Is it a good time to buy a house in Los altos?

Asked by Gpsaheli, Campbell, CA Sun Jun 9, 2013

Is it a good time to buy a house in Los altos? Why the price is rising so quickly in that neighborhood? Is it a bubble?

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8
Terri Vellios, Agent, Campbell, CA
Sun Jun 9, 2013
The time to buy is when you are ready, willing, and able to purchase a property. You believe you have stable employment, and that the home meets your needs.

I had a conversation with a client the other day about pricing and he said he's a year late for pricing and I answered or 20 years early.

Pricing goes up and goes down. For those who stay in their homes for 7 to 10 years usually are safe from any "bubbles".
Web Reference:  http://www.terrivellios.com
1 vote
"20 years early" - well said!!
Flag Sun Jun 9, 2013
Matt Skrabo, Agent, Palo Alto, CA
Sun Jun 16, 2013
Hi there,

Los Altos has become a very hot market this year Spring, hitting numbers that put it right under Palo Alto. Home buyers like the flat land, the larger lots and great school district that Los Altos has to offer. You get more for your money in Los Altos than Palo Alto, however, homes are still selling 10% (+) over list price with an annual appreciation of 16% (+). Also what is making Los Altos so popular is there beautiful and clean downtown. One of the Google founders has acquired a lot of commercial real estate to make it affordable for small business owners and tenants to open up unique and community friendly businesses and retail shops, like the new baby friendly restaurant, Bumble.

I think it's a great time to buy in Los Altos with preparing yourself to go against multiple offer situations, with the possibility of paying 10-20% over list price.

Please, feel free to reach out anytime for assistance.

Best regards,
Matt Skrabo
0 votes
Isaac and Ma…, Agent, Los Altos, CA
Sun Jun 9, 2013
The Real Estate market is hot all over the Bay Area. If there is a bubble, then you will be safer to have purchased in Los Altos than somewhere else. We live and work in Los Altos and love it here. Los Altos has been rated as one of the best cities to live in and raise a family. If you plan to live here for few years, then it is always a good time to buy in Los Altos.

Isaac & Maryam Malek
Intero Real Estate Services, Los Altos
650-948-4848 Direct
homes@MalekandMalek.com
http://www.MalekandMalek.com
DRE # 00744357, 01044695
0 votes
Elena Talis, Broker, Palo Alto, CA
Sun Jun 9, 2013
Well, the best time to buy in Los Altos was in 2009, or maybe 2001, or 1993, or... Even if it is a bubble now, I would not expect a 50% price collapse in Los Altos like we recently observed in some parts of the state. Los Altos is a life style and you should by a home here only if you want to be a part of this community. There are better investment opportunities around Bay Area.
Web Reference:  http://talisrealestate.com
0 votes
John Juarez, Agent, Fremont, CA
Sun Jun 9, 2013
Would it reassure you to hear the Los Altos is a desirable place to live which is one reason prices are going up? I think you already know that.

Would you feel better if you were told that prices are rapidly escalating in many part of the Bay Area, not only in Los Altos? But I think you already know that, also.

Why are prices rising so quickly? There are not enough houses for sale in the face of very strong buyer activity. Rates are very low and prices have tumbled from their high points. Those who wait will probably pay more and financing will become more expensive.

Is it a bubble? Probably not but you will not know until more time have passed. No one can tell you if there will be a correction of some kind in the future much less to what degree a possible correction could take place.
0 votes
Elena Talis, Broker, Palo Alto, CA
Sun Jun 9, 2013
Well, the best time to buy in Los Altos was in 2009, or maybe 2001, or 1993, or... Even if it is a bubble now, I would not expect a 50% price collapse in Los Altos like we recently observed in some parts of the state. Los Altos is a life style and I should by a home here only if you want to be a part of this community. There are better investment opportunities around Bay Area.
Web Reference:  http://talisrealestate.com
0 votes
Marshall Jac…, Agent, Los Altos, CA
Sun Jun 9, 2013
Well, that question can also be stated 'Do I believe property values will continue to rise in Los Altos?'

My short answer is 'YES". As long as their are good-paying jobs to be had in Silicon Valley, over-demand for Los Altos houses will continue. Los Altos is certainly one of the primary beneficiaries of the robust Bay Area job market because of its quality schools, quaint downtown, and beautiful neighborhoods with large houses on large lots.

I actually just discussed this topic with a client of mine this morning. The overall Bay Area housing market has seen a 14% bump this past year with no signs of any let up. Even if the market only appreciated 5%/year in the future, it will cost you $75K/year if you don't buy that $1,500,000 Los Altos house today. So it's pretty costly to sit out this market.

Is it a bubble? Again, I believe that the primary driver of high real estate values is a good job market. If the Bay Area maintains it's strong job market and strong economy, then real estate demand and high values will follow. The current values are justifiable, but only sustainable with a strong economy.

If you'd like to discuss this more or see some Los Altos properties, please feel free to contact me any time.

Marshall Jackson
Intero Real Estate
408-656-1070
marshall@marshalljackson.com
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Jun 9, 2013
It's a fantastic time to buy in Los Altos if you're looking for a high quality home. Prices have been rising quickly due to very strong demand and that has drawn out sellers for the very best homes. People who bought just earlier this year are sitting on 10-20% gains.

It's a bubble in the sense that all US residential properties have been in a bubble since the Federal government started to intervene in the mid-1930s. Los Altos has been popular and is poised to continue reaching new price highs for the next couple of years.
Web Reference:  http://www.archershomes.com
0 votes
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