Sunday, March 24, 2013

Housing Market on rise in Bay Area !!!


I have not been able to post recently and I have to admit that I am busy with work. My work involves design and construction of new homes and  remodel/addition to existing homes.  I would like to share the current scenario of housing market in Silicon Valley, CA. This post is little different and comprises Data and numbers.

Buyers are back in Housing Market
Have you heard of Wild Card Offers?
According to Brad Le, the leader of Redfin’s Silicon Valley business, “People just get tired of losing, and say, ‘Screw it.’” and then they bid on the property.
In one example, in a sale of  $1.8-million residence in Silicon Valley attracted six offers clustered around a price of $1.95 million, which was at the high end of what recent comparable sales could justify. This happens a lot and was very much justifiable. But the seventh offer came in half a million dollars higher, at $2.45 million, with no contingencies for an inspection or an appraisal. The seller’s agent was flabbergasted. These are the kinds of shots that send a shiver down the market’s spine. That is Wild Card Offer.
This is one scenario and let us look into some trend.

 Another graph shows the increase in price per sq. ft.

 
This is the right time to update your home with upgrading areas which bring your money back when you sell them or just to live life comfortably.