Chic vs. Geek: Stability in Uncertain Times

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Many homebuyers are hitting the pause button due to rising interest rates, inflation, and other economic fluctuations. But waiting will only make the price tag higher as long as Silicon Valley home values remain immune from market fluctuations. Let’s take a look at a few reasons why this is true:

CHIC (PEARL)

Wealth: Silicon Valley has the highest level of income and wealth inequality in the U.S., and it increased dramatically during COVID. That means fewer people can afford to buy, and those who can are ready to spend big sums to get what they want.

Jobs: Silicon Valley’s unemployment rate fell to 2.9% at the end of 2021, and tech jobs are now 5% above pre-COVID levels. That means more demand from well-paid workers, and it only deepens as cities continue to miss their housing production goals.

Employer Confidence: Google, LinkedIn, Apple, Amazon, Facebook/Meta and other tech giants made major investments in Silicon Valley real estate in 2021, which means those well-paying jobs aren’t going anywhere, and neither are the service industries that support them.

GEEK (KEVIN)

Investment Housing: The Santa Clara County Housing “Affordability Index” stands at 22%, which means less than 1 in 4 residents can purchase a median priced home. So it should come as no surprise that the share of homes sold for investment hit 9.5% in 2021.

Strong Fundamentals: The housing market boom we’re seeing now in Silicon Valley isn’t a “bubble” like 2007. With the third highest concentration of “equity rich” homes in the country, our region is fundamentally sound and hard to crack.

Future Demand: Over 4.5 million Millennials will turn 30 over the next few years and look to increase wealth through homeownership. And more than a decade of under-building, Capital Gains Tax regulations, and Prop 13 protections are sure to sustain high demand — and prices — for years to come.

Chic vs. Geek: Title Insurance

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Buying a home can be a risky endeavor, and that’s before you close the deal! Can investing in title insurance help you avoid a sticky situation? Let’s take a look…

CHIC (PEARL)

You may find after you purchase the property that someone else has a claim to all or a share of the title. Or perhaps you learn that a neighbor or your HOA have an easement that allows them to use your land — and limit your use of it! Title insurance can safeguard you against these surprises and give you some peace of mind that you’re the sole proprietor of the property.

GEEK (KEVIN)

One of the more common stumbling blocks with taking over the title on a home is finding out that the property is not up to code or has unpermitted improvements. Sorting this out could cost you time and money and headaches dealing with the assessor’s office and your local tax collector. So don’t cut corners on your home purchase. Invest in title insurance!

Chic vs. Geek: Keeping Clutter Off Your Countertop

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It seems like every time we need something in the kitchen, we can’t find it because of all the appliances, trays, bowls, and other stuff taking up our countertops. So how do we cope?

CHIC (PEARL)

Anyone who tells you kitchens are supposed to be messy never had to clean up after family dinner! Personally, I need some motivation to keep my surfaces clear. So I try to add some style to kitchen organizing, like fancy jars for non-perishable ingredients, dividers for frequently-used utensils, and elegant hanging racks for pots and pans.

GEEK (KEVIN)

There is no reason you can’t solve your kitchen clutter issues with some very simple storage strategy. Figure out where and when you need this pot or that spatula, and find a drawer or cabinet to store them when they’re not in use while keeping them readily accessible when you’re in the heat of your culinary artistry. It will save you time and stress!