Today, I want to discuss how Google and Apple will push home prices higher this year and beyond.
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The #1 drive of home appreciation is job growth. The precursor of job growth is the leasing of commercial office space; when big companies plan to hire more people, the first thing they do is go out and find more space. Recently, I spoke with Phil Maloney, the nation’s top commercial leasing broker, and he shared some interesting facts: • Google has recently acquired 5 million square feet of new office space • Apple added 100,000 square feet of new office space per week in 2014 • There will be a rough total of 10 million square feet of office space that will house 50,000-60,000 workers
To put these numbers in perspective: last year, Silicon Valley as a whole created around 42,000 jobs. With Google and Apple looking to add up to 60,000 new jobs in the coming years, these two giants alone are going to create more than the whole area did in 2014! With Silicon Valley thriving, you can expect to see a strong economy that will continue to create jobs, which will effectively push up both wages and the price of property!
If you’re a buyer, the sooner you act, the better. The price and payment of the home you want are only going to rise. If you’re a seller, it’s important to realize that rising prices will hit a ceiling; we’re in a seller’s market right now, so there’s no better time to get top dollar for your home! Give us a call or shoot us a quick email if you have any additional questions about how Google and Apple will push home prices higher in the years to come. We would love to hear from you!
As always, we’ll be right here, ready to help you create a better life through real estate!
