Is It Really the Best Time to Sell in Silicon Valley?

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We've seen a lot in the media about what a great time it is to sell - we even did a market update for you recently with the numbers. But how do you know it's really the best time to sell? Does that blanket sentence mean it's the best time to sell your Silicon Valley property?

In reality, not necessarily. It is a seller's market and a great time in general to sell, but as we always talk about in real estate, it goes back to the 3 most important things about a property: location, location, location. This is because real estate is very localized. An area may have an average value of $400 per square foot, but that's because one neighborhood has a value of $350 per square foot and another neighborhood in the same area has a value of $450 per square foot. With real estate being so localized, it's hard to say a blanket statement like "now is the best time to sell."

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It goes back to the 3 most important things about a property: location, location, location.

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You really want to break it down by the local market in your local neighborhood and see if it's really the best time to sell. When doing that, you need to look at price and competition. For example, if there are 3 homes in your neighborhood that are the exact same model as yours, maybe now is not the best time to sell; wait a week or two and see what happens with those properties. Waiting until after they sell, or accept an offer, is a great time to list yours, because the house may have had lots of interest that can be funneled into your similar home.

The key to remember is to consider your neighborhood. It may not be the perfect time to sell right now, but it may be soon. We put a property on the market the week before Christmas. People were wondering why - but it was in a very desirable community with no other homes for sale, so no competition. It sold very quickly with multiple offers. In general, Christmas isn't the best time to sell a home, but it was the perfect time to sell that particular home.

If you're interested in selling your home and now is the best time, give us a call and we'd be happy to work with you. Likewise, if you have real estate topics that you'd like to see covered, let us know too.

What Happens When Your Offer Is Contingent?

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If you’re a homeowner buying a new home, your offer may be contingent upon the sale of your current home. Having a contingent offer decreases the likelihood of acceptance, especially when competing against others. For instance, if there’s an offer identical to yours that isn't contingent on a home sale, it’ll be more attractive. What if your offer is contingent on the sale of your property in the Silicon Valley?

On the flip side, most people do have a home to sell when purchasing a new one. How then do you win a bidding war with a property to sell? There are different stages of contingency. The further along you are, the better your offer looks.

For instance, you see your dream home listed on the MLS. You want to make an offer, but your home isn’t even listed. It’s not staged, and it might even need repairs. You’re not pre-approved and you haven’t pursued an inspection. Before jumping ahead, you need to do some work. Stage one involves the time it takes to prepare your home.

However, if you’re further along in the process, that strengthens your offer. If you’re considering buying a new property, I highly suggest starting the selling process as early as possible. 

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The further along you are in the selling process, the better your offer looks to the seller.

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If you've already prepared your home for sale, the next step might be to have professional photos taken and work on the marketing aspect. If you’ve handled all of this, your offer is even stronger. A step past that is already being listed on the market. An even further step would be already having a buyer, especially one that removed their contingencies! The further along, the better it looks for the seller.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer your questions and serve your local real estate needs!

What Does the Silicon Valley Housing Market Look Like?

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How is the Silicon Valley real estate market doing? We’re at the end of the first quarter of 2016, so it’s time to look over some data and statistics.

Overall, compared to 2015’s first quarter, it’s looking good! We’ve experienced a slight increase for average sales price and slight decrease in days on the market. Although other numbers in the region have remained consistent, we know real estate is hyper-local. 
San Jose experienced an 8.7% sales price increase to $912,000. Morgan Hill experienced a 9.6% average sales price hike to $871,000. Additionally, in Morgan Hill, the average days on the market decreased to 33 days. We’re seeing some major improvements, but again, it needs to be broken down by specific neighborhoods.

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We anticipate a busy spring and summer season in Silicon Valley real estate.

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For the first three months of this year, we’ve had low inventory, but during each month, more homes have been listed. It’s catching up to buyer demand. More sales are happening from increased inventory and buyer foot traffic. We anticipate a busy spring and summer season. That makes it an opportune time for anyone thinking about listing.

If you’re thinking about buying or selling in the surrounding area, you can reach me by phone or email at your earliest convenience. I’d be happy to provide you localized information about your neighborhood, as well as your home’s market value.