2. Tech industry
The Silicon Valley hiring and layoff waves influence the market very heavily across the Bay Area, says Medford. “The closer you get to Silicon Valley, the higher prices go,” he states, indicating that proximity to large employers and high-quality schools, especially when paired together, are key advantages for properties in this market.
“So many of the workers in Silicon Valley come in from offshore,” he adds, “you’re dealing with that layer on top of everything else.” Depending on these workers’ backgrounds, employers, and needs, relying on your Realtor’s intensive and current knowledge of the market is crucial. Be sure your agent has a keen awareness of this nuance and recent related data impacting sales in the area.
3. Access to public transit and amenities
Proximity to public transportation and amenities significantly drives home prices up due to convenience, accessibility, and quality of life.
San Francisco’s traffic is notoriously bad, so homebuyers highly value properties with easy access to the Bay Area Rapid Transit (BART), Caltrain, and ferries to avoid long, stressful commutes. Transit-friendly homes are in high demand, especially those located in areas with direct links to job hubs like Silicon Valley.
Similarly, homes near amenities such as shopping centers, restaurants, parks, and entertainment venues attract buyers looking for a walkable lifestyle. The Bay Area’s dense urban hubs, like San Francisco and Oakland, boast high walkability scores, giving residents easy access to everyday essentials and entertainment.
When selling your home, highlight proximity to nearby transit and amenities. Mention how walkable the neighborhood is to attract buyers.
Insider tips to help sell your Bay Area home
Even if you have months to go before the best listing time in your area, it’s never a bad time to consider home improvements in the Bay Area market.
Unlike some other markets, your investment will likely pay off if you opt to do some upgrades before listing, Medford asserts. “Sellers know that they’ll be making [up to] $4 for every $1 they put in,” he says, and this confidence guides the advice he gives to clients.
With costs as high as they are in this region, he notes, “Buyers are going to want a turnkey property.” So, when working with clients, Medford explains that “we will sit down and start walking through a prep plan.”
This meeting involves strategizing what parts of the home to clean up, repair, or remodel — from steps as simple as a fresh coat of paint to as involved as a kitchen remodel. “We’ll do whatever we need to do to get that home into top condition,” he says.
But lead time can extend your plans, Medford advises. “We’ve got a substantial backlog of contractors in the Bay Area right now,” he says. “Tie that together with a shortage of materials, and suddenly you’re in a situation” where projects could double in time and go over budget easily. This complicated backlog operates as a domino effect. Even once supply chain issues are resolved, the Bay Area market will likely not see any kind of rapid fix.
Even if you are waiting for a certain month to list your home, consider tackling improvement projects right away. Having these knocked out ahead of schedule can give you a competitive edge.
