The Silicon Valley Housing Market Is Only Going To Get Crazier

Editor's note: Glenn Kelman is the CEO of Redfin, a technology-powered real estate broker backed by Madrona Venture Group and Greylock Partners. Silicon Valley home buyers, I wish we had better news. Prices keep rising, with no end in sight. Across the 20 markets Redfin serves, only Phoenix saw more rapid price increases than the Bay Area. Over the last 12 months, San Francisco prices rose 20 percent; San Jose prices jumped 23 percent. When the market moves this fast, the appraisals required by a lender reflect last year?s prices, and sellers just take all-cash deals instead -- even when another bidder with a mortgage offers more money.

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