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At the beginning of the Covid-19 pandemic there was speculation that urban home prices would suffer. As of the end of November, 2020, there is no indication that home prices in Downtown Palo Alto are even slightly suffering.
More information about the Downtown Palo Alto neighborhood, including more real estate trends and downtown attractions, is available at: Downtown Palo Alto.
For many years in Silicon Valley, a purchase offer for a home was typically made at a specified “purchase offer date” promoted by the sellers’ real estate agent. A preemptive offer would sometimes be made, before the purchase offer date, by buyers who were especially motivated. With restrictions on meetings caused by the coronavirus, making a purchase offer is going to become similar to making a preemptive offer. Each potential buyer will submit his offer when he decides to, and he will have minimal knowledge of any competing buyers. The value of the knowledge a top agent has and the value of the agent’s network will surely increase.