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Entry-level buyers reconsidering Palo Alto

Original post made on Oct 3, 2013

Finding a house is hard in Palo Alto. The competition gets tougher for houses under $1 million dollars, and even tougher if a family wants to fit into that house. While other cities in the nation may be flailing, Palo Alto's housing market is pushing entry-level buyers out.

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Comments (4)

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Posted by Taras Bulba
a resident of Midtown
on Oct 3, 2013 at 2:25 pm

When we put our house up for sale in the spring of 2012, our agent priced it at 1.4 million and tried to market it as a perfect starter home. Most of the first-time buyers who looked at it ended up buying a condo in Mtn View or Sunnyvale. A [portion removed] family ended up buying our home with 50% down and stuffed six people into our former 3/2 on 5,000 sf!

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Posted by Not an issue
a resident of Community Center
on Oct 3, 2013 at 2:34 pm

TB-- how do you know they " stuffed" 6 people into your former home? [Portion removed.] How do you know where the people that looked at it actually ended up buying?
Are you going where I think you are going with this?

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Posted by Taras Bulba
a resident of Midtown
on Oct 3, 2013 at 7:51 pm

My real estate agent called and asked the representing agents of the people who looked at our house, considered it, and declined. She asked them why they did not make an offer on our home, since it had been priced to sell quickly--and they told her.

When we were in negotiation for the sale, the other party's real estate agent told us about the family that made the offer we accepted. She also informed our agent of the same facts. We thought the family were nuts at the time, but the agent told us this was luxurious compared to South Korean middle class living conditions.

Where did you think I was going with this??

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Posted by Not an issue
a resident of Community Center
on Oct 3, 2013 at 7:59 pm

Interesting that these real estate agents may have violated rules by disclosing information that the buyers may have wanted to keep private. I am surprised your agent actually called the other agents and these other agents actually gave up that information.
I am also surprised that the agent who made the sale gave up so much information. It seems that real estate agents in this area are clueless as to privacy issues when it comes to clients and seem to give up information to every busybody that asks.

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