Now’s a great time to start your home search! Contact us for our listings not available to the public. Our off-market listing may just be the right match for you!
4 New Listings Coming Very Soon!
We have 4 new listings coming on the market in the next few weeks!
120 Ventana Way in Aptos, CA
Dry Creek Home in San Jose, CA
Home blocks away from Downtown Menlo Park, CA
Blossom Valley Home in South San Jose, CA
And we are always working with buyers to find their next home north and south, east and west of the Bay Area. Contact us if you are interested in any of our upcoming listings!
Why Wait Until Spring to Find Your Dream Home?
Why Wait Until Spring to Find Your Dream Home?
While many people think of spring as the prime season for house hunting, the winter months can offer a good selection with less competition from other buyers, plus the opportunity to settle in before the warm weather arrives. Here are a few reasons why searching for a home in the winter season makes sense.
Less competition. During the spring and summer, more homes are on the market and more buyers are competing for those homes. The opposite is true during the winter months: Fewer buyers are house hunting, reducing the chances that you’ll have to battle multiple offers. The slower winter season also allows you to take the time to check out more properties, comparing prices and features to make an informed decision.
Sellers are more motivated to negotiate. With fewer would-be buyers, sellers receive less attention and fewer offers, making them more willing to make a deal. If the seller has been trying to sell their home for months or has a new job and needs the money for another transaction, they may be even more motivated to negotiate on the price, closing costs and terms of the sale.
Lenders are less busy. Mortgage lenders aren’t as busy during the slower months, so they have more time to give you individualized attention, possibly resulting in expedited approvals and quicker closings.
Gain insights into how energy-efficient a house is. Viewing homes in cold weather enables you to determine the heating system’s efficiency as well as how well-insulated the home is. You’ll be able to find out if some parts of the house are drafty and whether the owner uses space heaters in some rooms. Looking at homes in the winter gives you the chance to easily discover these deficiencies, which might not be apparent during the warmer seasons.
Finally, one important point to keep in mind. While owners may be more willing to negotiate during the winter and you might view a discount as a given, avoid making a low-ball offer that might insult the seller and doom your chances of buying the home of your dreams. An experienced Coldwell Banker® independent agent has the resources and tools to effectively guide you through the entire process.
If you are considering looking for your dream home this winter, get started by contacting us for a free consultation.
New Listing Coming Very Soon!
4593 Fallstone Court, San Jose, CA 95124 | Offered at $1,488,000
Welcome home! Built in 1993, this remarkable 4 bed/3bath, approx. 1840SF home on an approx 5579SF premium lot features a ground level bedroom & remodeled full bath, exquisite chef’s kitchen w/ SS appliances & new quartz counters, spacious master suite w/ walk-in closet, high ceilings, recessed lighting, hardwood flooring, new landscaping & more! Award winning Carlton Elementary, Union Middle & Leigh High School.
Please contact Shelli Baker 408.568.9412 shelli.baker@cbnorcal.com for more information or for pre-MLS appointments.
A Survival Guide for Spring
Real estate agents are reporting increased showings at open houses, bidding wars, and multiple offers over asking price within days, sometimes even hours. Basically, it’s a jungle out there.
Before you jump into the fray, ask a Coldwell Banker Residential Brokerage affiliated sales professional to guide you through the process.
As a homebuyer, this time of year and competitive environment can seem overwhelming, but it doesn’t have to be. As you enter the busiest selling season, here are a few tips for both buyers and sellers that should make the entire process easier.
Buyers, take the time to review your credit score. A sound financial track record and solid credit score may help you lock in a loan at lower interest rates, and try to obtain a mortgage pre-approval, which you may need in this fast-paced selling environment.
Keep in mind your housing priorities, preferences and desired locations when hunting, and remember your budget. Don’t get caught-up in the emotional drama of bidding, and price yourself higher than you can afford. Of course, select and work with an affiliated Coldwell Banker Residential Brokerage sales professional who will guide you through the entire process. A local real estate expert with years of negotiating experience is invaluable when it comes to closing the deal in this competitive market.
Sellers, while homes are selling faster, you still need to do your homework as well. Do some spring cleaning, painting and sprucing. Be forewarned that buyers are still looking for a great deal, so ensure that your home is priced accordingly and in good condition. Again, work with a local real estate expert who can advise you on a pricing and marketing strategy.
For those sellers sitting on the fence, don’t try to time the market. By the time most sellers sense a shift, the tables have typically already turned. Focusing instead on lifestyle needs is usually the better option.
For survival guidance during the spring selling season for buyers and sellers, contact a Coldwell Banker Residential Brokerage affiliated sales professional today. While the process may be challenging, your sales associate will lead your way.
Market Watch | Strong Economy Boosts Demand
With the economy anticipated to continue growing, demand for housing is expected to remain strong and incrementally boost home prices, according to the California Association of REALTORS®. C.A.R.’s Senior Vice President and Chief Economist Leslie Appleton-Young states, “This year’s housing market can be told as a tale of two markets – the inventory constrained lower end and the upper end that’s non-inventory constrained. This trend is likely to continue into 2018…” Read more about what’s happening now from our Northern California offices.
Monterey County – The real estate market in Monterey experienced a slight year-end plateau in home prices, which is great for home seekers because the frenzy has subsided. The exception is Pacific Grove that continues to be in high demand with only 28 properties currently available for sale. There was a general slowing in the luxury market, but it is too soon to tell if this is due to the recent tax reform. The new year is a great time for sellers to get their properties primed for sale and Monterey has experienced great weather for exterior photography and yard maintenance.
North Bay – Greenbae saw a continued seller’s market due to low inventory. The luxury market has slowed in Marin County, but multiple offers are still expected on well-priced homes. Santa Rosa Bicentennial also saw reduced inventory, but a decrease in offers has offset the seller’s market.
Economists predict higher mortgage rates in 2018 and affordability may be in question later in the year. For those on the fence about selling, it may be an opportune time while the pool of qualified buyers is still relatively high. Buyers are also encouraged to begin their house hunt as offers have slowed and there can be less competition early in the year. The luxury market is property and area dependent, and the rush to purchase after the local fires has waned for the time being.
Southern Marin saw a slowdown in the market leading up to the holidays with properties either being sold or just taken off the market. Demand typically picks up in early February until late summer, which is good for both buyers and sellers as there will be more properties on the market to choose from. Inventory is projected to increase in the spring, giving buyers more opportunities to find their dream home. The luxury market also cooled during the holiday season, although the area experienced a stronger demand for high-quality new construction.
Sacramento County – Sacramento Fair Oaks endured a 15 percent decrease in inventory since October and sellers saw a hot housing market with little seasonal slow-down. High buyer demand and a rapid rate of sales means sellers should get their property camera-ready. The upper-end markets remained active over the past quarter. The $400,000 to $750,000 price range saw an 18 percent increase in closed sales and a 29 percent increase in pending sales versus last year at this same time. Buyers need to get themselves pre-approved to compete in this fast-moving market. Homes priced over $750,000 saw a 42 percent increase in closed sales and a 35 percent increase in open sales over the past month. Anticipated mortgage rate increases and proposed tax changes may have contributed to a sizzling fourth quarter, but the high demand and low supply is expected to sustain the trend.
San Francisco – SF Lombard saw the typical holiday slowdown and this may have encouraged sellers to price their homes right. With less competition in the new year, sellers may be able to find a buyer more quickly.
SF Peninsula – Redwood City saw little activity in all price points. With little inventory, sellers are encouraged to list their properties now if seriously considering a move.
San Mateo experienced an active market during the holiday season. Listings and sales did not stop, as there were serious, committed buyers and sellers. Buyers are encouraged to keep searching for their dream home. As many buyers wait for the spring season to start their search, there is currently less competition in the market.
Silicon Valley – Los Altos saw a sustained seller’s market with low inventory and multiple offers on many properties. Instead of the usual holiday slowdown, activity remained brisk with properties selling above asking price in many instances. Knowledgeable sellers and buyers act and react quickly to home values in the current market, which led to lower days on market averages. Average DOM year-to-date is 18 for Los Altos, 37 for Los Altos Hills, 14 for Mountain View and 13 for Sunnyvale. Although the quick-selling moments lead to less homes on the market for buyers to compete for, there have been more homes sold in 2017 than 2016. Sellers must be methodical in pricing their homes as buyers are now very knowledgeable and aware of values. Buyers should also be ready with financing and be aggressive with their offers. Homes priced over $4.5 million are selling steadily with little growth.
Los Gatos saw multiple offers as the norm, especially because inventory is half of what it was a year ago. This makes it a great time for sellers to list their homes and capitalize on the record-breaking appreciation in the area. Buyers are encouraged to work with local experts to find their dream property.
Housing Supply Remains Tight in Northern California
Housing Supply Remains Tight in Northern California
Limited inventory and high demand was the continuing trend as the summer season ended. The California Association of Realtors reported that San Francisco overtook San Mateo as the most expensive market in the state. Supply remained tight as every single county in the San Francisco Bay Area saw a reduction in unsold inventory, as did most parts of the Central Coast and Central Valley. San Francisco saw the highest price per square foot in August at $871/sq. ft., followed by San Mateo ($863/sq. ft.), and Santa Clara ($668/sq. ft.). Read more about what’s happening from our Northern California offices.
East Bay – Fremont saw reduced inventory, down 38% from 2016. Even with minimal inventory, buyers were still price-sensitive, prompting sellers to keep asking prices reasonable. The luxury market also required fair asking prices for a quick sell, even with a slight increase in inventory. Oakland also experienced a continued sellers’ market with no increase in inventory and far more buyers than sellers. Most properties received about three to five offers, creating a great opportunity for sellers to get a higher price for their homes.
Monterey County – In Monterey, the market saw the expected slowdown with children returning to school. However, new listings in the $3-5 million range appeared on the market. Pacific Grove saw an increase in activity with some buyers looking for vacation properties.
North Bay – Santa Rosa Bicentennial saw a busy month with 26% more closed sales than in July. This increase in properties coming off the market resulted in fewer available homes for eager buyers. The luxury market remained active with more properties being listed than in previous months. Southern Marin’s market slowed around Labor Day, but has since picked up. Supply currently exceeds demand and inventory is up to 1.6 MSI (months supply of inventory) from 1.1 recently. This means that homes are staying on the market longer giving buyers more choices with less competition. The luxury market has seen steady growth with three Mill Valley properties closing above $5 million. Many buyers in the multimillion-dollar price range have high expectations, including new construction with pools, pavilions and views in desirable locations.
Placer County – Tahoe offices sold 90 properties in the last two weeks of August, 17% more than the previous two-week period and the largest sales period to-date in 2017. Eighteen of those properties were sold at above $1 million. Buyers remain interested and continue to search for their dream home. Luxury sales dipped with 163 homes sold in 2017 compared to 198 sold in 2016.
Sacramento County – Sacramento Fair Oaks experienced an unseasonal uptick in pending sales, up 11% from 2016 and 16% from July. Inventory remains 10% less than last year. This combined with low interest rates indicates a strong selling period. Buyers abound with new open escrows in August at the highest level since May 2012. Sierra Oaks saw more inventory resulting in increased competition for sellers. While many properties still received multiple offers, the rising inventory levels have given buyers more options and leverage with negotiating. The luxury market also saw strong increases in inventory.
San Francisco – In San Francisco, the overall trend remained the same – high demand with low supply. Sellers with fixer properties had to be strategic with their list price.
SF Peninsula – In Half Moon Bay, the market saw a slight increase in inventory. Buyers remained price sensitive even in the luxury market. Menlo Park had high buyer demand in all price ranges, but particularly the starter and luxury markets. While this demand was eased by some increases in inventory, there was also an increase of buyers coming into the market. A few properties listed at $10-plus million closed after sitting on the market for over 100 days. Palo Alto’s market had an increase in the percentage of local buyers. This combined with low inventory created a sustained sellers’ market. Redwood City saw slight increases in inventory, such as 15 new single-family homes in San Carlos. Because of this new inventory, sellers had to list their homes at reasonable prices to receive multiple over-asking offers. Over the past month, San Mateo’s office saw increased inventory. This rise in activity was also prevalent in the luxury market.
Silicon Valley – Cupertino saw a highly charged sellers’ market. With the market favoring sellers, many properties were going for amounts much above their asking prices. Los Gatos saw similar market trends, prompting multiple and even preemptive offers. Gilroy and Morgan Hill also had a continued seller’s market. Well-maintained homes with reasonable prices received multiple offers from buyers willing to waive appraisal contingencies. Due to current demand, sellers could secure approximately $700 per square foot. The market in Los Altos saw the same conditions of low inventory and multiple offers. The current market has created knowledgeable buyers and sellers, who have learned to act quickly. On average, homes have only been on the market for 12 days. The luxury market remained steady, but flat. Inventory increased and days on the market averaged 27. The San Jose Willow Glen market also experienced low inventory. There were many active properties in the luxury market with a $1.2 million starting point. Even at that price, buyers were faced with competitive bidding wars on most homes. Saratoga continued the trend of low inventory with a decrease of 5.9% from last month. Days on the market also decreased to 22. This is a 42.1% decrease from last month and a 31.3% decrease from 2016. The luxury market remains steady with 20 properties listed between $4-$12.5 million.
El Dorado County – El Dorado Hills saw low sales in year-over-year statistics with tight inventory and new construction not being able to keep up with demand. The high demand led to multiple offers, especially with homes under $600,000. Home prices have slightly increased, although appraisals can be below the purchase price. Sellers must be sure to price their property competitively, even with the current levels of demand. The luxury market has plenty of available inventory.
Price it for a Competitive Market
The real estate market in Northern California is seeing varying activity depending on the counties, cities, neighborhoods and homes. This issue of Market Watch is a strong indicator of this shifting dynamic. Competitively-priced homes in any range are expected to sell steadily and swiftly, and properties under $750K are not sitting on the market for long. The sub-$750K homes are also seeing tighter inventories than higher-priced homes.
With additional inventory expected to appear over the coming days and weeks of summer, buyers who have been waiting for new listings will be competing for homes that are priced right and primed to sell. Sellers testing the market with listing prices above the competitive range will see their homes sitting longer, and the perception among buyers will be unfavorable. It’s critical even in this market to list at the right price for the county, city, neighborhood and home. Now more than ever, sellers and their agents need to be mindful in determining a listing price.
Hot markets like San Francisco will continue to experience more buyers competing for less properties, which will drive up closing prices significantly in desirable communities. Here’s what was happening in our local Northern California offices since the last issue of Market Watch:
East Bay – In the Berkeley area there has been a steady increase of both listing inventory and sales activity. Some of the largest markets in the region include Oakland with 248 available properties and 279 under contract; Richmond/El Sobrante with 81 active houses and 94 under contract. Pleasanton has also seen steady listing inventory increasing by 22 properties.
El Dorado County – El Dorado Hills has solid inventory at the high-end market. Although properties are selling, some are overpriced due to the message of an inventory shortage. There have been multiple offers on properties under $500,000 and cash proves king in this range.
Monterey County – Monterey launched Coldwell Banker Global Luxury since the last update and it has been well received. The high-end market had recent price adjustments of $1-3 million. The mid-range market has slower activity at open houses, limited listings and tight supply. However, the market is expected to pick up as we enter summer and more listings appear.
North Bay – North Bay has seen a market favoring sellers, driven by demand and an increase in sales activity. Areas such as Marin saw homes going 15-22 percent over asking price. With approximately 365 available properties, only 65 are listed under $1 million. Although Santa Rosa Bicentennial had an increase in sales activity, it also experienced a slowdown in offers. The development indicates that the trend is home-specific in this area as opposed to a market indicator.
Placer County – Tahoe offices saw a decrease of approximately 18 percent in sales for luxury properties over $1 million from 2016. This is also reflected in the year over year sales; 2017 had 75 sales while 2016 sold 92 properties for the same period. The median sales price for luxury properties in 2017 is $1.4 million, a five percent decrease from 2016. The average sale price of luxury homes in 2017 stands at $2.1 million compared to $2.3 million in 2016, an eight percent decrease. As more homes are expected to be listed, savvy buyers and investors will be searching over the coming weeks as mortgage interest rates remain favorable.
Sacramento County – Folsom has experienced increased listing inventory and an increase in sales activity with 35 ratified offers. Fair Oaks saw decreases in listing inventory and sales due to a surplus of sellers and a lack of buyers. In the $450,000 price range, there were multiple offers on properties indicating a continued sellers’ market. Elk Grove has seen a 12 percent increase in listings with a 25 percent increase in pending sales. Homes under $350,000 have been in especially high demand with less than .2 months of inventory.
San Francisco – San Francisco has had mixed results since the last update. SF Lakeside saw a slight slowdown in overall activity including open houses. SF Lombard had slowdowns in the $2.5-$3 million range and high-end markets. However, single family homes have remained hot with multiple offers and sales over asking price. SF Pacific Heights had tight inventory with decreased listings, but still had an increase in sales activity.
SF Peninsula –Burlingame, Half Moon Bay and Menlo Park each saw steady listing inventory and steady sales activity, but with different results. Burlingame’s tight supply prompted multiple offers on properties and many sold above asking price. Half Moon Bay also had tight inventory and carefully managed pricing. Overpriced properties linger on the market and typically bring in lower offers, so appropriate pricing is key. Palo Alto had increased listings and sales, but comparisons show inventory and sales are down from 2016. Redwood City had a slight decrease in inventory and sales activity, but remains competitive. One local buyer finally purchased a home after losing out on 14 previous properties, so demand remains high for competitively priced homes. San Mateo saw an increase in listings and sales, a good sign for a hot summer sales season.
Santa Cruz County– In Santa Cruz, the price of high-end homes is currently $3-$4 million. Single family residences were in low supply with 320 active properties and demand remained steady. Overall, the county saw the number of properties that have gone into contract continue to be nearly as high as the number of new listings to the market.
Silicon Valley – Cupertino reported multiple pre-emptive offers with a hot market and high activity. Listing inventory and sales activity increased and the area ended the period with 30 ratified offers.
California’s First Quarter Foreshadows Strong Sellers’ Market
As the first quarter of 2017 comes to a close, California continues to show an abundance of active buyers throughout its markets while dealing with consistently low inventory. Reasonably priced homes spend minimal days on the market, often having received multiple offers, while overpriced homes are taking longer to sell.
According to the National Association of Realtors® (NAR) Pending Home Sales Index, in February there was a 3.1 percent increase in the pending home sales index in the West, rising to 97.5, which is a 0.2 percent hike from last year.
“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” said Lawrence Yun, NAR chief economist. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”
A healing economy continues to increase the number of new buyers nationally and locally, while low inventory decreases many buyers’ options and increases their competition.
“While it’s encouraging to kick off the year with back-to-back yearly sales increases, moving forward, California’s housing market could lose steam in the long term as the Fed begins to adjust the federal funds rate,” said C.A.R. President Geoff McIntosh. “In the short term, however, the specter of higher interest rates may push buyers off the fence to purchase a home before mortgage rates move even higher.”
Moving into the rest of 2017, the number of buyers will continue to rise at a faster rate than new listings. Cash offers will continue to be more successful and popular because they stand apart from the abundant offers most listings receive.
Here’s what was happening in our local Northern California offices in late March:
East Bay –As we approach the end of the first quarter, the market remains incredibly strong with low supply and high demand reflecting continued price increases throughout the East Bay. Sales activity has picked up this month with homes continuing to sell at a fast and furious pace. More of the homes for sale are receiving offers in the double digits, yet several homes listed for $1.5 million or above are taking a little longer to receive offers than those selling within 14 days or less. Buyers are still coming in to our market and are willing to pay well over the asking price to get a home with a yard, but still close to amenities. Preemptive offers now have agents publishing offer dates within a few days of the first open house.
Monterey County – The Monterey Peninsula market had shown signs of a slowdown at the beginning of the month but is seeing more activity at open houses. The under $1 million price point has been especially active. Affordability is always a factor on the Monterey Peninsula especially for first time buyers. New listings are incoming as homeowners prepare their properties after the storms. The month is slightly up in unit sales over March 2016 and even with dollar volume. The Monterey Peninsula continues to be one of the most desirable destinations on the central coast. The Carmel Chamber of Commerce Executive leadership committee reported that there were several repeat visitors that had been visiting the area for several years, and that there were seven home purchases that they knew from out of area visitors.
North Bay – A Tiburon listing of $2.3 million closed a million over list price. All levels are hot as inventory is still quite limited. Buyers are out en mass and ready to buy. There are approximately 300 available properties in Marin and only 60 are listed under $1 million and 15 are under $750,000. This price range is flying out the door, selling with multiple offers, waiving off contingencies and many in cash. One of our Mill Valley listings, which was a complete teardown, was listed at $725,000 on a busy street and received 13 offers, going well above list price. A property listed at $945,000 in Novato had hundreds of visitors over the weekend. There are indications that more units are getting ready to come on to the market in the near future. The market looks and feels remarkably similar to last year during this same period: low inventory, slightly less pending sales and less closings. The luxury market is stronger than it has been since the recovery began in 2011. We continue to experience a sellers’ market with multiple offers on most properties listed under $1,500,000. Overall, the market is getting better.
Placer County – Luxury sales for properties priced above $1,000,000 are down 17 percent from 2016 luxury sales. For 2017, there have been 38 luxury properties sold as compared to 46 sold last year for the same period. The median sales price for luxury properties in 2017 thus far is $1,500,000, which is down 3 percent from the median sales price of $1,550,000 in 2016. The average sale price of luxury homes year to date stands at $1,829,378 as compared to $2,504,941 in 2016 and is down almost 27 percent.
There continues to be considerable interest in the market as many buyers and savvy investors are actively looking for homes. For sellers, there is a demand for properties on the market because of the low inventory. For buyers, even though inventory is down from last year, there are quality properties to choose from throughout the north Lake Tahoe and Truckee areas. As spring approaches, more homes will be coming on the market and with the current home prices and favorable mortgage interest rates, real estate investors will be able to succeed in this market and acquire homes in many of the Lake Tahoe and Truckee resort communities.
Sacramento County – There is increasing inventory, which is causing the market to trend toward a buyers’ market. The bifurcated market under $500,000 is in great demand and has virtually no inventory. The over $750,000 inventory is now a buyers’ market.
San Francisco –There is still a high demand and few listings, but unrealistic price expectations will cause a property to stay on the market longer. There is more inventory and the patterns seem to be holding, but there are fewer home sales from February year over year. There is a lot of traffic, interest and offers up to about $2.5 million but anything higher is where activity appears to drop off. Condos have less traffic and frenzy with about half going at or under asking price. Buyer credits are becoming more common. Because there are still not enough listings for the amount of buyers, many properties continue to receive multiple offers on their offer dates. When something ratifies with only a single offer, it is because a savvy buyer made a pre-emptive cash offer or because it is a new construction condo. As is always true, properties that buyers view as over-priced continue to sit despite the lack of inventory.
SF Peninsula – The market is strong, and there is a lot of activity at open houses. Because of the low inventory and high demand, prices continue to rise due to multiple offers, and the market remains very competitive for buyers.
Santa Cruz County – Homes listed at more than $1 million in Santa Cruz are receiving offers if they are priced appropriately and are appealing. The luxury market is likely going to perform well this year with the affordable pricing for jumbo loans. The number of new listings coming to the market is less than the number of active listings changing to pending status. The overall listing inventory for single-family residences has decreased to below 200, which is lower than usual this time of year. It appears that there may be a surge of inventory pent up, which may hit the market after the tax-filing deadline.
Silicon Valley – The market is steady but needs more inventory. There were 16 offers on a small condo in Blossom Valley. There are many more listings coming on the market, meaning there finally seems to be more choices for potential buyers, but the number of homes for sale does not yet meet buyer demand. Prices, however, remain high and sellers are realizing that they can still get top dollar for their homes. Higher mortgage interest rates do not seem to have dampened buyer enthusiasm or willingness to pay full price for a home in South County. The luxury market (homes priced over $4.5 million) is steady but days on market and inventory are heading up slightly higher because frenzied bidding and multiple offers are the exception as opposed to the rule. As a result, the number of sales in this market is down. At first glance, inventory would appear to be abundant, however, with so few homes actually on the market, this number is more of a false negative. Overall, inventory is rebounding faster than in years past, albeit slow, but inventory levels are still low compared to buyer demand. Many of the homes that had been lingering on the market have either gone off the market or have been sold. Currently, we have only a little more than one months’ worth of inventory in Los Altos. With such a limited number of homes available for sale, we are seeing most homes receiving multiple offers that typically achieve a sales price that is over asking. The market in Mountain View is even hotter with barely two weeks’ worth of inventory. In short, the number of homes coming on the market for sale each week is on the rise in both the Los Altos and Mountain View markets. Although the number of homes coming on the market has risen and inventory levels have eased, homes are selling very fast, particularly if they are priced well, in some cases spending as little time as one week on the market. The markets of Los Altos and Mountain View are still very strong and robust.
South County – The market seems to be picking up from the last two months. Despite the increase in inventory, homes are selling fast.
Market Watch is a bi-weekly column exploring the Northern California housing market. Click here to view past issues.
Avoid Competing with Multiple Offers: Purchase Off-Market
Just because there isn't a "For Sale" sign in a yard, doesn't mean the homeowner isn't taking offers. You just have to know the right person. See our Office Exclusives here.
Despite strong demand in our Silicon Valley market, some homeowners are skipping the process of officially listing their home on the multiple listing services, leaving agents with the task of finding a buyer without publicly advertising it.
And real estate professionals say these "secret" listings -- commonly known as "pocket listings" -- are becoming more popular.
But in a seller's market with bidding wars driving offers well above the asking price in some areas, why would a homeowner sell their home in secret?
The reasons vary: some want privacy, others are testing the waters and some think the exclusivity can draw a higher sale price.
"Many times I've had pocket listings where people will say, 'If I get this number I will sell, otherwise I have no desire."
Not publicly listing a home can reduce the pool of buyers, which could potentially mean missing a top offer.
Public sales can lead to off-market sales when a neighbor stops by an open house and questions the asking price of the home. When the home sells for that once-thought inflated price, agents will sometimes approach neighbors about selling. "We have the buyer demand to pair them with a home that isn't even on the market."
Pocket listings are also sold among agents representing buyers and sellers. Those with an offline property will work with other professionals to find a seller.