Is bay area housing market going down?
I am seeing multiple houses in Sunnyvale sitting in market for 2-3 weeks and multiple weeks of open house. Some even lowered the listing prices
Stop dreaming about things which will never happen.
It should go down. It is craaazy.
Maybe in Sunnyvale, where I live houses sit on the market less than 7 days. It’s astonishing how fast people grab these as if they are free.
Where do u live
Where do you live?
We have another 3 years. Then we will dip. The dip will probably be to slightly below where prices are now. This will be caused by ARM resets. The people who bought in 2014 with an arm and didn't bother to refinance will be the first people under stress. Everyone afterward had a steadily worse situation. This will progress for a few years before bottoming out and reversing again.
Wow, glad I bought last year
Kind of noticing too
I have a house booked with new builders which is supposed to be handed over end of June. I am wondering if I should go ahead and buy it even though market is going down or loose my 20k deposit that I paid ...
Imo, 2 weeks is a norm to get the best deal for the seller. After the open houses, it takes another 3-5 days for the seller to accept the offer and for the house to go off market (sold/contingent/pending). So yes, it can take upto 2.5 weeks for homes to go off market. It will go less than that if the seller gets a good off market deal or gets good preemptive offer. But in a market like Sunnyvale, the seller would still wait for 2 weeks to get the best offer.
Bubble
It can be season or reason. Did you see trend in other areas ? How many homes you saw ? I believe people need place to live, with more migration more traffic will add up and commute will be more painful. If you have kids or let’s say your wife works as well then living in proximity will always be proportional to comfort and happiness. So with rsu going up people are sitting on lot of funds and ready to pay, till they have jobs. A crash comes when people loose jobs but with rate at with companies expanding in Sunnyvale see beyond fang companies as well it will always be in demand and that is only reason Sunnyvale will be hot. Quite a lot family people renting because you can’t beat that proximity factor. If market dips and catch back Sunnyvale will be on top demand so if you think long term population will grow and you will end up in sweet spot in long term. If you are seasonal speculator then you can have varied perception
It's probably still going up, but the rate of increase of asking prices (which were exorbitant) is doing down.