You’ve no doubt seen the continued demand for Silicon Valley real estate and the solid home price appreciation that’s followed. Maybe you’ve watched neighbors homes sell really fast for really unexpected amounts, or watched your adult children struggle with entering the market themselves. It’s possible you’ve even been inspired to sell your own home – but want to know if moving in this market is really as easy as it looks! In that spirit I wanted to share a recent infographic from the California Association of Realtors and throw in a few top tips of my own to set some expectations about the current market.
Tip #1: Know where to go!
Worrying about finding another home to buy IS a legitimate concern, and no one should advise you to sell now and figure the rest out later. I often work with my sellers to create a plan that accounts for the event of a quick sale, and weighs the pros and cons of timing in various scenarios.
Tip #2: Know YOUR local market & YOUR home!
Just because the guy across the street got 10% over asking for his home does not mean you will. Every home, every neighborhood, every buyer is different. Nothing is more local than real estate – and even in the same exact neighborhood, it’s impossible to replicate all results with 100% accuracy.
Tip #3: Not all offers are created equal!
The note in the graphic about appraisals and what happens when/if your home cannot appraise for the purchase price is a BIG reality in today’s market. Taking the highest financed offer may not always get you the result you want or need. Make sure you understand the implications as this situation happens everyday.
BONUS Tip: Don’t get so caught up in the heat of the market that you forget what you REALLY want. While everyone wants the highest possible return on their investment, make sure your agent accounts for your big picture short and long-term goals. Home IS where your heart is… and as an agent I consider it my role to preserve and continue that cherished belief in any market. It IS a great time to sell – as long as you have a GREAT plan and a GREAT advocate!
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/