Headlines are saying home prices are starting to dip in some markets. And if you’re beginning to second guess your plans based on what you’re hearing in the media, here’s what you need to know. It's true that both...
Consecutive quarters the Bay area has witnessed over $1 billion in CRE Trades
Buildings bought by Google in the Bay Area since 2011
Billion of dollars traded hands in the Bay Area since 2006
Million of square footage that have traded hands since 2006
The real estate market in Silicon Valley had been shooting up, until the trend started taking a noticeable dip after March 2019. The region got the biggest decline in median home prices, as homes are taking a long time to get sold. The reason for the delay in the sale is an increasing inventory of homes for sale, as reported by Realtor.com.
Home sales have dropped down in the nine-county region. It all actually started in mid-2018. By April, the prices and sales declined in most of the Bay Area counties, as depicted in the representation below.
At present, it is the buyer’s market as the residential agent Roxy Laufer says, “There is definitely a rise in inventory, and homes are sitting on the market longer. There is less urgency for buyers right now. Buyers have more choices.”
But that doesn’t create any issue for the sellers! Bay Area holds tremendous heat in its property market as Danielle Hale states, “Bay Area still remains among the hottest real estate markets in the country. Time on the market is still relatively short compared with the rest of the country.” The residents who have been living here for quite a while, witnessing the region grow into a technology powerhouse with all the tech biggies settling down here, know that they still can get top dollar for their property.
The Bay Area market holds equal strength for both buyers and sellers.
“It’s a more balanced, more even market. It’s neither a buyer’s or a seller’s market,” says Will Doerlich, broker-owner of Realty One Group.
No matter which side of the table you are on, you carry a good chance of striking the right deal that satisfies you. However, for a better deal and real estate experience you may consider having a local real estate expert who would ensure you hit what’s best for you!
If you are the seller, first you should set the sale price according to the current market state. Set the list price in a way that you don’t have to reduce the price after buyer’s feedback. Honest pricing also allows the buyer to quickly understand why and how is it set, considering the market sales. Buyers too need to be patient enough to first have a good idea about the current market trends, and then go house hunting.
Realtors help buyers and sellers with all the documentation required while buying or selling a house. They use standard contract documents that are prepared by lawyers and attested by courts. For sellers, they help evaluate their property. They play a very crucial role in helping sellers understand what attracts or puts off the homebuyers.
It will be great if you create a suitable marketing plan with a multifaceted approach to reach out to the buyers. Your realtor may create a marketing plan for you. Let your realtor know about your expectations, and also make sure to be realistic at the same time.
So you are willing to sell your house! It sure must be very dear to you, but you need to present or stage it the way that it becomes dear to the buyers as well. Especially, the houses priced at $2.5 million or more. These homes should be staged well as this catalyzes the finalization of the deal. In the current situation when the Bay Area market is already cooling off, you may hire professional help for staging your house so that it looks appealing for the buyer, who already has many choices, at the moment. Make sure not to overdo it!
As a buyer also, you may consider taking a deeper look at the staged house so that you know what exactly are you buying. Don’t just fall for the frilly material. Be mindful!
Whether you are a seller or a buyer, you need to keep a constant watch on the Bay Area housing trends. This is due to the dramatic nature of the housing market that keeps taking new turns every now and then. The market fluctuations occur due to various economic factors. Having an idea of what the market is depicting at the moment, may be helpful in making decisions, whether you are a buyer or a seller.
Keeping these housing trends and realtor tips in mind while you look for the best deal, will certainly help you! Whether you are a seller or a buyer, be prepared for the heartbreaks as this is the nature of the property market, where you may face many hiccups especially when your expectations are not set right. As a seller, never expect the unexpected, while as a buyer, never fall in love with a house that you are not sure about. The best way to avoid any kind of breakdown is by keeping yourself calm, patient and being hopeful that you will hit the right cord, when the time comes.
For professional real estate advice or help buying/selling a home in Silicon Valley, please contact us.
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52.6%
Of women, accounting to be the highest in number, live in Los Altos!
80.9%
of higher education in the form of a Bachelor’s degree or higher, is offered in Los Altos.
83.2%
of housing is owner occupied at Los Altos!
21.1%
of householders are aged 65+ in Saratoga.
8.2%
of all children are under 5 year old in Menlo Park, followed by 8% of them in Sunnyvale!
21.1%
Buildings bought buy Google in the Bay Area since 2011
I moved to Silicon Valley in 1978, I loved it then and I love it now! Having lived in Cupertino, Los Altos, and currently in Mountain View, I have a lot of hands on experience with living in the Bay area. I've been a full time realtor since 1993 and have helped hundreds and hundreds of people find the right home, including one of my two sons! I started this blog because I myself wanted more accurate information; to me the numbers say it all--at some point I decided to share my research and here it is!
I've been blessed with amazingly wonderful clients who have become my friends; as a result, my business is 100% by referral. Having lived in India and England before moving to the Bay area, I know only too well what it's like to move to a new area; I trust the information I provide will be useful to you whether you're looking to buy, sell, or rent. Basically, I cover Silicon Valley, that area between San Francisco and San Jose--let me know how I can be of service to you; I'm here to help!
BAY AREA HOUSING TRENDS & HELPFUL REALTOR TIPS
-with Margaret Barton
Company CalBRE License #01354442
Margaret individual CalBRE License #01164338
Best Los Altos Realtor – INTERO
Company CalBRE License #01354442
Margaret individual CalBRE License #01164338
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(650) 224-4747