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 Bay Area Wayback Machine
Hunters Point Uprising Begins in San Francisco (September 27, 1966)
Unrest broke out in San Francisco’s Hunters Point–Bayview neighborhood after police shot and killed 16-year-old Matthew “Peanut” Johnson. Crowds of young residents filled the streets, throwing rocks, breaking windows, and setting fires as police moved in. Governor Pat Brown sent in the National Guard and a curfew was imposed, but clashes continued for several days before order was restored. The uprising became a defining moment of San Francisco’s civil rights era.
This Week in Silicon Valley
Santa Clara County Offers $2 Million to Fix Up Independent Living Homes
Santa Clara County is offering $2 million in one-time grants to operators of independent living homes, which house some of the county’s most vulnerable residents, including people with mental health challenges. Unlike licensed care facilities, these homes aren’t monitored by the state, and past reporting found residents living with bed bugs, broken plumbing and overcrowding.
Grants of $10,000 to $450,000 per property can pay for roofing, plumbing, appliances and kitchen or bathroom remodels. Applications are accepted on a rolling basis until June 30, 2027, or until funds run out, and the county will inspect properties before and after awards. So far, six operators have applied.
Advocates want stronger safeguards, including background checks on applicants, which county health officials say they don’t plan to do. Supervisor Susan Ellenberg supports adding such checks. Advocates also say repairs alone won’t fix a broader lack of oversight and shrinking licensed care options.
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Date: Friday, October 2
Time: 7:30 pm – 8:30 pm
Location: Music Recital Hall, Music and Dance Facility, Santa Clara
Pianist Teresa McCollough presents Music and Ecstasy, a free recital at Santa Clara University exploring music’s power to inspire contemplation and transcendence. The program features George Crumb’s iconic Vox Balaenae (Voice of the Whale) with flutist Ray Furuta and cellist Gianna Abondolo.
Come Together: A Tribute to the Beatles
Date: Friday, October 2
Time: 7:30 pm
Location: Montgomery Theatre, 271 S Market Street, San Jose
Come Together: The Beatles Concert Experience brings the look, sound, and spirit of the Fab Four to the stage with era-perfect costumes and spot-on harmonies. Relive over 35 Beatles classics, from the British Invasion hits to the Sgt. Pepper years and a rooftop-style finale.
“The Journey of the Singers and Circus, acrobatics and theatrics.”
Date: Saturday, October 3 & Sunday, October 4
Time: Saturday, 7:30 pm – 9:30 pm; Sunday, 2:00 pm – 4:00 pm
Location: Mountain View Center for the Performing Arts, 500 Castro Street, Mountain View
Don’t miss Teatro Nahual’s moving new production, which fuses El viaje de los cantores and Circo, maroma y teatro into one unforgettable evening of theater. Blending real-life migrant stories with humor and heart, it’s a powerful look at hope, resilience, and the Latinx immigrant experience today.
Rock ‘n’ Roll San Jose Half Marathon
Date: Saturday, October 3 & Sunday, October 4
Location: Zone, 1887 Matrix Blvd., San Jose
Lace up for the Rock ‘n’ Roll Running Series San Jose, a high-energy race weekend in the heart of downtown. Flat, fast courses suit first-timers and PR-chasers alike, with live bands, DJs, and cheering crowds all the way to a lively finish line festival.
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Senior Friendly Homes in Silicon Valley South
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