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

Property tax assessments are rising quickly in Santa Clara County cities, driven by major tech companies. Mountain View leads with the highest property value growth, followed by Santa Clara. Despite the increase, there are fewer residential transactions and challenges in the commercial real estate market. Google's cancellation of a large office project in Mountain View reflects the slowdown. The report predicts more commercial property assessment appeals, impacting tax revenue. The region's strong tech industry and trillion-dollar companies offer hope for the future.

Property tax assessments are rising quickly in Santa Clara County cities, driven by major tech companies. Mountain View leads with the highest property value growth, followed by Santa Clara. Despite the increase, there are fewer residential transactions and challenges in the commercial real estate market. Google canceled a large office project in Mountain View, reflecting a trend of stalled commercial construction. The report predicts a short-term slowdown in tax assessment growth but remains optimistic due to the region's strong tech industry and global appeal.

California's housing market is one of the nation's priciest, with a median home price of $730,000. To afford this, a household needs an annual income of around $173,934. In cities like San Jose, where median prices reach $1.88 million, the required income jumps to $337,000. Additional costs like mortgage interest, PMI, property taxes, homeowner's insurance, and HOA fees must be considered. Strategies include saving for a larger down payment, exploring mortgage options, and looking into areas with lower home prices to make homeownership in California achievable.

The San Francisco Bay Area housing market saw a significant 11.9% price increase in May 2024 compared to the previous year. Different counties experienced varying trends, with notable jumps in prices and sales in counties like Santa Clara and San Mateo. Factors like limited inventory and high demand from tech professionals are driving the price surge, creating a seller's market where sellers have the upper hand. Potential buyers are advised to get pre-approved for a mortgage, work with a real estate agent, and be prepared to act quickly due to the fast-paced market.