Extremely low housing inventories in the Bay Area
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)
Correct, what's your point? Demand far exceeds supply. Up the budget.
Question is why the inventories are too low; compared to even several months when I checked last time
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.
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.
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.
3x in 15 years is about 7% rate of return. Sounds reasonable to me, especially compared to stock market returns in the same period.
And most of the houses that do come on the market are the empty nesters.
Because we the people will not let build apartments with tens of floors. We like residential neighborhoods not industrial junk buildings around.
And we the people will pretend to be liberal. But helping the affordable housing cause is something we don’t give a F
Because home owners know market has cooled down a bit and it’s temporary, so why sell?
This. Strong jobs and no one is being forced into foreclosure (unlike 2008), the cool off will be offset by short inventory pretty soon.
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.
Unlikely if they have kids. Prop 13 means they should avoid selling
Yeah. :( Even if kids live out of state. Prop 13 allows transfers even for non-primary homes. Such bullshit.
Everyone is still hungover from New Years. Give it a month or two before house selling season starts.
You seem like a newbie. Winter has lowest inventory. Wait for Jan end to see more listings
Also if you sell and buy a new house your property taxes will be much higher.
Best CA law ever
They will never go down and there is huge demand! Just buy anything if it comes to market.