2020 Real Estate Outlook For The Silicon Valley Housing Market
Are you considering selling your home this year? Or maybe you’re ready to buy, and you’re wondering what the Silicon Valley housing market is going to be like in 2020?
Dialing in on the “right” time to buy or sell is quite an art that takes a good deal of research. The good news is, with over a decade of experience we at BlueFin have always had our finger on the pulse of the market.
Silicon Valley is a highly sought after place to live. Fantastic schools, beautiful weather, lovely homes, and a historically booming economy all make it a great place to settle down.
Whether you’re ready to buy or sell, today we will discuss everything you need to know about the outlook for the real estate market in 2020.
Has The Real Estate Market Crashed?
March has been a highly unusual month, worldwide.
In light of the recent pandemic, many homeowners and buyers are wondering what these current affairs will mean for their health, our economy, and the housing market.
“Most Americans are concerned that the real estate market is going to crash. A 2017 survey found that 57% agreed that there would be a “housing bubble and price correction” in 2020. As a result, 83% of them believe it’s a good time to sell.
The 2020 stock market crash has renewed fears. Investors, worried about the impact of the coronavirus pandemic, fled from stocks in March 2020.”
We are living in a unique time in history, and the rise of this pandemic may trigger some very real effects on the outlook for Silicon Valley’s housing market.
While in these early stages we can really only make educated guesswork at what direction the economy and markets will take, today we will discuss what you can likely expect.
If you were house hunting when COVID-19 hit, you may be wondering if your home ownership dreams are now on hold.
“Whatever it is that is happening now hasn’t hit the housing market yet, but it probably will.
Stocks have fallen, entire industries are putting themselves on pause and all manner of small businesses are taking hits.
There is so much we don’t know about what the next few months will bring, including whether it will even be over in the next few months.
But the economic impact of the virus will be far-reaching, affecting everything from employment rates, to buyers’ and agents’ willingness to attend open houses, to whether sellers pull listings.
Many people will have less money, and they may have less access to it as well.
Quicken Loans, the nation’s largest home-loan lender, said Thursday that it had no current plans to change underwriting — which leaves open the possibility that it and others might in the future.
All that may make it seem like an odd moment to consider buying a house. But there will be many people who are confident about their job security — or moving for job offers that haven’t evaporated.”
Depending on your situation, and whether your job, finances, or health have been impacted by COVID-19, your home buying goals may be halted this year.
However, if you have a downpayment saved and your job is unaffected, now is probably the best time to go through with your home purchase while mortgage rates are still low.
Because mortgage rates are still at an all time low, and the demand remains high for Silicon Valley houses, you still may get your asking price as buyers are eager to take advantage of these great loan rates.
For the most part, pandemics of the past have affected home prices very little.
The biggest thing that a pandemic does for the housing market is put it on pause for a while as health takes a top priority nationwide.
“It’s clear that the Coronavirus will have an impact on the economy and the housing market in 2020, but it is also clear that it is not time to panic.
The effect of lower rates will help to offset some of the headwinds in the housing market, and forecasts of economic growth by C.A.R. and others have been revised down, but only by 10s of basis points—not hundreds. “
In short, an event as unpredictable as the Coronavirus pandemic has certainly affected San Jose – and the world – on a large scale.
The good news is that the real estate market is expected to stay mostly stable for the time being.
If your situation remains mostly stable, there is no reason why you can’t still see your real estate dreams realized in 2020.