With more people choosing to work remotely and cities actively promoting housing creation, buyers might consider this the year to start looking for Silicon Valley property for sale. Today, many people are looking for larger properties further away from work where they can have comfortable home offices. While for some people this means moving away from the Bay area to smaller towns or to their home states, for others, it means finding a home in the Silicon Valley with plenty of space for work and relaxation.
Aside from the benefits of Silicon Valley in terms of jobs and amenities, there are three additional reasons why buyers are looking for Silicon Valley property for sale. The first is the low interest rates currently available which are expected to continue into the near future. Secondly, with Proposition 19, the State of California has made it more attractive for seniors to sell because they may be able to transfer their tax basis. This could result in more affordable properties coming onto the market.
Thirdly, Silicon Valley property is a good long-term investment due to the low unemployment rate and the large number of well-paying jobs available. While the local economy may see some tech workers and companies relocating, the exodus has been slower and less impactful than predicted by some.
While there is room for buyer optimism, demand is high in the single-family-home market, which has seen low inventory and increasing sales prices in recent months. The work-from-home trend is expected to grow and continue to gain momentum, but workers still enjoy being close to centers of knowledge and innovation. As a result, multiple offers are not uncommon on properties for sale, especially in suburban areas.
In the Silicon Valley market, many renters are looking for single-family homes in order to provide themselves and their families with more space for living and working. These first-time homebuyers may offset any increases in inventory caused by the trend towards remote work. Additionally, prices are predicted to rise, so buyers looking for Silicon Valley property for sale should consult with a realtor to help them manage this competitive market.
When considering whether now is a good time to consider looking for Silicon Valley property for sale there are pros and cons.
· Low-interest rates
· Proposition 19 may cause more homeowners to sell
· Work from home trend is expected to continue making property ownership more attractive for the long term
· Good investment
· High prices
· Low inventory
· Large demand
Based on information from MLSListings MLS as of All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Copyright 2021 MLSListings Inc. All rights reserved