The last big item that’s powering this market is undoubtedly technology. In 2000 when this all really started booming, people didn’t use technology anywhere near as much as we do now. Plenty of people were downright intimidated by a computer. I clearly remember agents who didn’t want to enter their own listings because it scared them to do so. Now everybody uses the internet all day every day. It’s on our phones and tablets…it’s a 24/7 use. Because of that us there’s SO MUCH more participation in the wealth being created by players that are a part of it around here.
Folks being a part of IPO money are certainly more plentiful now than ever before. How about the small number of WhatsApp employees about to take a slice of the 16 billion Facebook is giving them? Earlier this week I saw a 2 bedroom, 1 bath house in original condition on an average size lot in Menlo Park sell with 18 offers. It sold for $1,706,000! This kind of money is NOT flowing in Sacramento or Reno or Portland. It is relevant in this area.
The kind of wealth being created around here is fueling the boom we’re experiencing and I can’t see how this will all disappear. Can you? It actually feels like it has plenty of life left in it.