A bulletin just issued by Zillow reveals that a survey of 107 housing experts predicts that:
•home values will exceed their pre-recession peak in February 2018 (mark the date on your iPhone calendar)
•the housing market won’t normalize “for at least another three years”
One of the many perks of selling Silicon Valley real estate is that you get to meet really smart people, and finally someone else has noticed that you guys are really smart too.
“In 2014, the median price of a [Palo Alto] house with less than 1000 sq.ft. of living space surged 40 percent.”
Josh Lipton, “Gigantic Price Tags”, PBS Nightly Business Report, January 16, 2015
I keep getting the feeling that it’s tough to be a Millennial. The latest example I’ve run across is this unenviable choice: affordable housing or great job opportunities.
Are we finally finally finally seeing a slowdown? Yes, no, and probably not.
I hit all the open houses in San Carlos and Belmont last Sunday, and that’s not as impressive an accomplishment as it might sound: there were just seven in San Carlos–that city’s entire inventory–and a whopping one in Belmont–also that city’s entire inventory. Pickings might be a little slim this year.
But the buyers were out like it was April instead of January 11.
As 2015 gets underway, the Bay Area housing market continues to see a precipitous drop in homes for sale.
For years I’ve been saying that since real estate predictions don’t come with a money-back guarantee, they should at least come with a warning label. I’ve finally found one that does.