A: The recent Redfin article on what city is the most competitive is fairly accurate, given the data used to calculate the figures. It does appear however, that the data quoted did not account for off market sales, which, if taken in to consideration, could potentially change the figures. There is no question that the Bay Area as a whole is a difficult market – with the concentration of high paying technology jobs being key. Regardless of the level of competition in the area, being a well prepared buyer increases your odds of securing that dream home. The most important items to consider are the following; shop for your mortgage before you start looking for a house, save a larger down payment, and improve your credit score.
Kathleen Daly, Coldwell Banker, 415-925-3205, email@example.com; Lisa Lange, Coldwell Banker, 415-464-3318, firstname.lastname@example.org.
A: As business partners for sox years, we work from San Mateo to San Jose and into the East Bay from Walnut Creek to Pleasanton. We understand this issue and agree with this for one good reason: San Jose and Fremont have generally lower home prices than Oakland and San Francisco.
The competition at the lowest end of the market is fiercest. As buyers are priced out of San Francisco and Oakland they ask “what can I afford?” and the answer can be San Jose and Fremont. Buyers have to balance affordability with their commute. The longer your commute the Silicon Valley, the less expensive the home. We recently helped buyers with a new home in San Ramon because they could get much more house and they were willing to commute (Google bus).
We also are looking for our buyers in Milpitas and Newark where the price of a single family starter home is just over, and in some cases les tha, one million dollars. However, San Jose is fast becoming more competitive and more expensive, thanks to Google, which is moving thousands of new employees into space in downtown.
Michael Hall, Pacific Union Real Estate, 650-465-1651, email@example.com; Tricia Soliz, Pacific Union Real Estate, 650-833-9442, firstname.lastname@example.org.
A: The Bay Area has proven to be one of the most unique and competitive markets in the world. Multiple factors, coupled with high paying job creation within the tech industry, have created an incredible pull to the city. The market remains very strong in San Francisco, which results in a small percentage who can afford to purchase homes here, thus turning those who can’t to alternatives.
Redfin’s recent list of the most competitive cities, of which San Jose and Fremont ranked highest, is evidence of those moving to alternative locations based on affordability and available inventory. Redfin’s claim makes sense based on data they selected in their equation.
Understandably, more people may be bidding on homes in places like Fremont and San Jose since more people can afford those homes and there is more inventory than in San Francisco. However, l believe San Francisco and surrounding cities are still just as competitive.
Allison Crawford, Sotheby’s International Realty, (415) 297-9596, email@example.com.