Bad news for anyone seeking cheap(ish) rent in Oakland: The city saw a 12.1 percent increase in rent between January 2014 and January 2015. That’s higher than San Francisco’s 11.6 percent increase during the same period and the second highest increase nationally (behind Denver’s 14.2 percent).
Love and marriage is the traditional pairing, but now there’s a step in between for many couples: a mortgage. While marriage may come eventually for unmarried couples who buy a home together, for many millennials (those aged 18-34), down payments have taken precedence over heading down the aisle.
"When trying to determine the right offer price with few sales, looking at comparable data often won’t cut it as our inventory is unique and sold data captures history, not the future, of value. This means that you have to analyze the market condition, the property condition, how much you love a home and the level of interest among other parties.
How does that affect you? When the next homeowner prices their property, the comps and competitive market dynamics will lead to a higher price. You have just contributed to a market increase." - Deidre Joyner, Red Oak Realty
“This is not a bubble,” says Chris Thornberg, an economist in Los Angeles.
He says that the money flooding the Bay Area isn’t built on speculation like the last boom.
“These are people with real money, with real incomes,” he says. “They have enough money to live in whatever cities and neighborhoods they want, so if there’s not enough high-end housing, they’ll just gentrify lower-income neighborhoods.”
KENNY TRUONG | #FASTAGENT
Top Producer | Climb Real Estate Group | climbSF.com
2013/2014 |#1 in Oakland home purchases closed. (consecutive years)
