In addition to stimulating the market to new heights in 2020, the Covid-era will now play host to a non-stop 365-Day real estate market. Gone are the days of "Spring is the best time to sell," or "Let's take if off the market for the holidays." With historically low interest rates, a booming stock market, and travel plans greatly reduced, buyers and sellers are primed now more than ever to act on real estate decisions. Despite an unprecedented full pause on the market in March/April/May, Hillsborough still posted more sales in 2020 than in 2019! And at higher median price, higher price per sq. ft., and lower Days on Market! Average price per sq. ft. crested to $1,212 per foot in Hillsborough for 2020, the first ever time above a $1200 foot average. With some exodus out of state, we are also seeing quality listings hit the market that may not have listed otherwise. This often translates to higher comps that drive the market upward.
Two other non-seasonal catalysts for Peninsula market strength are aspirational local "move-ups" and those fleeing San Francisco. Move-ups are those looking for more space and amenities, especially since they may be at-home schooling or part of a new mobile workforce. We have seen increased numbers of San Mateo, Burlingame, Millbrae, and Belmont homeowners searching in Hillsborough for assets such as pools, large lots, and ADUs. The flight from the big City is also delivering more buyers squarely upon the Peninsula. Where better to weather a pandemic than the sparsely populated privacy of Hillsborough?
Sellers should be ready to re-calibrate their game plans to this new 365-Day Market. This means working closely with your Realtor on preparation projects, and all necessary details to be ready to take your listing live. Fortunately, this is my specialization: curated preparation and artistic marketing that "tells the story of your home," and ultimately poises you for top dollar outcomes. Buyers should be ready to act with pre-approval letters in hand and proof of funds at the ready. New listings will be surfacing in different patterns than past markets, and competitive spirit, agility, and off-market intel will be tools of the trade.
I look forward to elevating your success in our new and evolving market! Cell/Text: Geoffrey 650-455-3735