“Bay Area home prices continued to move higher last month with the median sale price of all homes (new and resale, houses and condos) hitting yet another record, according to a new report by CoreLogic, the Irvine-based real estate information firm.”
Recent data–“Data! I need more data!”–reveals what’s hot and not. And maybe reveals that data isn’t all that hot, especially when it’s misinterpreted.
What with all the attention on “aging Baby Boomers” and “Millennial hipsters” these days, the generation in between, Gen X, may be feeling a little neglected. And maybe a whole lot poorer than ten years ago.
“Bay Area single-family home prices hit a record high last month, reaching $750,000 for the nine-county region, according to CoreLogic, the Irvine-based real estate information services firm. That marked a 7.1 percent increase from a year ago and surpassed the Bay Area’s previous record of $738,500, set nearly nine years ago.”
Shortly after Facebook moved from Palo Alto to east Menlo Park in 2011, a reporter from the New York Times contacted me about the alleged effect the move was having on home prices in the adjacent city of East Palo Alto and in Menlo Park’s Belle Haven neighborhood. He’d heard that Facebook techies were driving up prices in these traditionally affordable areas. I told him I didn’t believe it, and as I told him why, I could tell that I was ruining his storyline–and my chances of getting quoted in the New York Times.
Whatever the client prefers. Email, phone, texting, face to face, Western Union. I’d use Snapchat if I had to, but my clients don’t skew that young.
There’s a saying in advertising that you sell benefits, not features. That’s true of homes as well.
Part 5 in a series of basic explanations of the real estate industry, intended for buyers, sellers and disrupter wannabes.