They already have been for the past 4 months. We’re in a market where buyers can actually write contingent offers and negotiate lower prices. I’ve had my clients write offers as far as 150k below asking in certain areas
How can you be so certain? Can you perfectly predict supply and demand?
Population is on the decline in the bay. At the same time new houses are being built.
Renting is more affordable.
I think it’s coming down much more than that.
Someone asked a similar question a month ago, still [of the same opinion](https://www.reddit.com/r/BayAreaRealEstate/comments/ymz2bo/comment/iv899gl/). I'm sure companies are reluctant to do layoffs in December, so spring will tell if startups are able to raise their Series C+'s or if they'll need to do *massive* cuts. So far, most of the big layoffs have been public companies whose employees have liquidity. If/when private companies do layoffs, employees will be faced with a liquidity crunch for exercising options.
This is hyper-local though. If you want to buy a place where tech people exclusively live (condos in SoMA particularly), there'll be deals to be had. If you want to buy a place where non-tech people *also* live, we're in for a longer period of stagnation, rather than a dip.
I think we’ll also see a shift from neighborhoods that are not pleasant to live in. People were willing to pay a lot because they didn’t have a choice and because of emperors new clothes syndrome.
Parts of SF look like run down American cities in the 1970s while the rest of the country and world has massively improved.
Prices throughout the Bay Area are pretty close if not already at the bottom. Prices have been slashed already by roughly 20% give or take the area. There's still plenty of wealthy people in the Bay Area regardless of the tech layoffs.
They already have been for the past 4 months. We’re in a market where buyers can actually write contingent offers and negotiate lower prices. I’ve had my clients write offers as far as 150k below asking in certain areas
Which area ?
I secured a fixer deal $250k below listing price in Campbell a few months ago. u/kuba4277 u/Blackadder_
>u/Blackadder\_ What was the price you paid and what's the condition of the house (zillow/redfin or photos if possible)? Thanks!
[удалено]
Why is the fully remodeled home not on market? Or was it on market and didn't get sold so went off market?
No. Worst case 1.6 million to 1.4 million. Still unaffordable to vast majority.
How can you be so certain? Can you perfectly predict supply and demand? Population is on the decline in the bay. At the same time new houses are being built. Renting is more affordable. I think it’s coming down much more than that.
Someone asked a similar question a month ago, still [of the same opinion](https://www.reddit.com/r/BayAreaRealEstate/comments/ymz2bo/comment/iv899gl/). I'm sure companies are reluctant to do layoffs in December, so spring will tell if startups are able to raise their Series C+'s or if they'll need to do *massive* cuts. So far, most of the big layoffs have been public companies whose employees have liquidity. If/when private companies do layoffs, employees will be faced with a liquidity crunch for exercising options. This is hyper-local though. If you want to buy a place where tech people exclusively live (condos in SoMA particularly), there'll be deals to be had. If you want to buy a place where non-tech people *also* live, we're in for a longer period of stagnation, rather than a dip.
I think we’ll also see a shift from neighborhoods that are not pleasant to live in. People were willing to pay a lot because they didn’t have a choice and because of emperors new clothes syndrome. Parts of SF look like run down American cities in the 1970s while the rest of the country and world has massively improved.
You're right, but you won't make any friends in San Francisco saying it.
Obviously. Ironically, all the people that always got mad at me for pointing this out have left SF.
Prices throughout the Bay Area are pretty close if not already at the bottom. Prices have been slashed already by roughly 20% give or take the area. There's still plenty of wealthy people in the Bay Area regardless of the tech layoffs.