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October 2024 - Greater Bay Area - Market Update

October 2024 - Greater Bay Area - Market Update
 
 

October Market Update

 
**A Festive Season of Change**
 
October is here, bringing cooler temperatures, colorful leaves, and the anticipation of the holiday season. As Halloween approaches, the real estate market is also transitioning, creating new opportunities for both buyers and sellers. This month is all about embracing change—whether it’s in the décor of our homes or the dynamics of the housing market.
 
Current Market Insights:
This October, the real estate market remains resilient despite some economic uncertainties. Mortgage rates have stabilized, hovering around 6%, which has kept activity steady as buyers and sellers adjust to the new normal. While some markets are experiencing a slight cooling, demand for well-priced and move-in-ready homes continues to be strong.
 
Key Trends:
 
*Buyers’ Seasonal Advantage: With fewer buyers actively searching during the fall, serious buyers may find less competition and better negotiating opportunities.
 
*Sellers: Stage for Success: As days get shorter and cooler, staging becomes even more crucial. Focus on cozy touches like seasonal décor and outdoor lighting to make your property stand out.
 
What to Watch For:
 
*The Election Effect: With Presidential elections just around the corner, it’s important to keep an eye on how political outcomes can impact the housing market. Historically, home prices and market activity tend to increase post-election, and mortgage rates often experience a slight decline as market uncertainty settles. This likely means more favorable conditions for both buyers and sellers moving into the new year.
*Interest Rate Updates: The Federal Reserve’s next meeting could bring news on interest rate policies, which may impact borrowing costs. Keeping an eye on these changes is essential, especially for those planning to finance a home purchase.
 
Tips for the Fall Market:
 
1. Embrace the Season.
Whether you’re decorating your home for a Halloween open house or prepping for Thanksgiving, seasonal touches can make a lasting impression on buyers.
 
2. Price Strategically.
In today’s market, pricing your home right from the start is key to attracting motivated buyers and avoiding long market times.
 
3. Consider Timing.
Many buyers want to settle into their new homes before the end-of-year holidays. If you’re selling, listing now can position your home as an attractive option for families looking to move before the festivities begin.
 
As we celebrate the season of pumpkins, costumes, and fall festivals, I’m here to help you navigate the changing market and achieve your real estate goals. Don’t hesitate to reach out for insights or to get started on your next move.
 
 
Happy Fall and Happy Halloween!
 
- Tia Hunnicutt, LIC #01840070
 
 

LOCAL EVENTS

 
Puppet Show at Children's Fairyland: Tricks & Treats – A Halloween Spooktacular
 
 
Master puppeteer Nick Barone brings his special brand of Halloween magic to the Storybook Puppet Theater. Nick, a popular Bay Area performer who died in 2014, has left this gift for the children of the Bay Area. The Storybook Puppet Theater is happy and proud to recreate this original tale for our theater’s 60th anniversary. What do you do when a group of monsters meet and greet in Fairyland? Put on a variety show, of course! Filled with lovable and friendly monsters, this comical show is designed to delight. Puppets, story, and songs by Nick Barone. Additional scenery by Annie Wong.
 
 
 
Hans Zimmer Live
 
 
 
 
Half Moon Bay Pumpkin Festival
October 19-20, 2024
 
 
 
 

San Francisco Market Data

 

Oakland Market Data

 

Livermore Market Data

 

San Jose Market Data

 

Sacramento Market Data


Let‘s Connect

Contact Tia today to discuss all your real estate needs!