San Jose, California: The real estate market is getting a rise in the South Bay.
Doug Goss, who is the president of Santa Clara County Association of Realtors, says that in the areas such as Gilroy, Morgan Hill and Hollister, the real estate market is heating up now.
According to Goss, a great number of properties are pricing well. But some of the homes are asking over price.
The sale has been increased by 36% of the single-family in January in the 8 Bay Area counties -reported by Core Logic.
Low rates in interest and the suppressed demand for the home during the pandemic are driving the surge, says Goss.
He also says that a great number of people are looking for a wider space for their home. They need larger space for their home office and home-schooled children.
Pandemic has given them no option but to work from home.
Demand for houses in the South is on the rise. The price of the home has increased up to 16%. Because of the lack of inventory, you will not find enough Sale signs across the South Bay. It has increased the competition and price to a great extent.
Goss reports that the levels of inventory are very low. They have only 645 single-family houses till now today. According to him, the market will remain bullish.
We can assume that the real estate price will rise in the Bay area. The housing market will be red hot for a certain period of time.
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