https://almanacnews.com/square/print/2021/08/03/as-bidding-wars-cool-is-a-peninsula-housing-crash-on-the-way


Town Square

As bidding wars cool, is a Peninsula housing crash on the way?

Original post made on Aug 3, 2021

As we roll through summer, many families are finally getting away for their first vacation since 2020. With fewer active buyers, the bidding war has cooled down quite a bit and the market seems to be back to its normal seasonality.

Read the full story here Web Link posted Tuesday, August 3, 2021, 11:51 AM

Comments

Posted by CyberVoter
a resident of Atherton: other
on Aug 3, 2021 at 2:20 pm

CyberVoter is a registered user.

Personally I find the authors cavalier attitude concerning escalating costs & taxes driving out "aging Families" to make way for the new high tech workers from other parts of the USA & World to be offensive! A quote is -"Aging families may also choose to move out because of the high cost-of-living and tax rates." You can just hear the glee in the voices of the realtors & local Governments at the thought of forcing out the "Aging" and making more commissions & having more tax $ to spend as the real estate taxes jump when the homes are sold!

Are there any local Governments concerned about driving out the current residents, or is that their primary goal! Otherwise, the local Governments would be focused on reducing taxes and regulations, policies that increase the cost of living.


Posted by Enough
a resident of Menlo Park: other
on Aug 6, 2021 at 2:43 pm

Enough is a registered user.

CyberVoter,

If you are a homeowner how would the rising costs be forcing you out? Housing prices won't impact those that already have a house except to maybe entice them to sell and reap the benefits. I would hardly consider that "Forcing out" anyone. Personally I am happy to see property values going up, of course I saved a down payment and bought a house years ago and I have no intention of moving or selling.


Posted by Sunny Storm
a resident of Woodside: other
on Oct 6, 2021 at 6:49 am

Sunny Storm is a registered user.

I don't understand why an article written by a real estate agent is in the "news" and not as a letter or opinion piece. It's always in a realtor's interest to promote home sales and high prices, so this is a self-serving article to continue the hype.

Home price averages of $3.9 million, or sales of 1m over asking, is not sustainable. The median income in the area is ~ 150K, and about 250K in selected cities. Both of these would support home prices in the 1-1.5 m range, not nearly 4million. Does anyone do math? The only people buying houses right now are those with massive stock payouts from selected tech and VC firms.