Howdy folks! Most of the established trends continued in our slowing market during November. One notable item is that mortgage rates declined slightly at the end of November and continued into December, an important reminder that mortgage rates and the Fed interest rate are not always tracking in direct correlation (Fed interest rate hikes continued during this time).
While December brings about some of our favorite days of the year (Hanukkah (8x), Christmas, NYE and our Director of Operations' bday to name a few), it also brings to light some of our favorite mindsets: slowing down, looking back, looking forward, relaxing and resetting. Of course, if you're a buyer in this market, don't let that lull you to sleep too quickly, as there are some serious deals to be had out there!
We truly hope everyone is enjoying whatever this month brings their way. Family time, fires, walks in the rain, dirty gin martinis with blue cheese olives, and of course, White Lotus season two. We totally saw the ending coming, just like we can predict exactly where the market will be at this time next year...
Before we see the ball drop into 2023, let's answer one last question on everyone's mind: when does the spring market kick into high gear? Patrick Carlisle (Chief Economist at Compass) can tell you more:
"The market usually begins to wake up in mid-January and then quickly accelerates in early spring: In the Bay Area, depending on the weather and economic conditions, the 'early spring' market can begin as soon as February."