Everyone tries to time the market. We are told it is not possible to time the market (whether it is stocks or real estate), that the best we can do it to look for trends and try to get ahead of the trend, rather than chase it. But unconsciously everyone ends up trying to time the market. Human nature, I supposed.
As one of the top Realtors in Rivermark, we get questions about the market and when the best time is to sell or buy homes. As we are starting the New Year and with the rise of interest rates, we are getting a lot more queries about the direction of the real estate market in Rivermark, especially from owners with investment properties. Many want to know whether the real estate market has hit the top or will it continue to rise?
Again, no one has a crystal ball which will tell us with certainty the condition of the market place. But we can look at trends to see where changes are taking place and make rational, informed decisions.
Santa Clara County Data
If we look at the County of Santa Clara, the top of the market was hit during the spring/summer time of 2013 and has been cycling through the selling season and hitting top prices during each spring season. The county numbers would include the luxury cities like Palo Alto and Cupertino which set the trend for the rest of the county. And the luxury market has been in a decline and doing price reductions.
Locally, 95054 and more specifically Rivemark, the top price point was hit during the spring/summer of 2015 and also has been trending on a downward path like the county as a whole. What is more pronounced in Rivermark is the Days On Market (Days to sell) slowly rising. Properties are taking longer to sell.
Of course the one consideration that has not been a factor thus far was mortgage rates. Now with the dramatic rise in mortgage rates, the probability of that factor impacting the market is quite plausible.
So depending on what you want to do in the coming year, the trend you see here in Rivermark should help guide you in your decision making process. The simple questions is do you want to get ahead of the trend or behind it. For the sellers, it is deciding on how quickly to sell before the competition hits the market and maximizing your opportunities; for the buyers, it is deciding on locking in low mortgage rates before they rise and increase the overall cost to purchase.
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