Bay Area property brokers find angle amid exodus

Bay Area property brokers find angle amid exodus

Santa Clause CLARA – Real estate agent Myron Von Raesfeld sold 30 homes in North Carolina in the last six months, making him one of the top agents in the Raleigh-Durham showcase — from his work area 2,778 miles away in Santa Clara.

Von Raesfeld, CEO of Windermere Silicon Valley, is advising homeowners and investors to sell high in California and move their assets outside the state. The payoff: more money in hand, and a better quality of life.

“It’s a great time to sell in California,” he said. “This makes a lot of sense.”

Even as the Bay Area real estate market cools, agents specializing in moving individuals out of the locale report very brisk business. They’re getting to be specialists on everything from economic forecasts for Memphis, Tennessee to yearly snowfall in Boise, Idaho.

The outward migration from the Bay Area has accelerated, with a larger number of individuals leaving the region than other spot in the nation.

Driven by a strong economy, the region’s overall population keeps on developing. But the number of residents leaving hit its highest point in more than a decade last year, as indicated by a report by Joint Venture Silicon Valley. Residents between the ages of 18 and 24, and somewhere in the range of 45 and 64 were most likely to leave.

Bay Area agents say sellers found a market peak in the initial a half year of the year to expand deal costs. The middle home deal cost for the nine-county region set a record in May at $935,000, as indicated by real estate information firm CoreLogic.

A move to less expensive appeals to older residents on fixed incomes, and in addition bargain-seeking investors, agents say. Realtors have even set up classes to enable customers to make sense of their next move and ease the transition.

Los Gatos agent Brian Schwatka has been advising customers with a workshop called Stay or Go Homeowner for around 15 years. He set an personal record for relocation deals this year.

Schwatka focuses on older homeowners, normally those nearing or in retirement. Numerous customers come with similar complaints, he said. “They say there’s too much traffic, too many tents on the side of the road,” he said. And it’s too expensive for those relying on social security and retirement savings, he said.

Some long-term residents are perplexed by the complex procedure of buying and selling a home, managing taxes and embracing a new life. But finances often demand a move, he said. “They’re house rich and cash poor,” Schwatka said.

One lady had been stuck in a two bedroom, one bath in San Jose for a 20 years. She was in her early 70s, Schwatka said, and struggled to pay her monthly bills as Silicon Valley costs rose.

She sold her home for more than $1 million and bought a newer home outside Sacramento for $420,000, he said. “She was completely broke for 20 years,” Schwatka said. “Now, she’s set for life.”

Pleasanton agent Tina Hand had a comparable story: She had customers who sold a few properties in the East Bay and bought even more single family homes and apartments in Memphis. “They’re setting themselves up for a nice, early retirement,” she said.