Recently, I have had several of my senior clientele ask me about social media and marketing their homes. Well, social media does have an impact on how homes are featured for the seller and to the buyer, but there is more to this.
Social media companies are improving the price sellers are getting for homes in nearby tech cities because- well- they are investing in property to house their employees. For example, TechCrunch recently said “Four years ago, Facebook announced that they were decamping to Menlo Park from their longstanding home of Palo Alto. Just last month, the company finally cut the ribbons on a beautiful 430,000-square foot building designed by Frank Gehry that is basically one giant, open-air room with an enormous park on top. The effect on the prices of surrounding real estate has been profound.”
I agree. While Walnut Creek isn’t in direct relation to the tech boom in San Fran., surrounding cities have been. New York has seen impact too. The Wall Street Journal had a story on the subject of social media companies driving up real estate prices. The story cited, “Space is so tight that tech companies are paying north of $90 a square foot. Those are Manhattan skyscraper prices for 1980s-era suburban office parks. It is like running the entire industry on the physical equivalent of MS-DOS.”
As the tech companies expand and they invest int he quality of life for their employees, I anticipate more cross over into Walnut Creek for families willing to embrace our city while still being within a reasonable shot of work- that is if the social media companies don’t expand into our area! If you’re thinking about selling, start considering your next move now. With mortgage rates still obtainable but on the rise, buyers are going to start becoming more aggressive when it comes to property demand and closing deals.