This article is from the public number:Silver Star (ID:guixingren123), author: Lianzi, title figure from: Oriental IC
“I can’t wait, I want to sell this house soon before winter comes,” Steven insisted on his agency.
Steven, 29, currently works as a front-end engineer at Google headquarters. 40 years ago, his parents immigrated from China to Silicon Valley.
His father was an engineer when he was young. It was his parents’ experience of more than 20 years ago that gave him the decision that many people seemed incredible.
“The economic crisis is likely to really come, I want to sell the house before it arrives,” Steven said.
1 ordinary people selling houses for the winter
“The house has been listed for three weeks, and the intermediary can’t say anything specific, that is, it can’t be sold.”
Steven talked to a friend at a party this year in North America, especially the Silicon Valley housing market is more chilling than imagined. But half of the young people at the party didn’t realize it. I don’t know that the housing market has turned in the past year and gradually cooled down.
In Silicon Valley, some young people still feel unprecedented optimism about the economy. On the contrary, some experts and scholars began to worry about the economic downturn.
According to a survey conducted by the National Business Economics Organization, 2% of the 200 economists and policy research researchers surveyed believe that there will be an economic crisis in the US this year, and 38% believe that there will be an economic crisis next year. And 25% believe that there will be an economic crisis in early 2021. In the survey, only 14% of respondents believe that there will be no economic crisis in the next two and a half years.
“The economy has recovered from the economic crisis in 2008 to 11 years. It has been an economic crisis every 10 years or so in the past. 11 years have been very long.” Steven said that in the past year or two, Silicon Valley has been very There have been some obvious changes – Whether it is the cold housing market or the unsatisfactory listing of the unicorn and the subsequent weak stock price, Silicon Valley seems to be “not able to raise the spirit.”
The Silicon Valley, which can’t lift the spirit, made Steven, who had experienced the crisis in the whole family, decide to quickly take out the real estate.
This property purchased in 2012 is arguably the most successful personal investment of Steven in the past few years. This set of purchases with a purchase price of only $800,000 has soared in the past few years in Silicon Valley, followed by a high value of more than 1.5 million and a yield of nearly 100%.
But in the spring of 2018, the housing market was weak and the price was not as good as one day. By the time of the summer of 2019, when Steven wanted to sell it, it was estimated that the suite was worth only 1.2 million.
“I used the 1.2 million as the price to make Open House for two weeks, and only one buyer handed in the Offer – it was 100,000 lower than my price,” Steven said. This has strengthened his determination to sell the house: When the house price goes down, only the house can be shot faster, and the value-added income that most houses bring to him can be saved.
In the third week of Open House, he decided to open a price of 1.15 million to attract buyers. In the end, after two weeks, after many unsatisfactory offers, the house was successfully sold.
The housing market that Steven experienced was not a case. According to Silicon Valley media’s “Span class=”text-remarks” label=”(Note 2) (The Mercury News) report, from the data published by the housing data authority Corelogic, the number of housing transactions in the Bay Area has been In the second half of last year, it began to decline for 13 consecutive months. The number of housing transactions in August this year fell by more than 20% compared with the same period last year.
“Although I couldn’t sell this self-occupied house at the highest point, but I was quick to move, I still saved hundreds of thousands of dollars.” After selling the house, Steven has rented a one-bedroom apartment near the company. And said that at last, there is no need to worry about the unemployment of a 20-year-old father.
When Steven’s father was young, Silicon Valley was also so lively – a large number of companies listed, paid, and house prices rose along with the stock price. But in a flash, things have changed. The .COM crisis has brought stock prices and house prices down. What is most remembered by their family is the unemployment situation in Silicon Valley.
“My father also lost his job that year. Worse, the companies that originally recruited stopped the recruitment (HiringFreeze) Said Steven.
As it is now, engineers paid far more than ordinary people at that time. Because there was no economic pressure, his mother resigned from work and took care of Steven and his sister.
But the sudden layoffs made the whole family fall from the situation to the mortgage. When his father could not afford a mortgage to sell a house, he found that the value of the house had long been lost. Even if it is sold, it is impossible to pay off the bank’s loan.
“The experience that left us was too deep,” Steven said. Fortunately, after the hardest year, my father found another job that could maintain family expenses.
Things, once experienced, will remain more alert than ordinary people. Steven and his family recently saw a similar sign: house prices in Silicon Valley have been falling since last spring, and the last round of madness has fallen by nearly a quarter. Even if the Fed has already arranged three interest rate cuts this year, the decline in housing prices in Silicon Valley has not stopped.
“The economic crisis is likely to be visited again in the next year or two,” Steven speculated. He has already cleared the house, just waiting for another boot to land.
As with Steven, many Americans who have experienced the economic crisis are starting to prepare.
According to CNBC’s report, the investigator Metlive made a survey of 8,000 Americans over the age of 18. According to the survey, 41% of respondents are more concerned about their own deposits and more frequently check their bank account deposits and investments, based on fears of economic crisis. Twenty-one percent of respondents said they were more cautious and conservative in their spending because they were afraid of the upcoming crisis. This is quite different from the behavior of the Americans who have been in the Moonlight for many years.
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