Tuesday, July 1, 2008

Los Altos & Hills Prices Up - SJ Mercury 6/29

As entertaining as it is to get clients who ask about declining prices and the search for bargains in Los Altos, I offer this article as further evidence that no such declines have occurred or are likely to occur.

http://www.mercurynews.com/wherewelive/ci_9735111

I'm not trying to make it sound like it is impossible for prices to drop in Los Altos or that getting a "good value" is equally difficult. What I keep trying to reinforce is that sales volumes have stayed low and that low supply combined with strong demand continues to push prices up.

You will see lots of price reductions on homes that have been on the market for a while. This is almost always the seller having unrealistic expectations of what their home is worth and an agent who won't push back. The homes offer an opportunity to get a "good value" by making an offer at or below the asking price.

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