The Housing Market Isn't Fair
We just represented the seller of a home in Santa Clara with Cupertino schools, there were over 200 groups through the open houses (in one weekend), 118 buyers that requested to view the disclosures, 26 offers in total and a final sales price that was 38% over the asking price … that’s $700,000 over the asking price!
Basic economics - supply and demand - in Silicon Valley, we have a perennial dangerous shortage of inventory. Contrary to conspiracists' belief, it’s not the greedy seller or the realtors that dictate the sales prices. It’s the buyer’s final decision. If you are not aware, there is a lot of money in our area and a lot of intelligent home buyers.
As a matter of fact, there is a recent survey that only 38% of people can afford to buy a home in our area. Trying to time the market perfectly will most likely drive you crazy.
Listen, might you overpay to get a house in certain waves of the market? Certainly … buy for your mortgage payment and if there is anything history has assured us, although prices fluctuate … they always go up. It’s all about the long game, and the earlier you get in, the better off you are …
Quite honestly - getting the house is the deal in Silicon Valley - don’t overthink it!