Spring Season Starts with a Stumble

 This week has started with 5 transactions falling through, 4 listings back on the market, and 11 price cuts, 73 new listings, 9 contingent and 58 pending, with 57 sold.

"Going Back Home" is the swan call of the renters moving.  "Working from home and having every room rented to cover costs is not why we came to the Bay Area."  

Within the next several months we will witness the results of unpaid rent and unpaid mortgages.  I do not have much faith in a solution. The subsidy programs are already finding it difficult to pay landlords.  Landlords who have been unable to finance the deficits will need to consider their losses, eat them or sell!

eXp Realty is training agents for the possible oncoming foreclosure action and bank sale of REO, (real estate owned).  Becoming "certified" is a return to 2007-2011 when we had the last foreclosure boom.  Short sales and foreclosure sales were once the main source of buying properties from speculators to cost conscious buyers.  

In addition to the REO training, eXp is training agents in "Relocation".  After the Financial Crisis, Silicon Valley became a migration center for corporate employees.  I could count on 4 or more assignments in a year of executives moving to the Bay Area.  From the training program under way it has more of the semblance of movements out of the Bay Area.

Where is the main relocation? A new poll says Nevada.  Another poll has Hawaii, Virgina, Colorado and Nevada in the top 4 well above California.  I lived in Honolulu for 13 years and agree with the Top Location of Hawaii.   So is my wife thinking....are we too old to surf?Another poll has Hawaii, Virgina, Colorado and Nevada in the top 4 well above California

But what about moving within California?  The Top 20 for SFGATE in the US have Vallejo, Yuba City, Santa Cruz, Stockton and Eureka in the Top 20.  I can understand the demand.  The most expensive is Santa Cruz of $1,222,000 to Modesto of $499,000 with the others mentioned in the Modesto price range.

If you are looking for something within the state and close to the Bay, look at El Dorado Hills, Loomis and Granite Bay.  I just closed on a  6 bedroom, 5 bath recent construction home on 2.5 acres in Loomis for a little over $2 million.  2 to 2.5 hours from Menlo Park keeps the tether rope not too long.  Then it is a 2-3 hour drive to Tahoe.  The best of all worlds with the Folsom Conservation area for water sports and hiking...horse back riding is a definite YES!  The small town feel is so refreshing!  Take ride and tour the area.  Then call me, my team has just added an agent to represent my clients in the area.



Comments

  1. Mohawk Valley Signs & SolutionsMay 7, 2021 at 10:56 AM

    Usually I never comment on blogger but your article is so convincing that I never stop myself to say something about it. You're doing a great job Man,Keep it up. real estate sign

    ReplyDelete

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Silicon Valley Real Estate Newsletter

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