In Silicon Valley, Homes Are For Sale Even When They Aren't
✉️ Want to forward this article? Click here.
A house for sale in Palo Alto.
If the low inventory of homes for sale in the DC area is frustrating you as a buyer, a New York Times article may offer some hope or inspiration.
The article reports that the severe shortage of homes for sale in Silicon Valley has buyers resorting to cold-calling owners whose houses are not on the market. While this may seem like audacious or inappropriate behavior for a prospective buyer to engage in, it seems that homeowners are far from offended; in fact, many are more than willing to use demand in the market to their advantage.
“There is a long history among Silicon Valley’s elite of buying houses that are not for sale,” the Times article noted. “Mark Zuckerberg, the billionaire chief executive of Facebook, found a place he liked near San Francisco’s Mission District in 2012 and paid the owner at least twice what it was worth.”
story continues below
loading...story continues above
While they may not have been planning to sell and move, for many homeowners, parting with their home for double the purchase price or netting a seven-figure profit is a fitting pay-off to their investment in the neighborhood. Zillow has even provided a way for these homeowners to flirt with the market by posting “make me move” notices online. Conversely, real estate agents are reverting to phone calls and sending letters (not an uncommon tactic in the DC area) in hopes that adding a personal touch may give their buyers a leg up in suading owners to sell.
Real estate market dynamics like these are only reminders that everything is for sale — for the right price.
See other articles related to: housing market trends, inventory, real estate agents, real estate investing, silicon valley
This article originally published at https://dc.urbanturf.com/articles/blog/silicon_valley_homebuyers_barter_owners_into_selling/11637.
Most Popular... This Week • Last 30 Days • Ever
A look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro