I’m calling it, from a few sources I heard prices are going bonkers again and bidding wars are back, at least in south bay. If you went to an open house you’d know what im talking about. Where we saw under list price purchases now we’re seeing 10-20% over. Market is and has been driven by stocks around here, and the overall sentiment of economy, which is way up lately compared to a year ago. Congrats if you bought in 2019 or late 2018, or before late 2017, it looks like we’re going back to mid 2018 prices soon. This all depends of course on how much inventory appears, that is how many sellers will come out of the closet. The general negative sentiment against housing here is bothersome. Housing prices doubled in the past 10 years but so did compensation in tech. Lenders will now lend you enough to buy a house 8x your qualifying compensation ( includes rsus in many cases) at the current interest rates. prop 13 drives fomo and is not going away. People are not only making more money, but gathering more wealth, and more tech workers are still coming to the area despite recent lack of overall population growth. Most people on my team dont have a house yet and are making 250k+. What do you think will happen?
At some point people will realize how absurd it is to make 250k+ and not be able to buy a house. They’ll eventually migrate East once they build enough wealth.
market will self correct again
2021 it will crash....
Sir , that would mean faang stocks dropping by 20-30%
Not everyone works in tech. Regionally it'll soften big time but certain areas will still be strong. Chicago is feeling it right now.
I have faced it few days back. One house we liked got 30 offers.
With Trump throwing our economy into high gear, low interest rates, headcount continuing to grow at all big tech, and a dwindling talent pool (requiring businesses to offer bigger and better TCs), we're not going to see home prices going down any time soon. People gonna throw around those RSUs to compete with the other 15 making offers on a fixer upper like it's candy. Saddle up bay area, you haven't seen anything yet.
Wait, you mean there is seasonality to the housing market? NFW...
This appears higher than seasonality, beginning of 2019 we saw a jump but not 30 offers. Makes sense since stocks were so depressed, I mean Apple by itself is worth $600B or so more than a year ago.
Did you happen to buy any? or are you still waiting to buy?
Good luck writing those love letters
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‘What do you think will happen?’... we’re all going to bend over and take it. That’s what’s going to happen.