A couple of blogs ago, we looked at the profound influence of Apple and other tech companies on our local real estate markets.
These thoughts have been even further reinforced by a recent article published by the San Jose Mercury News that suggests the current tech industry boom times are in fact part of a major sustained period of growth in the area.
The article mentions several staggering and key statistics, perhaps the most notable of which is that two million people are expected to move into this region in the next generation!
Facebook is expected to grow its current workforce of 9,000 by 20% a year and Toyota's recent announcement of a new $1billion innovation hub is also cited.
Two major local impacts the article doesn't specifically include, but which are of major significance, are, of course, the new Apple campus under construction and the proposed and highly ambitious Vallco Shopping Mall, both in Cupertino.
Much of the article deals with the logistical challenges of accommodating so many new neighbors of ours, but the extraordinarily positive implications are very clear for both home sellers and buyers.
Sellers in this area arguably have better opportunities to receive multiple offers above their asking price than almost anywhere else in the nation, as we welcome a constant stream of incoming tech workers with high salaries. This is a very welcome trend we already see more and more of.
While the entry level cost for buyers is clearly not going to get cheaper, what cannot be denied is the amazing investment potential that home purchase here represents. The San Jose Mercury News article makes that abundantly clear. It should also be remembered that, in this climate of significant and sustained growth, rental properties are certain to be in even greater demand.
Such an abundance of great news suggests that you cannot lose in the real estate market, but ensuring that you maximize your opportunities and return on investment has never been more critical. That’s why you need a top producing realtor on your side to guide you through every step of the process.
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