2015 was a year of tremendous growth here in the Bay Area. We all know this as residents of this glorious area, however it is even beginning to catch the attention of everyone around the country. Including the chief economist of Realtor.com, Jonathan Smoke. He named his personal “Top 20 Hottest Real Estate Markets in the US”, and the Bay Area stands alone at the top. San Francisco and San Jose rank #1 and #2 as the “hottest” markets in the country and they show promise to continue to thrive.
The San Jose area includes the Los Gatos, Cupertino, Willow Glen, Saratoga, and Almaden Areas which occupy the areas that experienced the most intense growth. The prices of homes have grown rapidly and consistently over the total more recent memory, and until now the sellers were the only ones thriving.
Jonathan Smoke argues that now the market has become much better for the buyer of properties. Great news for those in Los Gatos Real Estate like we are here at Synoptic Real Estate Group. The loans being handed out are much larger now for the buyer which gives them large Buying Power. This buying power is translating to a much less stressful entry into the market. No longer are the buyers in the Bay Area struggling to make a successful bid for the property they desire. We all now are being given the ability to make a large financial commitment to make our dreams come true for us and our families.
Being the Second hottest market in US will, in turn, cause a tremendous amount of competition within those in the market to buy a home yet now, we see that these buyers are gaining the confidence to make a decision much sooner and simpler than ever before. Houses in the Los Gatos Real estate market, as well as the Saratoga, Cupertino, and Almaden surrounding markets, are spending significantly less time on the market than anywhere else in the nation. We also are noticing an increase in the inventory of the homes being put up for sale as well, which is what it will take for the market to continue this upward trend.
With the power now residing on both sides of the table combined with a larger inventory, We here in the real estate industry can expect a great 2016 for everyone here in the South Bay Area.