Limited inventory is not just a product of the current atmosphere, either. Palo Alto has some of the lowest inventory in the nation due to strict zoning laws and the fact that it’s a mere seven by seven miles. No matter how the market changes in other parts of the nation, Palo Alto real estate values are likely to continue to climb.
6. Buying Can be Cheaper Than Renting if You Plan to Stay
Many potential home-buyers opt to rent in a competitive seller’s market until inventory opens up and prices decrease. This makes sense for those who only plan to stay in a condo, apartment, or home for a few years. This is due to the enormous upfront costs of buying a home, including a down payment, closing costs, and recurring costs like maintenance and repairs. If you plan to stay in your home for five years or more, these costs will even out and make owning less expensive than renting. However, if you’re still unsure about the future of your work situation or are considering a relocation, it makes sense to rent Palo Alto real estate until you’re more sure of your future housing needs.
Ready to take the leap and buy one of the Palo Alto luxury homes on the market? Work with an experienced real estate agent like Brendan Callahan
to locate the home of your dreams and conduct a successful transaction.