December 2022 Housing Newsletter


What a year! As we approach the final days of 2022, we at Salma & Company are looking back with immense gratitude. We are thankful for all the lessons learned, for our wonderful clients, and for the friends and family that we are fortunate to have in our lives. The last few years have continued to remind us that anything is possible and we are so happy to continue to work in partnership with our clients and help them navigate their real estate decisions through ever-changing market conditions. We implemented a new holiday tradition of decorating our office window, one we hope to continue for years to come. Please walk by our window on your next stroll through Cow Hollow! It will be up through the early days of the new year. We are excited for the next 365 days around the sun. May you all walk into 2023 with joy and peace.


If the last three years in general, and 2022 in particular, have taught us anything, it is that life continues to happen. No matter what the landscape looks like for us professionally, within family, or as we prepare to make major moves, uncertainty is a certainty. What does that mean when assessing the just-right time to jump into the real estate market? We at Salma & Company find that often enough, first it takes courage to enter an unknown path. As we look to the new year ahead, we know that 2023 will ask us again to be open to the shades and movements the market will follow. Will there be a perfect time to pinpoint when and where to venture in as a buyer or seller? Likely not. But will fortune favor the brave? Our experience tells us yes. Same goes for the curious and the diligent. Regardless, Salma & Company is here for you as you begin your journey. If you are considering listing your house for sale or buying in 2023, reach out and put us to work for you.


“Little Known Secret About Recessions” We think of recessions as opportunity markets. All ‘recession’ needs is a bit of a rebrand; when most people hear the word, they buy into the fear that surrounds it across every news headline, and they batten down the hatches. But others see the disruption in the marketplace as an opportunity to create, to forge ahead with new ideas, to grab market share, to innovate, to become the loudest voice on the pile. There are so many multi-billion dollar companies that were created in recessions because they found huge opportunity markets. If you want the opportunity to create, to build, to grow, to scale, to grab market share, you’ll find it…but only if that’s what you’re looking for.

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As our local San Francisco real estate market continues on a path toward normalizing, we feel that it is important to showcase the data for how the average 30 year fixed-rate mortgage (FRM) has risen over the past 20 weeks, since it is a direct correlation to how sales prices and buyer demand have varied over the last few months. For the comparable properties that we included in the sections above, the homes that closed in September mean the rate for the mortgage was likely locked in August; for October sales, the rate was likely locked in September, and so on.

For the week ending August 4, the average rate for a 30YR FRM was 4.99%.
For the week ending December 15, the average rate for a 30YR FRM is 6.31%.


The stately and historic Huntington Hotel has a new owner, though the property’s future remains a question mark … San Francisco has identified all opportunities to build new housing across the City; the 60,000 potential new home number still falls short of the 80,000 units the state requires built by 2030 … Inflation is being targeted world wide by directed interest rate hikes, as led by global central banks …. The story in downtown San Francisco: condo market prices are falling, to the tune of nearly 20 percent from this time last year, with office closures impacting the bottom line in SoMA, South Beach, Yerba Buena, and the surrounding area.