Home prices soared in the Silicon Valley and San Mateo County in 2013
Many of you have read in the newspapers, heard on the TV news, seen headlines about the current booming economy of the Silicon Valley and San Francisco regions. Companies are hiring, expanding, starting up. Freeways are getting more congested, even with an increase of remote workers and private buses taking people to Google, Facebook, Apple Computers, Genentech and elsewhere. High tech and bio tech workers command large salaries; IPOs created another large group of high-wealth individuals.
Nowhere is this growth more apparent than in the housing market, where we have had many ready and willing buyers, and not enough homes on the market for them to buy.
Take a look at this chart. It clearly tells the story of what is happening in the towns in my area. These figures were taken directly from our Multiple Listing Service, and don't include private, off-market sales.
What will 2014 look like? While few people expect the prices to increase at these extreme levels, most of us do expect to see solid gains, most in the single-digits.
Homeowners, with the high demand from buyers, if you are thinking of selling any time soon, we should talk to see if now is the right time for you. And buyers, while competition is high, interest rates are still low now, at the beginning of 2014, making this a good time for many to buy that home and set down roots in the community. Let me know if I can help.