Why are Bay Area home prices still increasing? | Weekly Real Estate Tuesday Tip
Bay Area Real Estate News, Insights, Market Data, and Strategies | Spencer Hsu Real Estate21 Jul 2020

Why are Bay Area home prices still increasing? | Weekly Real Estate Tuesday Tip

Every Tuesday, I go into detail a question I frequently get asked. Why are Bay Area home prices still increasing?


I get asked this all the time as to why this is happening. For those that have hoped for a COVID discount, you can clearly see that once shelter in place happened, we have only gone up from there in most places outside of SF. Rental markets in more expensive areas have declined but home prices continue to increase and the amount that is pending a week have hit all time highs as well. You can see my latest market update video where I extract the data. So, what's going on?


1) The Fed and banks have been very aggressive in ensuring that people keep their homes. They had announced unlimited quantitative easing and to keep buying mortgage backed securities pushing mortgage rates to record lows. As mortgage rates keep declining, the buyer power of individuals increases. People that pay exorbitant amounts in rent (over $3,000/month) are realizing that they can easily own a home in most places across the Bay Area with the same monthly payment.


2) COVID has not affected people equally. COVID has negatively impacted younger people and the service industry far more than those that are mid-level in their technical careers. If you think and look around as to who is buying in the Bay Area, these are the people still actively buying and having confidence with their job security.


3) EVERYONE needs more space than ever before. The longer people work from home, the more they realize that their current situation is unbearable. This is why rental figures for 1 BR has plummeted double digits, but 2BR and Single Family Homes have done significantly better, even within those same cities. With people being able to work from home longer, people are more comfortable in buying a larger home further away even more so than before.


4) While inventory levels have improved and actually surpassed pre-shelter levels, we are still much lower than what is needed from a demand perspective. This is actually happening across the US but Bay Area is much more severe given the lack of space/construction in the core Bay Area. We don't have enough housing in the Bay Area and COVID made that imbalance much worse. Take a look at the stock prices of builders, they are all reporting record demand and can't build fast enough. As long as there is this problem, prices will likely continue to rise.


5) Millennials are growing up! People think millennials are only in their 20s and all they do is waste money on experiences or high rent. Given they can’t spend that money on those things anymore, they are using all of that saved income that they have to just buy a home instead! Millennials are classified to include people to the age of 38. Many millennials are starting young families and want to settle down. Be on the lookout as this trend won’t stop. There are over 83 million millennials right now.


Now what are my predictions? The next few months will continue to be intense and we will hit new record highs. I suspect the months after will slow down and not grow as fast. However, even as intense as it is right now, there are still plenty of opportunities as every home will have it’s own unique strategy. Do not psyche yourself out before you even begin the journey! Leverage the cheap money that banks are providing, get out of the rental market as that money is a waste, or find a bigger home so that you are comfortable in the new normal.


--

If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today!


📧Spencer@spencerhsu.com

📞 (408) 547-4590

⏰ Set up a time to chat: https://calendly.com/spencerhsure

🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/

🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate

📸Follow me on Instagram: https://www.instagram.com/spencerhsure

🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu

🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7

🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW

--

My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!

Spencer Hsu, MBA, Realtor

Spencer@SpencerHsu.com

408-547-4590

EXP Realty DRE #02077253

https://www.homesbyspencerhsu.com/

#BayAreaRealEstate

Episoder(362)

Should I buy a HOME in 2020? (Low interest rates) Silicon Valley Real Estate

Should I buy a HOME in 2020? (Low interest rates) Silicon Valley Real Estate

Every Tuesday, I answer a question I get from my clients in greater detail. Should you buy a home in 2020?While there will always be uncertainty, consider all of the things that will still happen if you don't make a move.1) Rent will continue to chip away to your savings2) Your need of space due to Work from home policies are still there3) Missed long term appreciation of the homeNo one can truly predict the future and fortunately no one needs to. As long as you have reserves, the mindset of home ownership, and have a long term mindset, homeowners in the Bay Area tend to do very well. Stay focused on the goal and not let distractions affect you.--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today!📧Spencer@spencerhsu.com📞 (408) 547-4590⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW--My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!Spencer Hsu, MBA, RealtorSpencer@SpencerHsu.com408-547-4590EXP Realty DRE #02077253https://www.homesbyspencerhsu.com/#BayAreaRealEstate

26 Mai 202010min

San Mateo & Santa Clara County Real Estate Market Update May 22, 2020 - Spencer Hsu Bay Area Realtor

San Mateo & Santa Clara County Real Estate Market Update May 22, 2020 - Spencer Hsu Bay Area Realtor

Every week I go over headline articles that can impact the market and share my thoughts. I also look into the data of the week in greater detail.Mortgage Rate continues to approach near all time lowHousing Demand Surges 16.5% beyond pre-shelter levelsMilpitas and Berryessa BART Stations will Open June 13Linkedin Data shows US job hiring may have hit bottom in mid AprilFacebook plans to shift up to half of employees to Remote Work over the next 10 yearsFacebook Willow Village Project reduction in corporate office spaceSanta Clara and San Mateo County Data look--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today!📧Spencer@spencerhsu.com📞 (408) 547-4590⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW--My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money!Spencer Hsu, MBA, RealtorSpencer@SpencerHsu.com408-547-4590EXP Realty DRE #02077253https://www.homesbyspencerhsu.com/#BayAreaRealEstate

22 Mai 202025min

Weekly Real Estate Lunch and Learn: Palm Beach and San Diego Markets

Weekly Real Estate Lunch and Learn: Palm Beach and San Diego Markets

Every Wednesday at 12PM PST, I will interview and introduce 1-2 top producers all across the country to hear about how they got into the business, what they are seeing with real estate impacts with COVID, and how they are shifting their business. Tune in LIVE! https://www.homesbyspencerhsu.com/video/This week I am delighted to have two rockstars who represent the Palm Beach Florida and San Diego regions. Taryn Pisaneschi and Melissa Huk!--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

20 Mai 20201h

Bay Area Real Estate Market Update (May 15, 2020) - Spencer Hsu, Realtor

Bay Area Real Estate Market Update (May 15, 2020) - Spencer Hsu, Realtor

Every week I go over headline articles that can impact the market and share my thoughts. I also look into the data of the week in greater detail.Fannie Mae and Freddie Mac extend Foreclosure and eviction freeze until end of Junehttps://www.housingwire.com/articles/fannie-mae-freddie-mac-hud-extend-foreclosure-and-eviction-freeze/Borrowers in forbearance can defer all missed payments until the end of the loanhttps://www.housingwire.com/articles/fannie-mae-freddie-mac-borrowers-in-forbearance-can-defer-all-missed-payments-until-the-end-of-their-loan/Mortgage applications rise againhttps://www.housingwire.com/articles/mortgage-applications-for-home-purchases-increase/Home search rebound 54%https://www.housingwire.com/articles/searches-for-homes-for-sale-rebound-54/Twitter employees can work at home forever. What does this mean for HQ?https://sf.curbed.com/2020/5/13/21256351/twitter-building-headquarters-work-home-employees-sf1,000 employees here, for a company the size of 5,000Buyer behavior changing: need for more private space due to kids at home and needing office space.Appraisers are more conservative these days so be cautious of your down payment situation.San Mateo County Datahttps://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

15 Mai 202034min

Weekly Lunch and Learn: Reno and Sacramento Markets

Weekly Lunch and Learn: Reno and Sacramento Markets

Every Wednesday at 12PM PST, I will interview and introduce 1-2 top producers all across the country to hear about how they got into the business, what they are seeing with real estate impacts with COVID, and how they are shifting their business.This week I am delighted to have two rockstars who represent the Sacramento and Reno regions. Matthew Stewart from Sacramento. Jen Colley and Michelle Goode from Reno.A bit about Jen ColleyPledge to Clients: It is my goal to serve my clients with their best interest in mind whether it be looking for an investment or finding the home of their dreams. I am proud to represent you.Professional Experience: I have been in this industry for over 19 years both in my own experiences and representing others. I bring a background that is competitive and realistic. I love challenges as life is full of them thats how we grow.Education: I have Education in Real Estate and continuing education in Real Estate. Most of my education comes from real life experiences that is priceless and you could not learn from a textbook. My classroom is real life.Outside Interests: My inside interests are my FAMILY members. My personal passion aside from Real Estate is Golf. Although I have a "Love Hate" relationship with golf it is a forever one. It keeps me striving for the perfection I will always keep looking for.Personal Information: I am a mother of 3, Sister of 3, Grandmother of 2 and a wife and business partner. We pride ourselves in Honesty and Integrity. At the end of the day you have to sleep knowing you did the best you could with Honesty & Integrity.. We continue to practice the PAY IT FORWARD way of life.-------------If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

13 Mai 20201h 2min

Closing Costs Explained on Buying a House (Real Estate in the Bay Area)

Closing Costs Explained on Buying a House (Real Estate in the Bay Area)

Bay Area Tech Realtor Spencer Hsu explains and clarifies what you should expect for Closing Costs for home purchases in the Bay Area.0:00 Intro2:35 Debits and Credits Explained4:00 Deposit, Loan Amount and Funds to Close Explained4:52 Prorations / Adjustments Explained6:30 Loan Charges Explained8:45 Title & Escrow Explained14:20 Government Charges ExplainedIf you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

12 Mai 202018min

Get to know Spencer Hsu Agent Interview and why EXP with Avant Real Estate

Get to know Spencer Hsu Agent Interview and why EXP with Avant Real Estate

I had a great opportunity to be interviewed by my partners at Avant Real Estate. If you are interested to hear about how I got started and how I went from $0 to $22M in 16 months of being a Realtor, or why I joined EXP Realty, tune in!--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

9 Mai 20201h 13min

Bay Area Real Estate Market Update (May 8, 2020) - Spencer Hsu, Realtor

Bay Area Real Estate Market Update (May 8, 2020) - Spencer Hsu, Realtor

Every week, I go over news that can affect Bay Area Real Estate.0:40 Forebearance: Homeowners will not owe lump sum paymentshttps://www.forbes.com/sites/alyyale/2020/04/27/fannie-and-freddie-homeowners-will-not-owe-lump-sum-payments-after-forbearance/#348f7f024ee42:47 Latest Mortgage Activityhttps://www.housingwire.com/articles/average-mortgage-rate-is-3-basis-points-from-all-time-low-2/https://www.housingwire.com/articles/refinancings-may-hit-a-7-year-high/Non-QM products coming back. Initially shut in early Aprilhttps://www.housingwire.com/articles/non-qm-lending-inching-back-into-the-market/7:15 The return of the Ibuyershttps://www.housingwire.com/articles/redfinnow-resumes-ibuying-and-zillow-offers-isnt-far-behind/10:09 Good news for SMB. PPP still has money lefthttps://www.housingwire.com/articles/ppp-has-126-5-billion-left-for-small-businesses/11:00 Sad news of the Bay Area Layoffs: Airbnb, Uber, Lyfthttps://www.cnbc.com/2020/05/05/airbnb-to-lay-off-nearly-1900-people-25percent-of-company.html?fbclid=IwAR37xshCuh8v3XsapM3ZzE1bq-a8nRPQYZNe7ub-DPaB-jMlHpihUbj-m5c13:30 Santa Clara County Market Update including a deeper dive into condo/townhome vs SFH and also prices in each city.https://docs.google.com/spreadsheets/d/1P5T3T4doU9vutLotcKnZ0WCZahU0nvKn1khR-QQsrTI/edit?usp=sharing--If you’re interested in buying, selling, or investing in residential or commercial real estate in the 📍SF Bay Area, contact me today! 📧Spencer@spencerhsu.com📞 (408) 547-4590 ⏰ Set up a time to chat: https://calendly.com/spencerhsure🌍 Find your dream Bay Area home https://www.homesbyspencerhsu.com/🎙️ Listen to my podcast: https://redcircle.com/shows/bayarearealestate📸Follow me on Instagram: https://www.instagram.com/spencerhsure🧑‍💼 Let's connect on LinkedIn: https://www.linkedin.com/in/spencerhsu🛎 Don’t forget to subscribe for the latest real estate tips and updates: https://forms.gle/c5xkznHLTBh7Yzgi7🏠💲 Track the value of your home and see if it's beneficial to refinance! http://bit.ly/3aFdyMW -- My Background: Born and raised in the Bay Area, I spent 11 years as Technology Sales Manager before becoming a Realtor. Having personally invested and done renovations through house flips in the Bay Area, I wanted to help busy professionals in the Bay Area tech industry find their dream home by leveraging tech, data and local insights. Our team specializes in creating trusted frameworks of buying, selling, and investing in the Bay Area. In 2022, we are thrilled to share that we have helped 80 clients in the Bay Area with their moves, which positions our team as the Top 1% groups in the country. Looking forward to helping you into your next home and save/earn you more money! Spencer Hsu, MBA, Realtor Spencer@SpencerHsu.com 408-547-4590 EXP Realty DRE #02077253 https://www.homesbyspencerhsu.com/ #BayAreaRealEstate

8 Mai 202025min

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