The word “space” has acquired a whole new meaning as a result of the ongoing coronavirus pandemic.
For a growing number of families, a spacious home is no longer just a matter of prestige and greater comfort, but a smart solution to keep everyone close and safe. It also provides plenty of room to set up home offices, home-schooling pods, exercise rooms, and indoor/outdoor entertainment options for both parents and kids—even grandparents—to stay engaged, active, and healthy, easing the natural, pent-up anxiety caused by the ongoing, extended quarantine. In the Bay Area, where space is a high commodity, spacious homes are often of the luxury caliber.
Why Choose A Luxury Home?
Closeness to family and greater, more efficient space are not the only benefits of moving up to a luxury home.
Larger luxury homes are usually located in higher-priced neighborhoods which generate higher property tax income—a significant funding source for public schools. More resources mean state-of-the-art facilities and equipment and better paid and trained teachers. Realizing how critical a top-notch education is becoming in the 21st century, savvy Bay Area parents are actively seeking better schools and online learning options to give their younger children a competitive edge.
A better neighborhood also means less congestion, noise, and closer proximity to open spaces with proven benefits for physical and mental wellbeing.
Luxury Living More Accessible Than Ever
Anticipating an indefinite future of frequent lock-down orders as the country struggles to rid itself from the virus, moving up to a larger home has never made better sense. A growing supply of luxury homes and record low mortgage rates are now making it even easier.
As regions gradually open up, it appears the nation’s luxury housing segment—including expensive cities and vacation markets—are leading the recovery, per Redfin and the Dow Jones Market Data Team.
In Oakland, supply of homes costing over $1 million rose 37% by mid-May, compared to the beginning of April. In San Francisco, luxury home inventory leaped 29% in that timeframe, while inventory in San Jose jumped up to 20%.
A Can’t-Miss Opportunity
“I have one to three sellers asking me to list their home every day, something that has never happened,” said Suzanne Masella, an Oakland real estate agent who has been in business for decades. High incoming offers have spurred many sellers to get their homes on the market—and fast.
In the meantime, although interest rates are still within record-low territory, they are starting to show signs of upward pressure. Dipping below 3% on July 16, the trend has since reversed, fueled primarily by the increasing borrowing needs of states and the federal government who face growing deficits resulting from the decline in overall economic activity. A slew of bond measures by cities and municipalities are likely in order to cover public school deficits and other basic services. A second stimulus package is being hammered out in Congress which, if approved, will only exacerbate the already bloated fiscal deficit and public borrowing needs.
While supply is relatively plenteous and interest rates still low, moving up to a luxury home now is a savvy move. It will allow you to keep your family close, yet affording everyone enough space to work, learn, exercise, entertain, and relax, creating a joyful atmosphere and peaceful haven for all your loved ones.
Can We Help?
As a leader in the luxury home market, Julie and her team stand ready to help you seize the moment and move up to the home of your dreams. For almost twenty years, we have assisted hundreds of satisfied clients, which explains why we’ve been consistently recognized as one of the top Realtors in the nation.
Please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.
