May market madness on the mid-peninsula
Buyers are out in droves now that spring is in full swing here on the Mid-Peninsula. All of our local neighborhoods and cities are very active with buyers snapping up properties—especially in Palo Alto where multiple offers (a large percentage of them all-cash) are the norm. Over half of available properties are in escrow. What’s a buyer to do? I tell my clients not to wait. The market has just turned and after a 4 year downturn (preceded by a 20 year appreciation run), and prices will again go up. Be “ready to go” with an all-cash offer or get pre-approved for a loan, find yourself a nice home and buy it. After your home appreciates in the following few months, you’ll be glad you did. If your purchase location is flexible, it wouldn’t hurt to look at a few neighboring towns and cities.
Sellers still need to prepare their properties well and price them right. Don’t get carried away with the perception that buyers will pay anything for all homes located in our area. Outside of Palo Alto especially, you can still overprice your home and it will sit there picked over and passed by. I just worked with a client who inadvertently did this and saw his home sit for far longer then it needed to. It’s a frustrating experience to live through.
I see the next month in real estate bringing more of the same: low inventory, low mortgage rates and home prices rising slowly. Let me know what I can do to help you with your residential real estate needs. You can text or call me at 650-269-8556 or email me at ngranoski.com. Enjoy May and our beautiful weather!