The Bay Area housing market is notoriously expensive and incredibly competitive. News of home sales in the U.S. shrinking in April is hard to take seriously when local houses are still being snatched up hours after being put up for sale. While it's true that the west saw a 1.8 percent rise in the month of April, the inevitable housing bubble could be on its way to bursting. The biggest national home sales drop in the last three years could be a canary in the coal mine, says Cal Bay Property Management's Scott Safadi.
It's impossible to predict how the economy will impact local housing sales, but many Bay Area residents are opting to rent instead of buy. Whether out of necessity - there's no denying that a down payment is difficult to save for - or out of fear of another recession, many young professionals are choosing to hunker down in their rental homes and apartments while they squirrel away money for the future. Even if you have an especially bullish perspective on local markets, there's no denying the appeal of multifamily housing investments. So long as universities keep pumping out graduates and tech companies continue to hire young people, there will be a neverending need for affordable housing options. As Millennials continue to tread their own path and opt out of traditional homeownership roles, multifamily communities will rise in popularity. While there are pros and cons to renting out any property, multifamily communities can be especially polarizing. They're excellent investments, but require a great deal more maintenance and care than the average single-family rental home. If you're interested in real estate but aren't eager to become a landlord anytime soon, consider the ways in which a property management company can help bridge the gap between you and prospective tenants. - Scott Safadi, Cal Bay Property Management
0 Comments
|
AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
Categories |
Scott Safadi - Weebly