Check back here for updates on the market.
Our market in Silicon Valley is a rare situation in the country. Prices are very high, property is in demand, unemployment is very low and the market is driven by customers with high paying jobs, great weather and a cosmopolitan lifestyle which is unbeatable. We have become a mecca for all cultures.
Buying or selling real estate may seem a bit like playing the stock market as the market seems to have become sensitive to a variety of factors which are harder to define. Especially after the downturn in 2009 the current market is harder to read for the amateur.
Fortunately at this time there are several factors as to why our market is still very strong. After the last recession Hamp Haffa and new regulations bailed out a lot of people who had over borrowed. Additionally there was a huge influx of foreign money which stabilized our market. Foreign buyers are still the primary customers for higher end homes. The banks are more regulated in terms of predatory lending. The job market which drives prices the most still faces low supply for demand means a stable market for times to come.
Granted the super speedy rise of real estate in the last few years does mean that the market is beginning to shift away from a sellers’ market so sellers should think about understanding their position in the market now and adjust their timelines accordingly. For buyers as always never buy more than you can afford so that your lifestyle is not compromised and to hedge against smaller down turns in the market.