Is Silicon Valley Real Estate in Trouble?
We have had a lot of questions lately regarding the health of the Real Estate market in the SF Bay Area. Both buyers and sellers are concerned that we're approaching a bubble close to bursting. The truth is, Silicon Valley Sellers have lived in Real Estate dream land for a while now. We are starting to see the playing field level out just a little, so buyers now have a little more power. In other words, a more balanced and fair real estate market.
As of August 2, 2018, 36% of the homes currently on the market have been sitting for 30+ days. Again, it's all perspective. We're used to a frantic market where buyers have to put in offers after seeing a home once for only 30 minutes. Now buyers are bidding their time. They're doing their homework and revisiting homes multiple times. This isn't a bad thing. We'll see fewer buyers backing out of contracts after regretfully submitting an offer that should never have been made. We'll also see more realistic list prices (closer to market value, rather than pricing for bidding wars).
As long as we have tech giants like Apple and Google choosing to grow in Silicon Valley, we will continue to have a successful and prosperous Real Estate Market.
I'd love to hear your comments! Post your thoughts below...