The real estate was as hot as can be in April. The number of homes for sale continued to fall. The demand for homes continued to rise. A top appraiser in the area told us that the number of all-cash offers was now clearly in the majority in the Palo Alto, Los Altos, Menlo Park areas. In addition to all-cash offers and significant over-bidding, terms of the offers are typically “as-is” with no contingencies, and free rent-backs for the seller, if desired. This is without a doubt a Seller’s Market!
Be careful not to over price the home. If your home doesn’t sell right away in today’s market buyers will assume that there is something seriously wrong with the home. As a result, you will sell for less if the home doesn’t sell in the first two weeks. If you’re thinking of selling – now’s the time!
Choose carefully! There is very little – if any – discount for negative issues (such as busy streets, odd floor plans, etc.) in a hot market. However, those properties can decline in value by as much as 40% in a slow market. And don’t be afraid to over bid. To win, you’ll most likely need to bid a significant amount over the asking price. Just be prepared to hold for seven to ten years and you’ll do just fine.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of April for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.