This shouldn’t be a surprise given median home price in the US, and the increase in the standard deduction. I think the bigger surprise is only 20% of tax returns claim a mortgage interest deduction. We’re constantly bombarded with the story of how it helps increase home ownership. Yet, most home owners don’t even take the deduction.
I would think yes, but remember all the crying about how bay area RE was going to crash? People were only going to be able to deduct $750k of mortgage interest instead of $1M? Also, the SALT limit of $10k would prevent property tax from being deductible, since bay area house buyers hit the $10k max on state income tax. Bay area RE was supposed to tank.
It is fomo. I started noticing some slow down in menlopark, i expect lower cost areas (svl included) will still get some heat but higher price areas will take longer to sell.
Yet prices are going up even faster than they were before. I suspect that for the vast majority their net take home pay is better than before. It’s really high-income people that are single without kids that suffer the most. They aren’t a big enough voting block for politicians to care, and they don’t make a sympathetic story for other voters to care. The changing of the child tax credit is huge for bay area families.
What I am trying to understand is if that is as a result of the tax bill or was it there in 2016(when Bay Area house prices were already up by a lot) too?
I saw a sunnyvale price drop just now, caught my attention. I dont watch svl a lot since not planning to buy there, but i watch menlo because that is where i see the best houses
Spending a bit longer doesn’t mean it will or it went for cheap. This one had two open houses and was setting up to sell at a “discount” relative to size.
This was set up to go for less with the non-standard house, large size, and easement access. I would think this was far more than the seller thought they would get. It went pending 4/17 so it’s a very recent transaction.
I’m sure you can find examples to fill the side you want to see
Baywood was lot value. People weren’t allowed access. Close to Middlefield and potential impact via development on Middlefield and the grocery store - loading and unloading.
Trudy looks like someone got decent value there. This transaction is older. I think it’s one of those narrow streets like Croner.
1180 was asking a premium above other new builds @ 4.7.
Cedar is another house that looks like you can get decent value.
Felton appears to be a good value, but you have to take into account the backyard being opposite of the park and the proximity to the railroad. Let’s see what it goes for.