So house prices in tech hubs should still be increasing. Why are prices in @manch’s 7x7 declining?
Who says SF’s house price is declining?
You said so some time ago. Anyhoo, randomly select some.
Noted there is no price chart on Redfin for SF? Also, not all have price history by zillow too, what happen? Most of the houses look like Singapore’s HDB Where are the bungalows and semi-detached?
Mission Street is supposed to be hot to techies, Bryant St declines by about the same % as SV…
Richmond where you stay fair better…
OTOH, Austin house prices have increased steadily since I started investing there from 2013…
That’s because Zestimate is crap in SF. Look at houses that are recently sold, like this one. See how much Zestimate missed the actual sold price? Did price really dropped and then spiked back up in a month?
Then we don’t know the price trend in SF. Are there better sites than Redfin and Zillow?
Anyhoo, prices might have re-bounced recently,
We have one person calling bottom already. Are you calling bottom?
Bottom or not doesn’t matter to me. No intention to sell or buy in SV. So long there is no permanent decline in prices, I’m good. Btw, there are green shoots globally including China economy appears to be bottoming too.
@jksram is the brave soul who called bottom. I don’t see much decline at all around SF and upper peninsula like Millbrae.
I am even more certain now. Prices are going up. Open houses are packed and suddenly there is no inventory.
Good school districts in south bay. Cupertino, Sunnyvale, west San Jose
who is buying?
These areas, whatever Jksram tells, are always in demand even during real estate downturn period !
There may overall changes in price, but people looking for homes in good school district is always there!
I am having some FOMO feeling after seeing @jksram’s bottom call. Need to accelerate my house buying plan.
How are rents doing? Rent is good indicator of real estate demand. Most homes in SV, Cupertino and SC are not McMansion type. So they should trend closely with rental pricing.
Also, the crowds at open houses are good. But, are the homes being closed at higher price?
Closing prices are always a lagging indicator if you are in the market.
This one just came on to the market. I don’t see much spent on remodeling but asking for almost 200K more. Buyers don’t have much choice.
Closing prices are lagging indicators of what? The closing price itself is the target variable.
What he meant is they are reported (appeared in MLS/Redfin) 1+ months later for mortgages.
This Cupertino house is not the ideal one even with interior updates. If people do want to buy and rebuild there were better houses in that area for 100-200k lesser. This one is also a corner lot which means even with a rebuild you’ll be subject to offset requirements.