MARKET DIAGNOSIS | JULY 2023
📊 YOU DESERVE BETTER
Instead of another real estate market report showing a useless graph & a bunch of meaningless numbers with no context, here's exactly what happened with the Pacifica, CA Real Estate market in July & what's brewing for the August market...
⚠️ Spoiler Alert: If you were to write an offer today based on these comps you'd be way off. In certain segments, as much as about 10%...
COMPS DON'T REFLECT CURRENT MARKET ACTIVITY
Now don't get me wrong, relevant comps are still important to analyze, but they don't tell the whole story. The July comps are reflective of a 😴 sleepy June.
HERE'S THE BREAKDOWN OF WHAT'S REALLY BEEN HAPPENING
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June-early July: Sleepy Summer 😴
With what seemed to be the entire Bay Area jet setting to Italy for the summer, the Buyer pool at large was checked out (which made room for some great summer deals to be had like this and this...congrats to my clients!🎉)
Houses were sitting a little longer than what's been normal resulting in lower sales volume and somewhat stagnant pricing.
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Mid-Late July: The Middle-Market Wake Up 🤗
Rates AND prices went up (what?!)...
In the last couple weeks of July the market as a whole woke up and we saw a flurry of activity in that middle market sector ($1.3mm-$1.7mm), which caused a near clear out of inventory in that segment. Multiple offers caused prices to ratchet up ⬆ and we'll see that reflected in the August comps that'll start dropping over the next couple weeks.
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Live-Market-Timing: The GOOD Stuff 💥
The intel I'm gathering on the DAILY is so much more valuable than old comps when the market is in flux. Offers written, offers accepted, and agent-to-agent intel is the raw data that eventually BECOMES the next set of comps.
We use this info to get AHEAD of the next set of comps that will drop. Using Live-Market-Timing allows us to write uber competitive offers to gain that extra advantage over the competition.
MARKET DIAGNOSIS
✅ We seem to be in the "acceptance stage" of rates. Buyers' aren't shying away from the new standard and are forging full speed ahead.
💸 Cash buyers are still plentiful but not dominating by any means (like what we saw in April & May).
👉 Competition is heavy on turn key homes in the middle market sector ($1.3mm-$1.7mm)
REMEMBER...THE MARKET FAVORS THE PREPARED
If you're thinking of either buying or selling right now, remember: "The market favors the prepared."
Dot all your "I's", cross all your "T's", and let's get your paperwork in order so we can start strategizing now. 🚀 That way you'll be prepared to move quickly when an opportunity presents itself.
👉 For a deeper dive into the market, or if you have specific real estate related questions call me or text me anytime.
CONTACT ME
(650) 898-8869 | call or text
michael@pacificarealtor.com
Disclaimer
Michael Jimenez, Pacifica Realtor, DRE #01961866 provides access to information on this blog/website page as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all information made available is current, complete and accurate, Michael Jimenez does not warrant or represent that this information is current, complete and accurate. All information is subject to change on a regular basis, without notice. Michael Jimenez assumes no responsibility for any errors in the information provided, nor assumes any liability for any damages incurred as a consequence, directly or indirectly, of the use and application of any of the contents of the blog/website page. The inclusion of, or linking to, other website URLs does not imply our endorsement of, nor responsibility for, those web sites, but has been done as a convenience to our blog/website visitors. By using this site you understand that there is no attorney-client relationship between you and the site publisher.