We generally see a nice real estate market during spring in our neck of the woods but this year is very different. Not to say that we haven’t been seeing different spring markets the past couple of years, but over looking those and going back to what was “normal” this spring isn’t. We do not have enough housing for the people finally buying. Guess what that means? Yes! Higher prices. How’s the Market in Foster City today? Let’s a look at the single family housing market right now.
It’s simple economics when supply is low price goes up. Prices for single family houses in Foster City have gone up.
Inventory is low considering we are at the start of the summer market. If you list your house today it will be 45 to 60 days before you sell it and move. That’s summer time.
Regardless of what you hear on television or the radio, the average time it takes to sell a home in Foster City, CA is back down to under two months.
Price per square foot is up, like everything.
Now, if you’ve read my blog for any time you understand that the Median Market Index says whether we have a buyer’s market or a seller’s market and it’s been a buyer’s market for several years now, but the line to delineate one from the other is the number 30 and we’re moving up to that switch very fast this spring. Right now, I’d say we have a balanced market where neither the buyer or seller has an advantage but that may not last long.
For all of you doubters out there, real estate is still a fabulous investment for your personal home. You don’t pay someone else’s mortgage and provide them the tax advantages. You buy to plant roots into your community. You buy to have a consistent monthly payment so you always know what your home will cost. Tax advantages are great and hopefully, Congress will keep them for us, but even it they don’t, you’ll still have advantages when you buy versus rent your home.
Can we help you? Here’s what is on the market in Foster City today. If you see something, please call us at six five zero, eight six seven, two nine zero nine.
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