“According to the National Association REALTORS® (NAR), sales of investment homes increased 7 percent to nearly 1.1 million in 2015, the first time in four years. And while vacation home sales cooled off slightly in 2015, they remained at the second highest amount in nearly a decade, NAR reported.”
October is typically when the Silicon Valley real estate market gets its second wind. Buyers return from vacation, but haven’t yet been sidetracked by the holidays and what passes for winter weather here.
The beating the Asian stock markets took Tuesday night as U.S. election results came in was, I thought, an indication of how U.S. markets would react the next day–and that, I thought, would be a preview of how Silicon Valley real estate reacts. But the next day U.S. stocks opened strongly and closed at near-record levels, proving that American capital doesn’t care who’s president-elect, just that there is one, and that his or her ascension to power is orderly and uncontested.
Do you like lots of photos? A detailed description? Neighborhood info?
I was speaking to a listing agent the other day, explaining why my client needs a financing contingency. I won’t go into detail, but the need has nothing to do with my client’s creditworthiness. The agent said “the only people who need a financing contingency are the people who aren’t sure they can get financing”.
“One of the big headwinds of the housing market nationwide has been the lack of first-time homebuyers – millennials in particular. But the market got a bit of good news on that front last month as a surge in first-time buyers resulted in existing-home sales nationally rebounding strongly in September, according to the National Association of Realtors®.”
Barriers to homeownership seem to vary according to ethnicity.
“The California Association of Realtors has released its housing market forecast for 2017, calling for existing home sales in the Golden State to edge up 1.4 percent next year but home price increases to slow statewide. The trade organization sees continued low inventory and affordability constraints slowing market activity in 2017.”