Getting A Good Deal — in this Market?!

Finding a Good Deal?Getting a good deal starts with being the only offer.

In today’s wild seller’s market, Silicon Valley’s hottest homes are sometimes seeing 18-20 offers, sometimes more. For homeowners, it has been a fantastic year to sell real estate. Even a distressed property or one with multiple issues, when marketed appropriately, can receive multiple offers and fetch a good price.

Good listing agents will do their best to create the right conditions to encourage as many offers as possible so that their seller can get the best price and terms for their home. This high-volume competition for homes, known as a bidding war, is great news for sellers and tough on buyers.

Needless to say, it’s not a great market for deal-seekers. Most buyers are loosing out on multiple homes before they are able to buy. Some feel hopeless watching the prices rise and choose to give up the search. Even buyers who are bidding at or over where a listing comps out often loose to higher offers with no contingencies!

No one wants to overpay for a home, but in this market it can sometimes feel like the only option.

So what’s a buyer to do? Here are my tips for home-seekers looking for a good deal in Silicon Valley’s hot housing market today.

Before you Buy

The first step is to understand that a good deal today is not the same thing as a good deal 5 years ago. It’s not even the same as last month or last week! Setting expectations based on the current market is key. Our monthly market reports are a useful tool to begin tracking these trends while you house hunt!

In the kind of raging hot seller’s market we’re seeing, yesterday’s news really is yesterday’s news. While the comps from last week’s sales might give an idea about market value, it isn’t today’s market value. Pent up demand and not enough inventory is having a strong impact on activity. Think of it this way: if 15 people lost out on the last house that was available in a neighborhood, there’s a good chance many of them will be bidding on the next one and willing to offer more! This can be a hard pill to swallow. A good Realtor will help buyers understand the similar comparable sales, the trends, and the activity of a specific property to gauge where a home is likely to sell and how to make a successful offer.

The market is always fluctuating (watch the weekly updates on my Altos market report), but this year we’ve been seeing market activity like we haven’t seen since 2017 – it just keeps ramping up! Keep the trajectory of the market in mind and adjust your expectations to match it.

Finding A Good Deal Today

The #1 rule is that a good deal starts with being an only offer. Everything else comes from this rule!

The house that the bidders rejected.

Bargain buyers, avoid the hottest freshest listings! Instead, look at homes that have been on the market for longer than 14 days.

(more…)

Best real estate buy in Almaden Valley

Everyone wants a good deal, and in this article I’ll be featuring great Silicon Valley real estate home buying opportunities.

Normally I don’t write about other agent’s listings, but the listing agent in this case is a friend of mine, Azita Alaverdi, and I have her permission to promote this home.  (Her site for it is:  http://21720calerocreekalmaden.com/ )

Today’s listing (10-25-2015) is a fantastic 15 year young Almaden Valley property close to Calero Reservoir.  Located at 21720 Calero Creek Court, this 4 bedroom, 3.5 bath home enjoys 4330 SF of living space set on over an acre.  It is mostly a one story home but there is one bed and one bath on an upper level.  Offered at $1,995,000, this home is a tremendous bargain!  (Price per SF cost is $460.74. – more typical might be $490 per SF.)

This property is a fantastic opportunity in a quiet, scenic location!  Looking to buy a luxury property in Almaden?  Give me a call – I’d love to help you to purchase this beautiful home!

Good deals don’t last – if you are interested, HURRY!

We're sorry, but we couldn't find MLS # 81516581 in our database. This property may be a new listing or possibly taken off the market. Please check back again.