Friday, September 28, 2007

Weekly market update

As of 10:30PM 9/28/07

Number of single-family homes available in Los Altos: 53
Average days on market: 23

What's selling: Homes priced under $2,000,000 are selling quickly
What's not selling: Homes priced over $3,000,000 are taking weeks or months to sell

Contrary to what the local and national media would have you believe, the local market is still very strong. However, caution prevails with both buyers and sellers. After the Fed dropped interest rates, mortgage rates actually went up. This has caused buyers to reduce their offers and multiple offer scenarios to diminish.

The key to successfully selling in the current market is ensuring the property is in the best possible condition (within reason) and is priced correctly. This means NOT pricing it at what your neighbor sold his or her house for and NOT pricing it for what you expect to eventually sell it for. Pricing under the market WILL generate multiple offers as has been seen on several recent Los Altos sales. If you want to know how this works in more detail, call me and I'll be happy to explain it.

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