If you live in Silicon Valley and own a home, you might feel like real estate keeps singing the same old song. Inventory is low and prices are high – but HOW low and HOW high just might surprise you!

Recently the Stewart blog provided a simple explanation of the housing shortage: “Housing is typically in equilibrium when there are from 1.25 to 1.5 net new jobs per new dwelling unit.” Yet in the last 12-months, the United States added 2.281 million NEW jobs but just 1.160 million new residential building units. In Silicon Valley, the latest data indicates that for every 8 jobs created, there is only 1 new unit of housing added (data courtesy of the Bay Area Council). Ouch!

In an even bigger gain, did you see who made the list for the GREATEST median home price growth across the nation? San Jose. That’s right, according to the National Association of Realtors, the metro area defined as ‘San Jose-Sunnyvale-Santa Clara’ saw a median home price increase of over 28% from Q1 2017 to Q1 2018.

If you are an existing homeowner… did you know that your home may have gone up nearly 30%? If you estimated your home was worth about $900,000 last year – the median price increased applied to your home would put today’s value at $1,154,700 (fictional example for informational purposes only). Please feel free to reach out for a custom home valuation based on your neighborhood and your home’s condition. Even IF you are not thinking of moving, you deserve to know where your investment stands today as you make the best decisions for tomorrow.

Call us at 408-596-5526 or fill out the quick form at ‘What Is My Property Worth?’ today!

All our best,

Mark & Jason