Why not?
Are they? I see a ton of complexes seemingly nearing completion in South bay. Like... thousands of units. I hope the makes housing a bit easier.
And that's a bad thing? You buy a house as a place to store your stuff (include spouse and kids in this category) not as an investment. If it rises in value then so much the better. But that also means your property taxes go up. LPT: In a volatile or booming market - refrain from using your home as an ATM!
I legit heard someone complain the other day about how their taxes increased 5x over when they bought the house 25 years ago. Just the raw number. Values have increased slightly more than 5x on this person's house.
There is Prop 13 which helps to keep property tax increase around 2-3% each year. Far lower than housing price increase in CA
considering the appreciation the past 5 years, it would be healthy for it to come down 15-25%.
There are many possible reasons - increased inventory, prices went up too quickly, tax changes ($10k SALT tax cap), hiring freeze in the big companies, harder to take money out of China. The tech IPOs this year will create more millionaires and prices may go up again.
buy now before prices double again in 5 years
Not so much. Also not many inventories in the Bay Area. I still observed many sold above asking price.