Owning a home in Silicon Valley is not an easy task. The local market of supply and demand, especially in west side of the Valley, is not in sync with the rest of the country's economical situation. The extreme of low supply and high demand has made purchasing a home in Silicon Valley very competitive and sometimes tricky. In this blog, bits and pieces of market phenomenon are presented for your information.
Thursday, June 13, 2013
Wall Street investors are also buying houses...
June 12, 2013
I would like to share with readers of my blog an article on June 8th from Wall Street Journal titled “Corporate Buyers Boosting Prices in House-Sales Boom". It mentions that “the Wall Street investors are scooping up homes in bulk…” San Jose-Sunnyvale-Santa Clara area ranks #4 and San Francisco-San Mateo-Redwood City area #12 in the top 20 hottest real estate markets, according to Federal Housing Finance Agency.
This is echoing what we realtors in Bay Area have witnessed: many times individual home buyers are competing with institutional investors for the same houses. These institutional buyers are not only purchasing distressed homes, but also non-distressed homes, typically probate/trust sales that they can fix up or build a new development.
http://online.wsj.com/article/SB10001424127887324299104578531132265680630.html
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