Bay Area Real Estate
How YoY decline for home price is measured here: https://www.zillow.com/fremont-ca/home-values/? After all no two homes are precisely similar, although key spec like beds/baths and size could be easily compared. Construction / interior quality, year of built, total lot size, proximity to good schools etc. could vary easily. It looks except Fremont where YoY increases ~5%, all other high demand areas price felt.. some place up to -9%. Not looking to buy exactly. Just want see overall thoughts..
Market is tanking. Or how realtors spin it “Affordability is increasing”.
It’s predicting a 4.4% decrease in Mountain View....interesting
🍿waiting for those who bought recently to start commenting on how the market is still going up 😁
I had posted similar thing last week and got a lot of comments from homeowners that Zillow home value index is worthless. Same real estate bulls used to quote Zillow estimates for bragging how much their homes have appreciated . So, you have to follow blind rules : TC and Home values never go down :)
Look up Case-Shiller index and the methodology for computing this. RE is 30% of the economy and is measured closely.
More like 15% of the economy: https://www.nahb.org/en/research/housing-economics/housings-economic-impact/housings-contribution-to-gross-domestic-product-gdp.aspx Unless you meant contribution to net worth, not economy.
SF is booming after the Lyft/Uber IPOs. A cool down is a good thing for the region, but who knows if it'll last. Most people are holding out hoping for a recession. I'd say the tariffs and EU fines have also added uncertainty to everyone's RSUs.
Agents at open houses are admitting that they are expecting lower than asking price. Some agents in the east bay hint that your offer will have a good chance of getting accepted even if it is 30k-50k below the asking price. Worth waiting for winter or next spring I guess. Prices are certain to fall in the east bay, if not the entire bay area.
This is based on Zillow Home Value Index