Silicon Valley real estate agents and residents are primed for the potential rush of "newly minted Facebook millionaires," now that the company is on its way to becoming publicly traded.
The area has weathered nationwide dips in home prices relatively well, and it is surmised that with the anticipated influx of Facebook employees, already-high prices could go higher still as demand remains strong.
"In recent weeks, [Real Estate Agent Ken DeLeon] said, there have been signs that the market has been heating up more: 10 homes in Palo Alto sold for more than their asking prices last month, some by large amounts.
Now, with the long-expected Facebook public offering a step closer to reality, Mr. DeLeon said he expected to see several things happen: some sellers may keep their homes off the market until they judge the time is right, some speculators may snap up old houses to tear down and rebuild, and some buyers may feel pressure to make offers before the deluge hits."
Read the full story: If Silicon Valley Costs a Lot Now, Wait Until the Facebook Update
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