As we enter the summer real estate market in Silicon Valley, we are finding some different dynamics from last year. For one, the number of homes that are active (for sale) in a given week has increased to a substantial level not seen in years past. The result is more selections for Buyers to choose from and much less pressure or motivation to take any given property, as there are alternatives coming on each week. So Sellers need to work with their Realtors to get the asking price right – it has to match carefully with the neighborhood, general conditions, affiliated schools, etc. Up front full careful analysis is mandatory – a Zillow Zestimate won’t get the job done! Properties that are not matched carefully may end up sitting on the market for some time, or forced into price reductions and weeks chasing a declining market – never good! If you have a near perfect product in a highly desirable area, you might still get multiple offers that are aggressive in offered price and quick to sell – but the idea that most homes will sell in just a few weeks at any price, location and conditions is mostly behind us at this point.
IWMG-SV has all the resources to help with a full analysis of the market and what can be done to make your transaction successful, whether you’re buying or selling.