Market Thoughts: March 2021
It’s been quite a fascinating market recently - unlike anything we’ve seen before in the Bay Area. Inventory overall is very low, so it’s an opportune time for selling! There are some caveats to this, though:
- Present your home as a buyer wants to see it. Prepping your house for sale is quite a dance, but one I know well and absolutely enjoy. It will literally pay dividends if you invest in the RIGHT upgrades, designs/colors, staging and landscaping. We need to create the atmosphere and appearance of a certain lifestyle that buyers covet. Will they actually live like that? Likely, no. With house preparation, we work to highlight the lifestyle and top selling points that your home offers.
- Price your home right. There is a temptation in hot markets to push the list price to match the sales price of the most recent hyper-coveted house in your vicinity. Don’t give in to this pressure. We will immediately be cutting out a section of buyers who would have otherwise fallen in love with your home and help to bring in an offer you would be happy with: well priced and clean.
- Do the right marketing. We know your buyer and where to reach them. You can have tons of marketing, but if it’s just to promote the agent, then there’s no point. It’s a waste of your time to not have the best buyers bringing the best offers your way.
- Sometimes the best offer is NOT the highest price. With countless factors going into what makes a clean and best offer, only basing your decision on the sales price can be a detriment. We would need to consider the following three (plus others):
- Down Payment: This is especially important if there’s a bidding war and you buyer’s bank says the appraisal is too far below the agreed upon sales price to close the deal)
- Lender: Is this a reputable lender who knows how things work here? Or is it an out of state lender who does not understand the process in the Bay Area? Our area is unique in how deals are structured and I’ve seen out-of-state lenders struggle to meet our deadlines.
- Contingencies: A clean offer has nothing that would allow the buyer a chance to walk from the contract. These can include loan requirements that buyer will have to meet or they can cancel the contract, a specific appraisal number that has to be met, or even further inspections the buyer will have to approve first. Fewer = better.
Below are March 2021 stats for you to review for Palo Alto and Menlo Park. If you’d like a specific neighborhood or house, please reach out and I’m happy to help!