Having enjoyed a long career in Residential Real Estate, I have found that each time the market changes, it becomes imperative for a Realtor to analyze the dynamic in the market in order to represent the client in the most successful fashion. During the past 30 plus years, no two markets have ever been the same.
The current market is yet another phase which has to be examined to obtain the most successful results.
In San Francisco: The market is as hot as it gets! We are experiencing a supply and demand market more lean than ever before. Specific neighborhoods are out pricing others and creating a diverse set of transaction rules to follow. Over 40% of the transactions are all cash without conditions. Many Sellers would consider selling if they can find a replacement home and many feel the compromise is too great to be worth the move. Buyers who have to rely on financing are taking a back seat.
In the East Bay: Many young folks who are out priced in San Francisco have moved across the Bay and have found an easier lifestyle and less pressure around the school structure . Contra Costa County has been totally recreated over the last 25 years and is attracting many families. However, it is still a further commute from the City and prices may be lagging behind a bit with the exception of some properties.
Marin County: The market here is very strong. However, it is not affected as much by the Buyers who are commuting to the Silicon Buyers and the tech industry. Marin is not as robust as San Francisco and I have been told by colleagues there that the market is typically slower than the City.
The Peninsula: Also as hot as it gets! With the Bay Area Tech boom, billionaires and multi-millionaires are a dominant force in the real estate market. Recently on a walk in a Palo Alto neighborhood, I observed many homes with signs which read, “NOTICE: Video Surveillance Camera in use on these premises 24 hours a day.” Maybe we will all be doing that soon…
So, markets go up, they go down and also just remain stable. Who can predict correctly? Long term, real estate is key to a valuable portfolio. What will be, will be. Enjoy the article attached, if you have an opportunity to read it.