Stop me if you’ve heard this before, but “San Jose”, otherwise known as the San Jose Statistical Metropolitan Area, otherwise known as Silicon Valley, was ranked the hottest market in the county this October by realtor.com. As it was in September.
In fact, six of the top twenty markets nationally are in what might be called the Greater Bay Area megalopolis, defined as SMAs that may or may not be close to high-paying tech jobs but most definitely have been impacted by them. Seven, if you count Sacramento. But I’m not counting Oxnard yet.
“The culprit?”, realtor.com asks rhetorically. “There are still far more would-be buyers than there are homes for sale.”
Another pearl of wisdom: “Potential buyers who waited until fall hoping to score a bargain will find slim pickings.”
I’m shocked. Shocked!
How does realtor.com gauge real estate hotness? I ask. “By looking at where homes are snapped up in days and buyers can’t stop clicking to find their dream home.” Or even their meh home.
Any bright spots for buyers? you ask. The national median home price slipped from $275k to $274k. And the social media giants are getting the kind of attention these days that no one wants.
Will that have any effect on Silicon Valley home prices? I ask. Certainly. Just keep waiting to score those bargains.
copyright © John Fyten 2017