The San Carlos housing market is a bit of a moving target right now. I have some buyers who are buying, some who are waiting, some who cannot believe prices have not dropped at a faster clip, and one who is ready to move to Fresno. There are some sellers who want their property sold now, and others who believe the market will improve slightly by next spring. Everyone has an opinion. Few have well-reasoned answers to support their opinion.
Volatility in the broader markets will create apprehension and even fear for many buyers and sellers. Timing is what is scaring almost everyone. Depending on what side of the table they are on, the million dollar question (literally) centers around the market continuing to soften. Nobody wants to overpay and nobody wants to sell at the wrong time.
Aside from a major downturn in the national economy, there are other factors clouding the picture for those thinking about buying and selling in San Carlos. A national election has just been completed, which may bring about a financial change for many in San Carlos. The credit crisis has seen many credit lines called in. Many do not feel as comfortable, financially, as they did a few months ago.
Someone recently asked me for the most definitive sign that I have seen which would indicate the San Carlos market has leveled off. That’s an easy one. Watching 1933 Eucalyptus sit at $1.445M was the runaway winner for me. Several other established agents in San Carlos who I spoke with feel the same way. There are a few others out there right now which I believe are outstanding deals….even considering the current leveling of our market.
All of this being said, we need to give the election and bank bailout some time to work before truly judging the market. February and March should provide a true test for San Carlos real estate. We will have a new president in office, the incentives offered to banks to produce mortgages should be in play and the stock market should have regained some stability.
If all else fails for you, there is always common sense. Fact #1-the national economy is failing. Fact #2-the San Carlos market has leveled. Fact#3-Sellers and Buyers are still finding San Carlos as a desirable place to live. Fact#4-San Carlos has been better insulated against the recession and credit crisis than the overwhelming majority of other cities in Bay Area.
Aside from the prevailing external factors that the housing market is currently facing, each purchase or sale and the timing of each purchase or sale is a highly individualized decision on behalf of those involved. Those that are able to analyze each opportunity, individually, with common sense and more of an analytical approach will do far better than those who are running scared.
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