FOR IMMEDIATE RELEASE
Real estate expert Nick French shares insights on buying and selling in the current market.
The California real estate market continued to thrive this summer, with higher-than-average sale prices and a higher-than-expected number of motivated buyers. According to local real estate expert Nicholas French, sale prices across most of the valley are approaching top prices from 2021, despite interest rates being twice as high as a year ago.
Compared to 2022, summer inventory was down by 31%, but more telling was the drop over the past two years. There were more than 43% fewer listings in Los Altos over the summer months than in 2021, and French notes that he is seeing a similar drop in surrounding cities throughout the valley.
This dramatic drop in activity has resulted in a lot of pressure on would-be buyers, but there are still valid reasons to be a buyer or seller in the current market. French shares insights into the different types of buyers he's seeing in the market right now, including opportunistic buyers who recognize the quieter buying environment and want to get in before the next wave, and buyers looking to diversify their investments into real estate.
Nicholas French also shares insights into when it may be time to sell, such as when considering financial planning or a change in circumstances. He notes that fall will likely see a solid showing in the market, but not necessarily double-digit growth. While sub-2% interest rates are a thing of the past, there are still opportunities for move-up buyers to upgrade their homes while prices remain reasonable.
Overall, Nicholas French sees a more balanced market than in previous years, one that is grounded in data points rather than arbitrary prices. While the future of the market is uncertain, Nicholas French remains bullish about the California local real estate market in the long run.
For more information on buying or selling in today's market, visit French's website at realtornickfrench.com.
About Nicholas French
As a 6th generation Bay Area native, top 1% realtor Nicholas French has a deep understanding and unmatched passion for the local markets. Throughout his 22 years in the real estate business, he has consistently been ranked as a top-performing Broker and in the highest 1% by RealTrends’ annual rankings in the Wall Street Journal. Throughout his decades of serving buyers and sellers, he has reached more than $1 billion in career sales.
Nicholas brings a wealth of knowledge, experience, strong negotiation skills, and professionalism to his practice and is well respected by his colleagues – important in the Bay Area market where multiple offers are the norm and agent-to-agent relationships matter.
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