It’s as challenging to get “cheap dirt” as it’s been at any time in my eighteen-year career.
Welcome to the Mark Twain of real estate markets, where reports of its death are greatly exaggerated.
The early results are in, and it looks like Silicon Valley real estate is still in demand, with one noteworthy exception.
Looking for clarity in Silicon Valley real estate? Here it is: prices are falling, rising and flat. Homes take longer to sell, but open houses are still crowded and the market absorbs what little inventory is available.
The market? Still hot, but not as overheated. The buyers? Strolling, not sprinting, back to the market. Sellers? Almost as likely to raise their list price (“this is what I really want”) as to lower it. Prices? Mostly down, but sometimes up or sideways, but in all cases higher than they were at this time last year.
We’re still transitioning from an extreme seller’s market to something that in any other part of the country would be an extreme seller’s market.
The market is cooling at the edges: the top end (in this area, over a zillion), and in challenged locations (on a busy street, for example). We’re getting into the summer slowdown, but we’re not slow. It’s an opportunity for buyers, or at least those who can stay focused on real estate during these lazy days of summer.