Praful Thakkar is hosting a contest - Get Out Your Crystal Balls.
We are asked to write about our predictions for 2017.
Is 2017 a year of hope or fear? I choose Hope!
I believe there is always a certain amount of uncertainty.
Will interest rates rise? I am certain they will. When? We will see when it happens.
Will higher interest rates impact home affordability? In principal ...yes.
However, in San Jose and Silicon Valley it is doubtful that higher interest rates will impact the market. There is a lot of money here and those with money have no issues spending it on their home. They need a place to live and see it as an investment in their future. With the lack of housing in the area I tend to believe it is a good investment. Rents are through the roof. Those that can afford to buy may have a mortgage payment lower than what they were paying for rent.
The people who do not have a lot of money will continue to be squeeze out. In the past year many of my clients moved out of the area because they could (1) not afford to buy in the San Jose bay area or (2) they could no longer afford to live here after reaching retirement.
I am not one to focus on gloom and doom. Regardless of what the future holds I choose to see the good in it. Will we see many changes in 2017? According to what I am hearing and reading ... the answer is yes.
As for my little word and the real estate market in San Jose. I expect the market will continue to hold strong for sellers. We will continue to see multiple offers ... just not as many as in 2016. Buyers will continue search for homes and pray their offer will be the "chosen one." Rents will continue to increase. People will continue to leave the area because they cannot afford to live here.
One market segment that will not change is Probate. It is a fact of life that we do pass on. When that happens it most likely means that a San Jose Probate Agent, like me, will be called upon to list the home for sale.
I will continue to work hard for my clients and remain hopeful ... no matter what.
Homeowners who need to sell your San Jose Home, know that who you hire will make a difference in the results you get. It takes more to get top dollar for your home than crappy photos and a sign in your yard.
Call me at 408-972-1822. I'll share my documented approach and proven strategies that net sellers more money. If you want more money from the sale of your home, you owe it to yourself to call me. If you moving out of the area I will refer you to a top agent that will take excellent care of your relocation.
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