CAR's Latest Figures

Fast Facts
Calif. median home price
June 07: $594,260
(Source: C.A.R.)
Calif. highest median home price by C.A.R. region
June 07: Santa Barbara So. Coast $1,375,000
(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region
June 07: High Desert $306,310
(Source: C.A.R.)
Calif. First-time Buyer Affordability Index
First Quarter 07: 25 percent
(Source: C.A.R.)
Mortgage rates - week ending 7/12:
30-yr. fixed: 6.73%; Fees/points: 0.4%
15-yr. fixed: 6.39%; Fees/points: 0.4%
1-yr. adjustable: 5.71%; Fees/points: 0.5%
(Source: Freddie Mac)

First Day

Are you scared the San Mateo County Real Estate market will drop lower and lower in value in the coming months? It is not going to happen. Our niche market is so strong and so different from the rest of California and the US I believe you will continue to see home values maintain their current levels and continue on a slow upwards trend. "Crown Jewel" properties will continue to bring higher prices and quicker sales.

Why is this so? First of all they are not making dirt anymore. Secondly, I believe it is because of the intelligentsia we have in the Greater Bay Area. They come locally from such places as Cal-Berkeley, Stanford, U.S.F., Santa Clara University, and all the other State and County Universities-Jr. Colleges. This doesn't even include the people who relocate here from other institutions of higher learning.

We have gone through several Real Estate business cycles over the years and because of the enormous amount of smart people living and working here we have come through all these cycles in good condition. (For example; Airlines to Aerospace to Silicon Valley to Bio-Tech.). Finally, there is just a lot of MONEY and people with their share of it living in the Bay Area.

This may seem a bit simplistic, however, my 31 years of experience have proven these three reasons to be the foundation to the Real Estate market in San Mateo County. If you are on the fence wondering what to do...get in the game and score your piece of the equity pie.

Enjoy! Embrace the day.

Your friend, Cliff "Pops" Keith