Mortgage rates crossing 7% can make it sound like the housing market is headed for trouble. But for longtime Silicon Valley homeowners who bought their homes 20 or 30 years ago, today’s mortgage rate may have very little to do with whether it makes sense to stay or sell.
The bigger issue may be the market itself. In Santa Clara County, sales are running about 40% below the long-term average, while home prices have remained relatively steady around $1.89 million. That combination can create a frustrating environment for homeowners: your home may still be worth a lot, but if the market stays flat and sluggish for years, waiting can have a cost of its own.
This isn’t the same situation we saw in 2008, and simply pointing to higher interest rates doesn’t explain what happens to home prices. Looking back at periods such as 1981, when mortgage rates reached 18.6%, provides some useful perspective on how prices can behave even when borrowing costs are high.
At the same time, homes aren’t all performing the same way. Well-prepared and well-priced properties can still attract multiple offers, while roughly a third of sellers in the county recently reduced their asking price. In a slower market, preparation, pricing, and understanding the competition can make a meaningful difference.
For homeowners who have been in their homes for decades, the question isn’t simply whether mortgage rates will come down. It’s whether the home you own today still fits the life you expect to live over the next five or ten years. Sometimes waiting makes sense. Sometimes the cost of waiting deserves just as much consideration as the cost of moving.
If you’re starting to think about a change, you don’t have to have everything figured out before you start the conversation. Understanding what your home is worth and what the current market could mean for your options can help you make a decision based on your own circumstances rather than the latest headline.
Sell As-Is. Sell Easy. Sell Smart!
From the Monterey Bay Wayback Machine
Diocese of Monterey Is Established in California (October 6, 1967)
The Diocese of Monterey in California was formally established after being separated from the Diocese of Monterey-Fresno. Bishop Harry Anselm Clinch was installed as the diocese’s first bishop, beginning its independent administration. The new diocese served Catholic communities across California’s Central Coast, including Monterey, Santa Cruz, and surrounding areas. Its creation marked an important change in the organization of the Catholic Church in the region.
This Week in Santa Cruz County
Fewer Boats, New Catches: Santa Cruz Fishers Adapt to a Changing Monterey Bay
A new report from the Monterey Bay Fisheries Trust shows how much the region’s commercial fishing industry has changed over four decades. Produced with researchers from UC Santa Cruz, the Monterey Bay Aquarium and Stanford’s Hopkins Marine Station, the study found that boats based in Monterey, Moss Landing and Santa Cruz fell from about 1,100 in the 1980s to an average of 313 per year between 2010 and 2024, a drop of more than 70%.
Santa Cruz fishers have traditionally relied on Chinook salmon and Dungeness crab. Salmon seasons were canceled from 2023 to 2025, and crab seasons have been pushed past the profitable holidays to protect whales. In response, fishers have turned to halibut, sea bass, rockfish, sablefish and albacore, giving Santa Cruz the most diverse catch in the bay.
The report recommends port improvements such as public ice machines, cold storage and dockside seafood markets. The trust will hold meetings with fishers this fall to discuss the findings.
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Date: Friday, October 2
Time: 5:00 pm – 7:00 pm
Location: 303 Walnut Avenue, Santa Cruz
Join the community for a meaningful gathering honoring Domestic Violence Awareness Month through connection, creativity, and art. Enjoy time socializing, take part in creative projects, and explore an art exhibition that brings people together around an important cause.
Gourmet Grazing on the Green
Date: Saturday, October 3
Time: 12:00 pm – 4:00 pm
Location: Aptos Village Park, 100 Aptos Creek Rd, Aptos
Enjoy an afternoon of fine wine, craft beer, spirits, gourmet food, and live music at Gourmet Grazing on the Green. Sample delicious offerings from local restaurants, wineries, and breweries while relaxing with friends in the beautiful setting of Aptos Village Park.
Harvest Festival
Date: Saturday, October 3
Time: 12:00 pm – 4:00 pm
Location: Harvest Festival, 200 Church Street, Santa Cruz
The Harvest Festival returns to Downtown Santa Cruz with hay bales, fresh popcorn, and throwback fun that feels like a county fair meets a school fair. Enjoy carnival games, the mechanical bull, wreath-making, baby farm animals, live music, and more from local farms and businesses.
5th Annual Scotts Valley Multicultural Fair
Date: Saturday, October 3
Time: 12:00 pm – 4:00 pm
Location: Sky Park, 361 Kings Village Road, Scotts Valley
The 5th Annual Scotts Valley Multicultural Fair brings a free afternoon of culture and community to Skypark. Explore culture booths from around the world, catch live performances and an international fashion show, try global food, and enjoy free crafts and activities for all ages.
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Senior Friendly Homes in Silicon Valley South
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