July 19, 2024

California Real Estate Price Outlook

Compilation of experts talking about California real estate prices and how they will be affected due to coronavirus.

A lot of companies in silicon valley are looking at the trend of working from home. They are finding that the efficiency and productivity hasn’t dropped even with almost 100% of the workforce working from home during coronavirus.

California Real Estate Price Outlook

San Diego twin home for sale - California Real Estate Price Outlook

Twitter just announced that if the role permits they can work from home permanently. What does this have to do with California real estate prices? Well due to high taxes and high employee wages there might be a trend of either moving completely away from California like Tesla might be doing in the next few months or they could start hiring from other states. Some of the tax friendly states that are being talked about are Texas, Florida, Tennessee. be doing in the next few months or they could start hiring from other states.

The CEO of Redfin just reported that search traffic has moved from the major cities to smaller cities and towns. Roughly 25% of now remote workers will simply never go back to working in an office as this entire situation has proven that remote working works just fine.

The big cities were already losing people to the smaller cities, due to the increase of the advent of remote working. Also, as families or couples get older, they often prefer to move out of the hustle and bustle to more quiet locations such as the suburbs, or in Europe this is smaller towns and villages. Whereas we have the polar opposite with the younger generation, who want to move into apartments in the hustle and bustle of the big cities.

The problem is, and if we look at cities like London, LA, San Francisco. Having a good standard of living in terms of your housing situation in the big cities is shocking. So the higher end houses in the big cities are going to get hit the hardest as people realize that they don’t need to sacrifice their living standards anymore.

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California Real Estate Price Outlook