Showing posts with label Palo Alto home for sale. Show all posts
Showing posts with label Palo Alto home for sale. Show all posts

Monday, May 25, 2020

Prices May Stay Pretty Stable in 2020


Prices may stay pretty stable in 2020?

Many clients ask me which direction prices will trend this year with the pandemic.

Some expect prices to go down, while others encounter multiple offers, at least here in the Silicon Valley.
For now, and just considering our local area, one thing is sure: the number of transactions has been cut roughly in half. But how prices will fare will depend mostly on the job market in both Santa Clara and San Mateo County.  And what we see a lot of is remote work, not so much lay offs (although unfortunately we will see some of that happen way too much).

In this article from Clare Trapasso, senior news editor of Realtor.com, the prediction is that prices will remain steady in 2020, because the inventory of homes has also gone down dramatically.  In the Silicon Valley where properties are still fairly scarce, my experience is that prices are currently soft, but this is compared to an early expectation of a strong price increase at the beginning of the year.  It is also not the case for prime, very desirable properties (i.e. very remodeled, or excellent location, or large lots, or just "rare finds").
Diana Olick, from CNBC, also reports a surge of multiple offers nationwide, with a majority of offers being made in a competitive environment in many local markets, from the East to the West.

Thank you for reading,

Francis
Home Valuation tool
Current mortgage rates   - low, with a lot of volatility.

Be sure to check this fabulous new listing in Palo Alto at: 3228 RossRd, near Midtown! Select "view full screen" at the bottom right for the best experience.