We have spoken a lot about the importance of location because the saying is true - location is everything. In fact, it's never been more clear than now with our current mixed-bag of housing prices.
In blue collar cities, such as, Daly City, San Bruno and South San Francisco, and in neighborhoods where typically home buyers had stretched to buy a home, often with little or no down payment, and adjustable rate mortgages, the drop in home values we are seeing is dramatic. Lenders are dumping homes on the market, pushing down the value of homes in the area; but, in other parts of San Mateo County, it's a different story.
In the more affluent areas, such as Belmont, San Carlos, Burlingame and better areas of San Mateo, housing values remain relatively stable within an acceptable trading range. Obviously, the number of home sales has dropped and the inventory of homes for sale has grown, but the values of homes in areas with strong fundamentals have held.
To learn why this is, see our full post, San Mateo County Homes Drop in Less Affluent Areas.
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