Hillsborough is a charming town situated in the gorgeous San Francisco Bay area. Its year-round Mediterranean climate, strong sense of community, and rich history make it one of the most sought-after neighborhoods in the area. Due to its popularity and ever-evolving real estate market, choosing the right time to invest in real estate is essential. This means developing a clear understanding of the local market, which involves analyzing its outlook for the coming years.
Hillsborough Housing Market Forecast for 2023
A look at the Hillsborough housing market for 2023 shows you many luxury properties on the market, which means that buyers have several options to choose from as they explore those stunning homes. The housing market in Hillsborough is often highly competitive, with high-priced homes that tend to move steadily off the market.
Across the California housing market
, home prices have risen steadily over the last several years, including an increase of 5.7% in the average median home price between 2022 and 2023. However, fewer homes are selling across the California real estate market as a whole, and the median price may dip in 2023 and 2024. This doesn't mean you shouldn't invest in the Hillsborough home of your dreams in 2023. In fact, falling housing prices could make this the perfect time to find a property in Hillsborough.
A Look at Interest Rates
Interest rates have been a serious concern for many homebuyers over the past couple of years. As interest rates continue to rise, many homeowners are reluctant to move from their existing properties. Homeowners who secured a mortgage in 2020 or 2021, in particular, may want to hold on to their investments since it may be highly unlikely that they'll find similar deals if they attempt to secure a mortgage in 2023. However, Hillsborough still has plenty of properties on the market, so buyers with solid credit who are willing to brave those challenges may find that they can still easily secure a property.
The Hillsborough Real Estate Market: Should You Invest?
If you're thinking about investing in the Hillsborough real estate market, there are several things you should take into account.
Median Home Prices Remain Strong
In many areas of the country, including high-priced San Francisco, median home prices are falling slightly. San Francisco saw a 16% home value drop between 2022 and 2023
. Hillsborough may see similar changes as many people stay in their existing properties rather than explore the complex real estate market. However, median home prices around the country remain strong.
Home prices also tend to increase, rather than decrease, over time. Hillsborough's luxury real estate market will likely maintain its value, especially as a long-term investment. While you may see a short-term drop in home value, that can mean lower property taxes and decreased buying prices rather than putting your home purchase out of your reach. If you're considering investing in the Hillsborough real estate market, chances are you'll see a significant return on that investment as you continue building property equity.
High-Interest Rates May Decrease Offers
In many cases, luxury properties will see multiple offers before finally going to their new owners. When you're looking for a new property in Hillsborough, you may find yourself caught in a bidding war, which means you may have difficulty securing a property. On the other hand, with interest rates running high, you may find that some buyers are waiting before they put in an offer on a property. That may ultimately make it easier for you to secure the property of your dreams.
Hillsborough Homes Offer The Height of Luxury Amenities
If you're ready to upgrade your lifestyle by investing in a luxury property, you'll find that Hillsborough homes deliver on all your expectations and dreams. Not only are these properties surrounded by sweeping views that will allow you to kick back and relax in nature daily, but they may also have amenities, such as wrap-around decks and indoor atriums. You can also find private pools, gazebos, and private recreation rooms, all of which create an incredible luxury experience. You shouldn't wait to find a Hillsborough home that will allow you to experience those incredible luxuries every day.
Expert Tips For Buying a Hillsborough Home in The Current Market
If you're considering investing in a luxury home in Hillsborough, there are several things to remember.
Set Your Budget And Know How Much House You Can Afford
With the opulent properties throughout Hillsborough, it can be difficult to walk away from amenities and conveniences that seem like the perfect option for your new home. Before you start looking, make sure you review your budget. You want to make sure that you can afford the property you've selected and that you can continue to enjoy it for years to come.
Work With an Experienced Real Estate Agent Like Serena Conti
Having a real estate agent as you begin your search for a Hillsborough property can prove essential. A real estate agent, like Serena Conti
can help you narrow down potential property choices, understand your goals, and evaluate local neighborhoods to ensure you've found the right home.
Know Your Must-Haves
As you explore Hillsborough properties, you'll find a number of amenities and features that may catch your eye. While many are nice-to-have items, you may find it more practical to focus on your must-haves. Know what's most important to you so you can more easily narrow down the right property for your needs.
Find Your New Home
If you're considering moving to Hillsborough, CA, Serena Conti
is here to help. Get in touch today to learn more about the exclusive properties for sale in Hillsborough
and how the changing Hillsborough real estate market may impact your home search.