Thank you for your question, Vernie:
The market has become a seller's market in the past few months. We are having multiple offers with overbids on many of the properties.
The economy in the Silicon Valley has improved considerably. Many employers are hiring again.
Rents are rising rapidly and I expect that those rents will continue to rise. The result is that owning a home is becoming far more attractive financially than renting.
Interest rates are very low. With a fixed interest rate loan of 30 years, your costs of owning a home are fixed, while rents will continue to rise.
The available land for building is built out. There are few opportunites for builders to build new homes.
I recommend that if you have stable employment and can afford to buy a home, now is the time to do so. Home prices are still artificially depressed due to the foreclosure crisis. The price that you pay for a home today is far less than you will pay in the future.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: firstname.lastname@example.org