal, more buyers are entering the market. But the same high rates are causing many potential sellers to stay in their homes with lower long-term fixed payments. When will supply catch up with demand?

CHIC (Pearl)

I get the feeling we’re almost there now. New listings, offers, and sales prices may be down year over year, but they’re all on the uptick so far in 2023. Open houses and broker tours are packed, and homes are selling quickly with multiple offers. Everything seems to be moving in a positive direction.

GEEK (Kevin)

Feelings are fine, but I need more data before I’m willing to say the market is on its way back. We could also be in the middle of a long-term malaise that will only be resolved when things explode or fall apart completely. Neither would be surprising at this point. But here’s hoping for an explosion.