Autumn is the time of falling leaves and also falling home prices. During the summer months, prices tend to rise, as buyers scramble to find housing before new jobs or new schools start in September. Anyone who’s been considering a Silicon Valley home purchase might want to start searching in earnest now. While inventory tends to be lower in the fall, competition is less fierce, too. In fact, a recent analysis by the website NerdWallet found that homebuyers tend to save an average of 3% by buying from September to November, rather than June or July.
Silicon Valley Real Estate Buyers Pay Less in the Fall
NerdWallet aggregated prices for 2014-2015. They found that Silicon Valley real estate saw a clear peak in June, with an average price for a home at $783,275. By September, the average price had fallen to $751,500. By December, it had fallen further to $747,500. See the full analysis here. This market is known for very high housing prices and bidding wars. By waiting just a few months, buyers can save a huge chunk of change off the price of a Silicon Valley home. Most houses have been on the market for over two months by the time fall rolls around. This means that sellers are usually more motivated to work with buyers than they are in the summer time. In addition, mortgage rates remain quite low. Get in touch with our office to talk about your housing needs. Let’s get house hunting!