June 2023 Market Update

David Kim June 30, 2023

Interest Rates, Seasonal Trends, and Exciting Local Events!

Interest rates have been gradually declining, and currently, the weekly average for a 30-year fixed-conforming mortgage stands at 6.67%. However, it's important to be aware that there is a higher likelihood of the Federal Reserve raising rates two more times, indicating that rates may remain elevated for a more extended period.
Current Market Trends: Entry-level properties located in desirable areas continue to experience high demand, often fetching multiple offers and selling within a week. Conversely, properties with higher price tags or located in less desirable areas may take longer to sell. The number of active buyers has decreased due to the vacation season, which is a typical seasonal trend during this time of the year. However, we anticipate that buyers will return to the market once the school year begins. Across the country, especially in the Bay Area, there is a significant shortage of available properties, resulting in inventory levels plummeting by as much as 40% compared to last year. Additionally, it's worth noting that more insurance companies are leaving California, and obtaining reasonable home insurance in wildfire-prone areas is becoming nearly impossible.
Upcoming Events: Beyond the real estate market, our community is buzzing with exciting local events! Make sure to scroll down to the Upcoming Local Events section below.
These events offer an excellent opportunity to engage with the vibrant community around us and create lasting memories.
Whether you are considering a real estate move this year or the next, we'd love to sit down with you and discuss your goals. Let's strategize and create a plan tailored to your specific needs and preferences. Don't hesitate to reach out to us at (650) 988-5114 to get started. Our dedicated team is eager to assist you in achieving your real estate objectives!

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Upcoming Local Events

July 4th Weekend FoodieLand 2023

June 30 - July 2, Fri: 3 PM - 10 PM,  Sat & Sun: 1 PM - 10 PM
Featuring a lineup of over 170+ multicultural vendors, we’re thrilled to present some of the most exciting culinary artists and global food pioneers in one place.
Location: San Mateo County Event Center, 1346 Saratoga Drive, San Mateo, CA
More Info & Ticket Links Here

Live Music at The Village at San Antonio Center

Thu, Jul 6, 2023 at 6:00 PM - 8:00 PM
Don’t miss Brian Liu, Bay Area ukulele performer, as he brings an exciting and unexpected approach to the unique 4-string instrument. Playing Top 40, jazz, and blues, Brian will add excitement to your Thursday night. Bring your lawn chair or blanket.
Location: Hetch Hetchy Park at The Village at San Antonio Center, 645 San Antonio Rd, Mountain View, CA, 94040
Free to attend, event registration is encouraged.

'Dine Downtown' Restaurant Week 2023: San Jose

Thu, July 13 - Sun, July 23
Calling All Foodies. Dine Downtown returns from July 13-23.
Prix-fixe menus, chef specials, and food and drink pairings.
More Info & Restaurant Details Here
Location: Participating restaurants, San Jose

Santa Clara County Fair 2023: San Jose

Jul 26 - Aug 6, 2023 - Confirm times with organizers, Closed Jul 31 - Aug 1
Announcing the return of the Santa Clara Country Fair you know and love. Get ready to experience the carnival, entertainment, and commercial and food vendors.
More Info Here
Location:  Santa Clara County Fairgrounds, 344 Tully Road, San Jose
Questions? Contact us

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