Silicon Valley Homes Are Flying Off the Market in Just Nine Days (2)

In California’s Silicon Valley, it often takes millions of dollars just to score a fixer-upper.

High mortgage rates may be snuffing out demand for homes elsewhere in the US, but for the area’s many software engineers riding the tech stock boom, and crypto millionaires cashing in gains, none of that matters. Tracy Hsu, an agent in Cupertino, tells her clients that it’s about bidding high enough to win.

Last month, Hsu helped a buyer land a dated three-bedroom ranch in Saratoga — a short drive from Apple Inc.’s headquarters — for $4.5 million, with plans to tear it down ...