Silicon Valley Real Estate Market October 2024
Upcoming Election
Proposition 33 has garnered bipartisan attention, but it's important to understand its potential impact on the real estate market. This proposition would impose strict rent control measures on single-family homes, significantly reducing the control homeowners currently have over their properties.
Furthermore, such measures could potentially hinder new developments, affecting the overall growth and vibrancy of our communities. Strategies that support sustainable growth and stability in the real estate market are important to all aspects of our lives.
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As we approach the upcoming election, market activity seems to have slowed, possibly due to the uncertainty surrounding the vote.
Interest Rates
While recent economic indicators suggest that the Federal Reserve may hold off on further rate cuts this year, it's crucial to consider the implications for homebuyers. Although mortgage rates don't directly align with Fed rates, the stability suggests a healthy economy and controlled inflation.
It's worth noting that even a 0.5% drop in interest rates can enable approximately 200,000 additional buyers to qualify for a mortgage, potentially revitalizing the market.
Real Estate Resources
If you have any questions or require real estate resources, I am here to assist. I am part of a National Professional Network that includes experienced Realtors, Attorneys, CPAs, Financial Advisors, and more. These resources can make or break a 'deal' when it's crucial.
Below are new listing charts from 2020 for Santa Clara and San Mateo counties, uptick on inventory can be seen, provided much needed relief for buyers. And stats for both counties for last 24 months.
Stats for other areas are available upon request.
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