In The News: Definitive Housing Trends In Silicon Valley

If there are not times in your life when it feels a little hectic… we aren’t sure you are really living in Silicon Valley! But the good news is… hard work pays off! As always, we have been watching the news and while homeownership in the Bay Area is not easy – it really IS worth it. Check out these recent and defining trends that are shaping our local market today.

Getting Richer.*

We said it – the ‘R’ word: rich. Let’s keep it real, nobody works their butt off to be poor right? The Wall Street Journal reported last week on the record breaking territories that US household wealth has reached. Largely due to rising home values, American household net worth (“the value of all assets such as stocks and real estate minus liabilities like mortgage and credit-card debt”) has risen more than $2 TRILLION dollars last quarter – to a record near $99 TRILLION nationwide. In addition, individual net worth has risen to 7x disposable income – a figure larger than pre-recession peaks.

Feeling Happier.**

Is the grass really greener on the other side… you know where there are fewer tech jobs and homes are waaaay cheaper? Probably not! In WalletHub’s annual survey of the “Happiest Cities In America”, Fremont ranked #1 and San Jose ranked #3. Happiness factors such as low depression, divorce rates, amount of leisure time and income growth were measured & analyzed in 180 of the country’s largest cities. These indicators, coupled with solid job opportunities and plenty of sunshine, put us on the map in a good way! Money can’t buy happiness… but it can buy you the comforts of home in a place you love, and that is pretty darn close.

Selling FASTEST.***

If you are a seller in a hurry – San Jose is the place to be. With 28.6 median days on market and a median list price of $1.1 million, Realtor.com ranked San Jose as the #1 fastest selling city. With no shortage of qualified buyers and a BIG shortage of homes, median list prices rose nearly 25% year-over-year as of last month. In contrast, the slowest moving markets tend to be older and cheaper (home prices of $200K or less).

In brief, if building wealth, being happy and living in a highly desirable area is important to you – Silicon Valley is the place to be. If you have any questions about how these market dynamics and indicators influence your options – let’s chat! The choices we enjoy today might be very different next year, so don’t wait if you can make the most of what you’ve got!

Resources Used:

*U.S. Household Net Worth Pushes Further Into Record Territory

**The 10 Happiest Cities in America: Is No. 1 Silicon Valley's Best Kept Secret?

***Where Homes Are Flying Off the Market—and Where They're Lingering Longest

All our best,

Mark & Jason