The Peninsula and San Francisco are experiencing several layoffs in the tech sector. Many of these layoffs have been well-publicized, but many have flown under the radar.
Combined with slower than expected economic growth and impending interest rate hikes, many real estate buyers seem to be moving cautiously or even pulling back altogether.
While none of us likes bad news, this will create opportunities for some buyers and will also require a strategy re-think by sellers regarding the value of their property. Simply put, what worked last year, will not work today.
In general, the Bay Area still remains vibrant with some of the best employment figures in the nation, so we shouldn’t get too bummed out. It is however, important to keep tabs on the state of our local employment figures as a seller, buyer or owner of real estate.