“Riches from the AI boom are reigniting the housing market in California’s Silicon Valley,” says Prashant Gopal, a real estate reporter from Bloomberg News. He reached out to me to find out more.
It seems that the area’s post-pandemic lull may finally be coming to an end. Buyers are getting desperate to buy homes, especially with their newfound wealth from stock values driven sky-high by recent advancements in AI.
As I explained in my interview with Prashant, “We have so many first-time buyers, and they’re feeling very wealthy.”
In fact, I recently presented an offer of $2.6M on a $2.35M home. The result? The seller’s agent informed me not to even bother trying $2.7M because the home had already sold.
Unfortunately for buyers, that’s the current direction of the market, at least for the time being. Competing offers have been so aggressive that I feel like we’re constantly $50,000 behind, especially in areas like Cupertino and Los Gatos where there are fewer homes available. It’s a great time for sellers right now, but buyers will really have to show up if they want to buy a house.
If you’d like to read the entire article on Bloomberg.com and learn more about what’s happening in one of the world’s leading housing markets, read the full article on Bloomberg.com: https://www.bloomberg.com/news/articles/2024-02-10/silicon-valley-s-housing-market-reawakens-with-ai-boom
