{"id":12116,"date":"2019-09-04T09:04:57","date_gmt":"2019-09-04T16:04:57","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=12116"},"modified":"2024-06-03T13:56:43","modified_gmt":"2024-06-03T20:56:43","slug":"overnight-millionaires-bay-area-housing-market","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/overnight-millionaires-bay-area-housing-market\/","title":{"rendered":"10,000 Millionaires Overnight: Is the Bay Area\u2019s Housing Market Doomed?"},"content":{"rendered":"

The tech millionaires are coming! Are you prepared?<\/p>\n

Navigating the San Francisco housing market is no small feat. In fact, it ranks up there with some of the world\u2019s most competitive markets.<\/p>\n

Sales prices of single-family resales have been rising month over month, and in March, the average price climbed over $2 million<\/a>.<\/p>\n

Add in the fact that major expected IPOs<\/a> from companies such as Slack, Lyft, Uber, Pinterest, and Airbnb are likely to create 10,000 millionaires in a single night, and you\u2019re looking at a market that has the potential to very quickly turn even more competitive<\/a>.<\/p>\n

If you\u2019re still planning to buy in the San Francisco Bay Area, here are a few things you need to know:<\/p>\n

\"A<\/a>
Source: (Nolan Issac\/ Unsplash)<\/figcaption><\/figure>\n

Keep calm and be realistic<\/h3>\n

If you\u2019re looking for a three-story Victorian in Pacific Heights but have a limited amount of money to spend, understand that you will likely need to downshift your expectations.<\/p>\n

Try looking outside the city and considering markets that are less in demand. Accept that you may have to commute and almost certainly will have to compromise. That\u2019s the name of the game here.<\/p>\n

It may not be as bad as you think<\/h3>\n

Understand that not every startup employee<\/a> will immediately rocket to millionaire status. You typically have to be at a company at least four years to benefit.<\/p>\n

Further, many companies approaching IPO put limitations on how much stock an employee can sell, and when.<\/p>\n

It\u2019s common for companies to prevent employees from cashing in on their stock for at least 90 days after IPO. By that time, stock prices often fall, making shares considerably less valuable.<\/p>\n

All of that is to say: just because someone works at a fancy tech company doesn\u2019t mean they\u2019ll be in the running to outbid you on that sweet little Craftsman.<\/p>\n

\"\"<\/a>
Source: (Josh Hartley\/ Pexels)<\/figcaption><\/figure>\n

More starter homes could be available<\/h3>\n

According to recent data, Millennials are waiting longer to buy homes. Because they rent longer, buy later and save up money, they\u2019re less likely to go for starter homes and more likely to purchase luxury homes.<\/p>\n

If a starter home is on your list, you might (and we really mean might<\/i>) face less competition than you\u2019re expecting.<\/p>\n

Also, many urban-focused Millennials are renting property in the city and buying vacation homes elsewhere. So it\u2019s not guaranteed that these so-called instant millionaires will even buy Bay Area properties.<\/p>\n

We\u2019re not gonna lie \u2013 buying in this market is far from easy. However, if you take a deep breath, crunch the numbers, and try to see things as they really are, you may well feel a little better about your prospects in San Francisco.<\/p>\n

Header Image Source: (Jared Erondu\/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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