Now that the houses have started pouring in starting this week, what do you guys think will happen in south bay? Will there be bidding wars? Will the apple engineers with millions of dollars in stocks grab the houses within hours? I saw a house being grabbed in 2 hours! For 2 million! Thoughts?
Lol, no one has millions in stock maybe except lucky few startup employees. I have no idea how the hell they are so expensive.
Lol and the average tech employ who's stock grew 30 to 450% in 2019 (and been growing ever year since 2009). It'd be hard not to have millions in stock at this point if you have several years on the job.
Especially Amazon employees with that crazy appreciation.
Has there been a shortage..? I think the shortage is now. My neighborhood that I grew up in, on the edge of Los Gatos and San Jose has probably seen 50% of homeowners sell and move to the East bay, colorado, or some other low col place. Soooo many of my friends parents who were struggling sold their house and are now BALLIN in a new place. If anything I’ve seen the inventory slow down, at least in my area, because the people who didn’t sell, like my parents, want it to be back at all time highs, and the people who just bought are either underwater or have no reason to sell.
Why would you sell? It’s appreciating asset and you pay pennies on taxes (thanks prop13)
Most of my neighborhood was working class people who didn’t even work in tech, just regular jobs or trades and bough their houses for a few hundred thousand a couple decades ago. We remember a young woman buying a house for $600k 10 years ago or so and thinking “Wow, she’s crazy for paying that much.” Her house is now worth 1.4mil. When you make returns like that, and your lifestyle can go from barely making it work, to an extra million dollars sitting around, I don’t think many people even think twice.
DALY CITY IS SOARING
There is almost no inventory anywhere good, interest rates are insane, the market is exploding so folks are looking to diversify...should be fun. Prices are flat ish as there is no market but once sales start happening and the market takes off it will trigger another rush for real estate.
I'm not buying a shit house for 1.5M. I prefer to pay rent and keep my money invested.
It is going to be crazy this year. Bidding wars will return.
What do you mean pouring in?
All those low inventory crap in news was bs. There is absolutely no shortage of inventory.
@yahoo, source?