5 ms·
The prices of bay area homes aren't dropping still. Looks like this migration is still temporary.
by shadykiller 6y ago
The prices of bay area homes aren't dropping still. Looks like this migration is still temporary.
- bob33212 6y agoHome prices are very sticky. For mental and financial reasons people are very reluctant to price their homes below the rest of the market. During the 08 crash some houses were on the market for years.
- ghaff 6y agoHome prices tend to be pretty sticky downwards especially for anyone who hasn't already had significant appreciation. (Though admittedly, a lot of homes in the Bay Area have appreciated a lot unless they were purchased recently.) That said, I expect most people leaving are those who were renting, perhaps because they couldn't afford to buy. Now they're either renting somewhere cheaper or they're possibly buying if this was something they were thinking about anyway.
- jobu 6y agoThat does seem surprising given the massive drop in rental prices there since May. Perhaps the low interest rates are keeping the prices up?
- pbuzbee 6y agoI wonder how long it will take for Bay Area real estate to take a hit if the pandemic continues longer and/or remote working becomes significantly more common.
- asdff 6y agoPeople aren't moving out of homes in the bay area, they are moving out of apartments in the bay area to where they can actually afford a home.