Housing

Extremely low housing inventories in the Bay Area

Facebook 10+10=100
Jan 6

Not another post to show frustration on the insane cost of house ownership in the Bay - perhaps that always make others outside the Valley happier.

When I lately check housing inventories in several neighborhoods I find there are not many listings appeared, even for $1.5-2.0m range. In some cases tried the max up to $2.5m for 4-beds single-home. The areas I was looking at: Milpitas, Fremont, Cupertino, Saratoga, Campbell, Sunnyvale, Santa Clara etc. What are some possible reasons for such low inventories? I’m not questioning why the quality of even a $2m+ home looks so mediocre!

(Not desperate buying just right now; but just exploring to check how the market looks like)

comments

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  • Apple laksjhshe
    They will never go down and there is huge demand! Just buy anything if it comes to market.
    Jan 60
  • Facebook public2
    Correct, what's your point? Demand far exceeds supply. Up the budget.
    Jan 63
    • Facebook 10+10=100
      OP
      Question is why the inventories are too low; compared to even several months when I checked last time
      Jan 6
    • Facebook public2
      The supply is limited as those areas are nearly 100% developed also seasonality says very few home are for sale. People arent exactly leaving the bay so unless the owner is looking to upgrade there's rarely ever a reason to sell.
      Jan 6
    • Facebook 10+10=100
      OP
      That makes sense; indeed that’s what I could resonate myself. Those who are owning either living as primary home, or getting it rented for now to sell it in future for even bigger bucks!
      Jan 6
  • Apple / Opsyour butt
    I read that all the old people (boomers) are going to downsize and/or move to retirement homes soon, so the housing market will soon have a glut of supply and drive down prices.

    I’m not holding my breath, but I’m crossing my fingers.
    Jan 63
    • Google QmTN21
      Unlikely if they have kids. Prop 13 means they should avoid selling
      Jan 7
    • Apple / Opsyour butt
      Yeah. :( Even if kids live out of state. Prop 13 allows transfers even for non-primary homes. Such bullshit.
      Jan 7
    • Facebook public2
      Have many friends in this situation, long retired folks living alone in 5 bedroom homes. They never plan to sell and will pass house to children to keep prop 13 in place. Unless the law dramatically changes (unlikely) wouldn't bet on this.
      Jan 7
  • Google whatdduck
    You seem like a newbie. Winter has lowest inventory. Wait for Jan end to see more listings
    Jan 70
  • Amazon sammie
    Since the market is down, home owners do not want to put their homes in market right now. They would rather wait and see if it rebounds. Fed rate changes can affect that.
    Jan 64
    • Facebook 10+10=100
      OP
      That could be a reason too. But do you really find the housing cooled off here at all? Often there is price cut of $50-$100k, but I see the owner set likely 3x price of what they spend just in <15 years back.
      Jan 6
    • Google hodl-gang
      3x in 15 years is about 7% rate of return. Sounds reasonable to me, especially compared to stock market returns in the same period.
      Jan 7
    • New b37
      @hodlgang - that's not reasonable at a for housing, which should track inflation/CPI and not the stock market.
      Jan 7
    • Google hodl-gang
      Why would housing follow CPI at all? It's clearly market forces driving prices of houses, not inflation.
      Jan 7
  • Microsoft y83j
    Because home owners know market has cooled down a bit and it’s temporary, so why sell?
    Jan 61
    • Google Lame.
      This. Strong jobs and no one is being forced into foreclosure (unlike 2008), the cool off will be offset by short inventory pretty soon.
      Jan 6
  • VMware BobbleHat
    Everyone is still hungover from New Years. Give it a month or two before house selling season starts.
    Jan 70
  • Amazon sammie
    And most of the houses that do come on the market are the empty nesters.
    Jan 60
  • Apple Snut Ella
    Leave the Bay Area. It’s just not worth it. $1M buys a nice place in Seattle. $700K buys a nice place in Denver. The 4% in interest you save will pay for your kids education, a vacation property, or your retirement.
    Jan 70
  • eBay winzip32
    I guess this means we have hit the peak. 400k a year is too poor to afford the Bay Area.
    Jan 72
    • Fitbit YrOPremium
      This is so dumb, if you make 400k and can’t afford even a small place you are spending your money wrong
      Jan 13
    • eBay wafflebay
      You could afford a condo, probably. Quality of schools might not be very good though. So for families the options aren’t great
      Jan 14
  • eBay winzip32
    Also if you sell and buy a new house your property taxes will be much higher.
    Jan 71
  • Google 1234-/:;(
    Because everyone here wants a stand alone house. All those idiots who preach building more density are the same ones who only want and will consider owning a house.
    Jan 72
    • eBay winzip32
      Not true, exactly. People will happily buy a condo too, but not enough are being built. Nice neighborhoods will revolt at the idea, and go to city council to complain about “traffic congestion”
      Jan 7
    • Facebook public2
      Yep, sfh or bust
      Jan 7
  • Facebook / Eng
    fb2017

    FacebookEng

    PRE
    Google, Oracle
    BIO
    worked at Oracle, then Google, now Facebook.
    fb2017more
    Union City on the north of Ardenwood is a pretty good place. You can buy decend 4b house with 1.3m, and it is pretty convenient to fb as just a bridge. But the schools are not as good.
    Jan 72
    • Facebook / Engehuhbsa
      It's ghetto. My friend got robbed there walking home.
      Jan 9
    • Amazon eofjdkjd
      What city doesn't have robberies, yall rich south bay people seriously live in a bubble.. Not everyone can afford a 2m shack
      Jan 9
  • Uber / Engmakebin
    Did u check out Dublin CA?
    Jan 72
    • Facebook 10+10=100
      OP
      That looks too far from MTV, isn’t? Commute could take ~3 hours a day, I guess.
      Jan 7
    • Apple 1234567133
      Pretty much
      Jan 9
  • Intel orient
    Because we the people will not let build apartments with tens of floors. We like residential neighborhoods not industrial junk buildings around.
    Jan 61
    • Google AynRand
      And we the people will pretend to be liberal. But helping the affordable housing cause is something we don’t give a F
      Jan 9
  • New / Product
    ʕ•ٹ•ʔ

    NewProduct

    PRE
    Amazon
    ʕ•ٹ•ʔmore
    You will see more in Feb.
    Jan 70
  • Uber lulzCa
    Housing has been this way in the bay area for over twenty years
    Jan 70

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