Portola Valley is one of those areas in the Bay area that has low density which is one of its charms for many buyers.
Portola Valley, population 4,600, offers a semi-rural atmosphere in close commuting distance to tech sectors and excellent schools. Residents typically own their own homes on larger lots and have access to outdoor leisure activities such as tennis, hiking, and horseback riding. As a buyer, you might wonder if there is enough inventory in Portola Valley to find your dream home.
Given the rural character and the low density, houses for sale in Portola Valley, CA, are highly competitive. Those that do go on the market may receive multiple offers. For this reason, it is a good idea to work with a realtor who can help you understand the market and find the right home.
Why Is Now a Good Time to Buy a Portola Valley Home?
Currently, interest rates are low, but they are expected to increase as the pandemic winds down. Today buyers can take advantage of 30-year fixed mortgage rates of around 3.1%.
Proposition 19 may encourage some buyers to look at upgrading to a larger home. This legislation allows buyers to keep the same property tax rate if they move into a home up to three times as expensive as their current home. Typically, Portola Valley real estate tends to be higher end, so this might be the upgrade that many buyers are seeking. The median list price of 36 homes on the market earlier this month was close to $4 million.
Will Housing Prices Drop in the Bay Area?
Single-family homes in the Bay Area saw a sharp increase in prices caused by the pandemic. More people wanted to buy homes with multiple bedrooms, studies, and outdoor space to work and spend more leisure time at home. As people return to the office, such spikes are not expected to happen again soon. However, there is still low inventory in the Bay Area, which may result in more moderate price increases. For homeowners, this can mean that your home is a good investment because you will be able to build equity.
Despite the challenging market conditions, 2022 may be a good time to invest in a Portola Valley home. Contact a realtor to discuss your options.