Real Estate Trends in 2018

If you are looking to buy or sell a house in 2018 you should be interested not only in what the market is doing here but in the national market to help identify trends so that you time your sale to get the highest price possible or if you are buying to try to get in when the market is on your side.

Home Sales
Here in trendy areas like Burlingame, Redwood City, San Carlos, East Palo Alto, Cupertino etcc.. supply is low ( about one month ) while demand is very high so prices here will still be multiple offers with appreciation in the high single digits this year. In the less trendy prices could balance out or only go up slightly this year. In the non trendy areas like Ruby Hill and Blackhawk in the East Bay homes will be on the market as many as 70 days with price reductions of from 5-10% this year.

As for the nation according to a Freddie Mac outlook report new home sales are expected to rise from 1.2 million to 1.33 million. Purchase of resale homes are expected to rise to about 5.8 million an increase of 2.8 percent from 2017.

Home Prices
In 2017 the nation experienced high growth in prrices especially in the second quarter of the year-- around 6.3 per cent on average. For 2018 the Freddie Mac report is predicting about a 5 per cent increase. 

Mortgage Rates
Mortgage rates are expected to stay low both here and around the nation as the economy continues to move at around 3-4 percent GDP and job growth looks promising. What is different this year is that most mortgages which last year had no points, no fees this year you will see a 1 per cent point fee on most loans

The economy is booming, Silicon Valley is magical and we just wish we had more land here to accommodate everyone who wants to live here. Still we are blessed to live here here-great weather, we are close to San Francisco an international city, we are the gateway to the {Pacific Rim countries, we have Stanford and Cal, we have cultural diversity, great employment opportunities and the excitement of an area that lives, works and enjoys life.