Find Real Estate Agents and Homes for Sale

Real Estate News --> California News

As Real Estate Climbs, Homeowners Hold Their Ground | David Taran

Eventually, Palo Alto needs a more permanent solution to the housing affordability problem rapidly developing in Palo Alto and many other cities throughout California and the ... None of this is to say that real estate sales are down.

Archived Story

As couples get engaged or married, they embark on the house hunting journeyAs families grow, parents purchase new homesAs kids leave for college or set out on their own, parents begin to downsizeNevertheless, homeowners tend to follow a similar cycleFor Palo Alto and its highly prized zip code, that cycle seems to be on hold Fewer families consider selling after they already laid claim to the property because the market is too expensive and consider them lucky for getting into the market when they didNow many young couples and families can't afford to purchase even a small apartment or starter home The Affordability ProblemThe rise in property values is a double-edged swordWhile investors rejoice at the incredulous value spike over the past few years, many people cannot afford to gamble at finding another home in their price range even if or rather when their home sells for much more than the original value No matter the case, this new pattern of buy and hold has method created a trend of its ownAs mentioned on Forbes, "In ZIPs across the country, tight inventory remains the big theme in 2017, with 12% fewer properties for sale today than in our 2016 analysis." No major shift appears on the horizon yet, but the pattern inevitably has to change before these gaps cause a severe impact on the local economy and disparity of wealth In the meantime, the city has attempted to alleviate the problem for a small portion of Palo Alto residents with the below-market-rate programAs described by the Peninsula Press, "When developers build a residential property of three or more units in Palo Alto, they are required to set aside 15 percent of those units as BMR, though they can request to pay in-lieu fees instead of providing the BMR units, according to city guidelines." Eventually, Palo Alto needs a more permanent solution to the housing affordability problem rapidly developing in Palo Alto and many other cities throughout California and the United States, but agreeing on a solution is another issueA Small Supply in High DemandNone of this is to say that real estate sales are downYes, the market doesn't offer as many listings, but those that are on the market are selling above the asking price and even faster than beforeMercury News reported that as of August "a square foot [in Palo Alto] was worth $1,499," up 4 percent from the month priorAlso, while sales declined throughout the Bay Area, sales experienced a marginal increase in Santa Clara County A lot of factors played into the continued market spikeLike many, Palo Alto Online attributed the current condition to "Low inventory and a shifting market, combined with sales strategies from the dot-com boom." In any case, for those who do sell, the deals pay, more and more frequently over the asking price.Subscribe Thanks for your feedback.Thanks for your feedback! Now share it with your friends! This post is contributed by a community memberThe views expressed in this post are the author's ownRegistered users are welcome to post on Patch. More from Palo Alto PatchUp next on Palo Alto Patch 5th Flu Death In Santa Clara County Thieves Hit Palo Alto Nordstrom, Take 49 Purses Worth $100K: PD 15 Paw-some Finds For National Dress Up Your Pet Day ga("send", "event", "taboola", "served", "impression", 1, { "nonInteraction": 1 }); if (mobile_detect.is_phone) { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-b', container: 'taboola-below-article-thumbnails', placement: 'Mobile Below Article Thumbnails', target_type: 'mix' }); } else { window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' }); } window._taboola = window._taboola || []; _taboola.push({flush: true}); var disqus_shortname = "patchmedia"; var disqus_identifier = "27429480"; var disqus_title = "As Real Estate Climbs, Homeowners Hold Their Ground | David Taran"; var disqus_url = ""; jQuery(document).ready(function() { jQuery('#show-disqus, .btn-comment-now').on('click', function(event){ jQuery.ajax({ type: "GET", url: "", dataType: "script", cache: true }); jQuery('#comments-guidelines').show(); !== 'show-disqus' && jQuery('html, body').animate({ scrollTop: jQuery('#disqus_thread').offset().top - 220 }, 1000); jQuery('#show-disqus').slideUp(); return false; }); location.hash === '#comments' && jQuery('#show-disqus').click(); }); Show Comments Patch Community Guidelines Patch welcomes contributions and comments from our usersWe strive for civil, enlightened discussions on Patch stories and local issuesPlease abide by our posting standards: Be civil No profanity No personal attacks or insults Stay on topic Users who violate our posting rules will have their comments blocked or deletedUsers who flagrantly violate our standards can be banned at the moderator's discretion. × What are Featured Events? Featured Events are paid listings by users and receive priority placement on Patch, on our social pages and in our daily newslettersTo promote your local event on Patch, click here. Feature your event on Patch now Featured Events + Add your event on PatchJan11See More Events Near You > × What are Featured Announcements? Featured Announcements are paid posts promoted by Patch community membersTo promote your local announcement on Patch, create an account and start posting here. Feature your announcement on Patch now Featured Announcements + Add your announcement on Patch Popular VideoVIDEO: Flu Widespread In 46 States As Death Toll ClimbsTrending Now Across PatchPhotos Of Utter Devastation From CA Mudslides Dress Up Your Pet Day: How To Get A Good Photo Boyle Introduces 'Stable Genius' Act Wife Captures Husband Flailing On Black Ice: Video Hello, Irony: Power Outage At Electronics Expo Nearby PatchesLos Altos Mountain View East Palo Alto Menlo Park-Atherton Redwood City-Woodside Cupertino TopicsArts & Entertainment Bulletin Board Business Community Corner Health & Fitness Home & Garden Jobs Kids & Family Local Deals & Classifieds Local Voices Obituaries Police & Fire Politics & Government Real Estate Schools Seasonal & Holidays Sports Weather Corporate InfoAbout Patch Careers PartnershipsAdvertise on Patch SupportFAQs Contact Patch View All Patches Patch Network Terms of Use Privacy Policy © 2018 Patch MediaAll Rights Reserved. Swipe for more from Patch » × Get free real-time alerts for Palo Alto. Congratulations - you're Patched in! Close Daily Newsletter The latest Palo Alto news delivered to your inbox every morning. Breaking News Alerts Real-time updates on breaking stories in Palo Alto. Let's go! var _sf_endpt=( new Date() ).getTime(); var _sf_async_config = _sf_async_config || {}; /** CONFIGURATION START **/ _sf_async_config.uid = "12406"; _sf_async_config.domain = ''; _sf_async_config.useCanonical = true; _sf_async_config.sections = "california,paloalto,Patch 4.1"; _sf_async_config.authors ="David Taran"; _atrk_opts = { atrk_acct:"qKjWj1a0Sn00GK", domain:"",dynamic: true}; (function() { var as = document.createElement('script'); as.type = 'text/javascript'; as.async = true; as.src = ""; var s = document.getElementsByTagName('script')[0];s.parentNode.insertBefore(as, s); })(); window.fbAsyncInit = function() { FB.init({ appId : '521361477908471', autoLogAppEvents : true, xfbml : true, version : 'v2.10' }); FB.AppEvents.logPageView(); }; (function(d, s, id){ var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) {return;} js = d.createElement(s); = id; js.src = "//"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); var disqus_shortname = 'patchmedia';

Trending California News:

  • Petaluma, CA Real Estate: Newly Listed Homes for Sale
  • Real estate briefly: Buchanan Street finances Shopoff project; Brea retail center sells for $21 million
  • Two studies show Vallejo area remains nation’s hottest real estate market
  • Boutique Bay Area real estate firm opens ABQ office, hires local broker
  • Sonoma County restaurants, real estate developers reveal challenges for local economic growth
  • Everything to Know About Dallas Real Estate Investing
  • South El Monte, CA Homes For Sale & Real Estate
  • Seeing green: Jane Fonda and Richard Perry seek $13 million for eco-friendly home
  • Exclusive: Houston luxury homebuilder expands real estate business
  • Applying New California Rules to Your Real Estate Litigation Practice
  • Progressive Real Estate Partners Leases Retail Space to Kaiser Permanente
  • BASKETBALL: Los Angeles Lakers owner Jerry Buss dies at 80
  • Tour the obscure California city that's suddenly the hottest housing market in America
  • How will the North Bay fires affect the Bay Area real estate market?
  • Donald Bren On The Best Fix For K-12 Education
  • Real Estate Firm Expands Here, Buys First Property
  • Ayala Land marks second year in US by opening another office
  • Encinitas, CA Homes For Sale & Real Estate
  • USC Minority Program in Real Estate Enrolling for Winter Session
  • U.S. Mortgage Changes Could Hurt California Buyers