Silicon Valley

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Silicon Valley – Lots of competition for well-priced homes in popular areas. The market is picking up, especially under $2 million.  In Los Altos, more buyers are getting ready to move, trying to beat the Facebook crowd. Speaking of FB, see my next Blog) Multiple offers are happening in half of the sales. Creating inventory continues to be the biggest challenge in Los Gatos. The same story is echoed in Palo Alto, where inventory is almost as low as in 2005 – with extreme demand.  Buyers are competing for homes under 500K.  Sellers who feel the market has improved and now they can ask more don’t sell.  However, buyers are willing to pay top dollar for “turn key remodeling.” In Saratoga, even though we’re experiencing multiple offers below the $2.5 million level, the inventory remains very low. Managers are encouraging agents to tell their sellers that this is the time to place their homes on the market. We’re experiencing many multiple offer situations.  Anything below $3,000,000, if priced correctly, seems to be selling fast. Buyer’s agents seem to be frustrated as there are 5 to 15 offers on each property. This is the time for agents to concentrate on getting listings as they are gold in a market like this.

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