All about Life & Real Estate in Silicon Valley – Broker Michael Koo's Blog.

Homebuyers in Santa Clara County face challenges due to rising mortgage rates and home prices, with the median single-family home price at $1.88 million and condos at $1.01 million. Affordability is now the top barrier, followed by expectations of mortgage rate drops and low inventory. Consulting a skilled realtor is crucial for navigating these market complexities and securing a home.

San Francisco has permitted only 5% of its state-mandated housing units, falling short of its 82,000-unit goal by 2031. Many Bay Area cities are doing worse, with some below 1% of their targets. Despite state laws to streamline approvals, high construction costs, interest rates, and tariffs deter developers. A 2024 law to fast-track SF projects has had minimal impact, showing that cutting red tape alone isn't boosting housing development.