Home Buying in 94306>Question Details

newtopaloalto, Home Owner in Palo Alto, CA

Are PA home prices going to stabilize in 2014?

Asked by newtopaloalto, Palo Alto, CA Mon Feb 24, 2014

Will the crazy 2013 kind of market continue in 2014 for PA home market? Will there still be multiple offers and cash buyers?

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Answers

3
It has so far. The first three months of 2014 has been every bit like 2013. Most Realtors think that prices will continue to rise, although not at the same pace as the past two years.

For Buyers, the issue is that you are facing hyper-inflation in home prices. For most buyers, prices are rising much faster than their income, resulting in dramatic reduction in purchasing power. Many of my Buyers can now only afford the home that was unacceptable a year or two ago.

A few Buyers say that they are going to wait for price to go down. I don't know anyone in the business that thinks that is going to happen. If it did, it would be due to some catastrophic financial event, in which case you are probably not going to be willing to purchase home then either.

My personal opinion is that real estate in Silicon Valley is one of the best investments in the world. Apparently the Chinese agree with me.
0 votes Thank Flag Link Sun Mar 23, 2014
Hi Brian -- just browsing the advice section and your comment that SV real estate is best investment in the world is intriguing. I do not mean to argue but curious to know what data points you have to back this up. Thanks in advance!
Flag Thu Jun 19, 2014
hi, my guesstimate is a big yes...see the Palo Alto market trends
http://www.trulia.com/real_estate/Palo_Alto-California/marke…

See "ACTIVE" listings for sale in real-time in Palo Alto
http://americarealtyonline.com/MapSearch#action=doSearch&…

$$ BUYER COMMISSION REBATE 50-60% / SELLER DISCOUNT 50% $$
........good luck!

... http://americarealtyonline.com/
Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
(415) 305-2958
1 vote Thank Flag Link Wed Feb 26, 2014
Yes, there will continue to be cash buyers. Yes, there will continue to be multiple offers. Yes, prices will continue to rise until buyers stop wanting to fight over the limited number of houses that are available for sale in the face of strong buyer interest.

Go ahead and cut and paste this answer for many other Bay Area cities in addition to Palo Alto.
0 votes Thank Flag Link Mon Feb 24, 2014
Thanks for responding! Do you anticipate the market to go up another 20%+ like 2013? I understand it is just speculation.

We are trying to make a decision if we should buy a townhome now with how much down we have at present or wait until year end and buy a SFH since we are anticipating more funds by then.
Flag Tue Feb 25, 2014
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