Prices haven risen fast in the bay area driven by improvements in Tech employment, low interest rates, and limited supply of homes for sales.
In many of the neighborhoods which are purchased for their high API scores, pricing is above what they sold for in the housing bubble. However the non-school buy neighborhoods have also risen percentage wise significantly.
However there is a change in current buying behavior. Where as in the beginning of the year everything sold at a higher price, now, we’re only seeing that happen in school buy areas and low end condos. The middle market for non-school buys is more relaxed and we often see homes receive no offers on an offer due date.
My advice is view this as a buying opportunity. These lulls don’t last long. The macro factors tell you this is not a bubble: high employment, low rates, pent up demand, lack of supply and little new construction.
From DS News
While many indicators suggest the housing market is recovering, some fear another bubble is already forming. A survey by Country Financial, a financial services firm in Illinois, found that some 48 percent of Americans believe the market could reach "bubble" status within the next two years. Bubble or no bubble, many Americans continue to suffer financial burdens that impede them from homeownership. » Read More
- Sunil Sethi
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