Bay Area Property Value

If you are living in the Bay Area and planning to sell your home, we have some good news for you. Recent study has shown that Bay Area property value is on the rise. Despite a slumping economy and a subsequent slow-down in Silicon Valley's once red-hot real estate market that has cut the worth of thousands of homes, Bay Area Property value has staged a miraculous comeback. If you go through the newly released figures for 2001, you can have a statistical view of that aspect. According to the report, the assessed values on property rolls jumped $49.3 billion in the nine Bay Area counties last year, thus registering a growth of 7 percent. And it translates into more than $500 million in new property tax revenues. So, if you are thinking of selling your home, this is the time to go ahead with your plan.

For the governmental perspective, the rise in the Bay Area property value has numerous positive aspects. While more than 50 percent of that money earned through property tax will go to the state to pay for schools, it will still provide a big boost to Bay Area counties, cities and special districts that are facing deep cuts in their share of state funding. Thanks to the increased Bay Area property value, California State Association of Counties representatives expect profitable state budget that takes a billion dollars out of county services. This will, in turn, help them make up for those cuts. Bay Area real estate has always been a solid investment. But with the rise in Bay Area property value, according to real estate experts, it has become the most sought after one.

Real estate in the Bay Area has consolidated its position so convincingly that for the last three years this industry has outshone the Dow, the Nasdaq or even bond investments. Even for the average homeowner, the returns have been amazing. For any house under a million dollars, the return has been phenomenal. The real estate trend analyzers are now pinning their hope on Bay Area property value. But property values did not rise uniformly across the Bay Area in 2001. While northern counties like Solano, Napa, Sonoma and Contra Costa experienced strong rates of growth, the Silicon Valley has been especially hard hit. A research has shown that while the city of East Palo Alto experienced a brilliant growth rate of 25.6 percent in 2001, property values in wealthy Atherton and Woodside fell 1.9 percent and 1.3 percent respectively. We suggest you should check both sides of coin before selling your Bay Area home.