You don’t have to take our word for it. Just take a look at the numbers. Homes that go through a price reduction spend nearly two months longer on the market and sell for around 10% less than homes without price reductions. That’s a significant difference, and another reminder to price your home to sell, not to shock.
Inventory remains tight in San Mateo County, with median home prices and average time on the market going stagnant year over year. This could be a sign that the market is finally leveling out. It could also be a sign that summertime is traditionally slow for sales. Condos were only a slightly different story in July, with inventory down, prices up, and properties spending eight more days on the market than one year ago.
The market continues to be very tight in Santa Clara County, with home sales down 14% from last year, and condo sales 20% below June 2022. Meanwhile, properties are spending more time on the market as buyers weigh interest rates and inventory against their desire to find their dream home. As a result, home prices have dipped slightly, and condo prices have seen a small spike while buyers wait out the shifting market.
According to the numbers, foreign nationals account for more than 2% of home purchases in America each year. But did you know more than 50% of these “foreign” buyers are recent immigrants or non-immigrant visa holders who live right here in the U.S.? And did you know 10% of them are Canadians (third-highest of any nation)? Check the stats to learn more!
When you put your home up for sale, choosing the right asking price could be the difference between getting what you want and leaving big-time dollars on the table — especially in today’s tight market. So how do you find the right number?
Setting an asking price is all about striking a balance — between the price you want and what the market will bear, high interest rates and low inventory, first impressions and protracted negotiations. In this treacherous territory, it’s good to have an agent to guide you to the promised land. We’ll help you make sense out of the tea leaves and find the asking price that fits your property.
I love a good numbers game, and finding your asking price is all about crunching the data. The first step is to analyze comparable sales in your neighborhood. How do the homes compare to yours by the numbers? How closely did asking prices mirror impartial estimates? How long did the properties spend on the market? Once you know the landscape, it’s easier to find your way.
