Can you imagine? In the midst of a market downturn, 15 prospective eligible buyers compete for one home (Carniel). Another home (Richelieu Ct.) was sold for almost $200k more than asking price (with 14 offers) last week. It happened last week in Saratoga. About 6 homes that were priced under $2m were sold for more than 10% over the asking price. Some of them got sold just before the end of the year and some are still in contracts. The rain did not scare buyers away. The same thing is happening in Cupertino, where 12 families competed on one home, and in South Sunnyvale, the Homestead High area, low-end homes in Los Altos (under $2M) and in Palo Alto.Inventory is growing slowly but so is activity.These examples are not valid for every market and definitely not for the entire Silicon Valley. Even in the most attractive market there are homes that are not selling. If they are priced too high, over the market value, they will take a long time to sell and the sellers will end up getting a much lower price when they finally sell. A few examples are a house near Montclaire Elementary School in Los Altos (a highly desirable area) which has been on the market for more than 52 days, and a small house with a huge lot near Nimitz Elementary School in Sunnyvale.Smart buyers are not afraid of looking again at the same homes and offering lower prices. Now is a good chance to get A good deal

Tags: , asking price, Buyers, Cupertino, home, Homestead high, Inventory, Los Altos, market, Palo Alto, Saratoga, silicon valley, sold, Sunnyvale

This entry was posted on Thursday, February 7th, 2008 at 6:11 pm and is filed under Buyers, Cupertino, Homestead high, Inventory, Los Altos, Palo Alto, Price, Saratoga, Sunnyvale, asking price, buyer, homes, house, lower prices, markets, silicon valley, sold. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.