Silicon Valley home values are plummeting.

Oct 12, 2019 28 Comments

sunnyvale for instance. a year ago they were predicting 10% + gains for 2019. Now down 15% with “forecast” of another 14% over the next 12 months. similar results all over south bay and peninsula.

Silicon Valley home values are plummeting.

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TOP 28 Comments
  • Apple vdhf786
    Zillow predictions and Redfin predictions and other sites all change the prediction curve at will ! It’s all adjusted based on current data. So they do not have any true predictions. I have been following there curves for years and they change it all the time to make it seem accurate but they have no clue about the future.
    Oct 12, 2019 2
    • Uber 010101
      More like extrapolation
      Oct 12, 2019
    • Google hhhg
      This. Just look at their prediction from last year. No mention of 15% down
      Oct 13, 2019
  • One of reasons was Chinese pulling money out due to massive propaganda in the country to prevent loyal citizens to do business with evil Americans
    Oct 12, 2019 2
    • Docker / R&D
      SQL_Inject

      Docker R&D

      PRE
      Google
      SQL_Injectmore
      Lol! The actual reason is due to China now strictly enforcing money leaving the country ($50k/yr/citizen max).

      The wealthy Chinese understand propaganda is just that and will continue to do everything they can to move money overseas.
      Oct 12, 2019
    • That limit existed since so long ago though, but you can easily bypass that by doing business in USD rather than in yuan. But the current currency rate is not normal. Some people see they should covert USD to yuan at current rate, and when trade war is settled, exchange back for more USD
      Oct 12, 2019
  • Samsung speedyman
    Whatever anyone says, if you buy a 1M/2M home in the bay area u have to live with the fact that a semi restart can happen anytime in the valley. At that point u should have the ability to see your net worth take a direct hit of 100-400K, till the next wave high happens in another 4-5 years after the bottom.If you cannot then u always took the wrong decision. Timing the wave is also near impossible.
    Oct 12, 2019 3
    • Facebook furthermo
      Though the same could be said for not buying if you decide to stay in the bay long term.
      Oct 13, 2019
    • Samsung speedyman
      It appears so but may not exactly be that easy of a calculation. When people argue for buying a house it is always the very naive arguments like “it saves me the high rental expense every month”. But then the cost of buying a house is never actually what one assumes it is before buying it for real: once u buy a house, u end up buying a huge amount of accessories which you never factor in, there are unforeseen repairs, there are huge property taxes every year, insurance costs etc. etc. But owning and living in your own house is a different lifestyle altogether. Sometimes it may make sense to rent in a far off place where rental costs are lower. (Still feel sorry for some ppl who bought houses and are driving from san ramon etc every day). I am not saying renting is better, but the calculation is not simple. It depends on the individual. It seems more risky in silicon valley and especially when some buyers are on a h1b visa.
      Oct 14, 2019
  • Amazon ___|___
    Hoping for a 40% correction
    Oct 12, 2019 3
    • Compass LInR08
      OP
      Same was said last year at the mention of a slowdown much less a 15% correction. No natural disaster and here we are despite record low unemployment record high stock market etc. The earthquake will be the economy slowing because there’s no way we’ll have a recession, right? 🤥
      Oct 13, 2019
    • Facebook public2
      Sorry I do not follow. Of course we will have a recession, we may already be in one now. Recessions have different impacts on housing, sometimes it goes up and sometimes down but either way it is unlikely to be like the housing recession of 09.
      Oct 13, 2019
  • Zillow Group “
    The end is near
    Oct 12, 2019 1
    • For Zillow? Didn’t know
      Oct 12, 2019
  • Qualcomm libertarin
    Mortgage capped at 750K due to Trump tax increase. No SALT deductions which used to put you over standard deduction. Used to get about half the mortgage payment back in tax refund in good old days. Houses cost more now because of the tax changes verses renting. New equilibrium will be reached and then houses will go up
    Oct 13, 2019 1
    • Bose
      haITried

      Bose

      PRE
      Salesforce
      haITriedmore
      So every year like $7K-10K less in mortgage ? Thats like home prices dropping by $100K-150K
      Oct 13, 2019
  • New zFCU53
    No Guarantee there will be another tech bubble here
    Oct 12, 2019 0
  • Rakuten / Ops
    tooQ10

    Rakuten Ops

    PRE
    Rakuten USA
    BIO
    Obligatory: YoE 20, TC 41k. Such is life for us non-SWE office monkeys!
    tooQ10more
    Good; further declines will help make life easier for the working class.
    Oct 13, 2019 0
  • New zFCU53
    Kids were playing stupid prices
    Oct 12, 2019 0
  • Why does it say Washington then?
    Oct 12, 2019 2
    • Uber dBag
      Clue is in the picture
      Oct 12, 2019
    • Microsoft UMbR31
      Sunnyvale Santa Clara streets mate
      Oct 12, 2019

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