According to MLS Listings Inc. data there currently are twenty-two single family homes for sale in South Los Altos. Thirteen homes are active listings and the remaining nine homes are under contract. Lower price properties are currently driving our market. We can see this by looking at the average list price for active properties ($2,558,615) and comparing that with the average list price for homes under contract ($1,778,321).
November Home Sales Activity For South Los Altos – Home sales are steady.
15 single family homes (SFH) closed escrow in South Los Altos in the month of November. Since 2007, the average number of SFH sales in November has been 11.
Only four properties had multiple offers and sold at or above their asking price. Properties priced between 1.3 million and 1.6 million continue to receive the most buyer activity.
Are you curious to know what that South Los Altos home sold for?
Click on South Los Altos Residential Summary Report for November 2011 for details (address, sales price, size etc.) on the thirteen properties that closed escrow in September in South Los Altos. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
Median Sales Prices in South Los Altos are inching up:
Year to date, the median sales price for single family homes sold in South Los Altos is $1,540,000. The graph below shows the last seven years of median sales prices in South Los Altos. You’ll note that the median sales prices in South Los Altos have steadily increased since 2009. It looks like we’re back to 2005 – 06 prices.
If you are looking for a quick and easy way to find your South Los Altos dream home, click here?
Should you have any questions about selling your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.
Earlier this month a home in South Los Altos closed escrow. Nothing new or exciting given that approximately 12 homes a month close escrow in South Los Altos each month. What is interesting is how this home was “marketed” and how much money the seller left on the table. Let me explain.
Back in May/June of this year, this South Los Altos home was put on Craigslist as a “for sale by owner” listing for just under 1.2 million dollars. The owner knew that he could sell the family home quickly (“because everything in this neighborhood sells quickly”) and reduce his selling expenses (by not having to pay a listing agent side commission). Selling by owner is a viable option for sophisticated sellers who have the knowledge, time, energy and resources. Unfortunately, the “for sale by owner” route didn’t work out as well as I think the seller would have wanted.
The house sold quickly and closed escrow in early July. However, the sales price of $1,140,000 was substantially below market given the recent comparable sales.
The new buyer-investor did a modest remodel (a flip kitchen – looks nice but not something an owner would put in for themselves, interior paint, patio and landscaping etc.). The home was listed with an Realtor, placed on the multiple listing service and sold in one week for over 1.36 million. I estimate the net gain (after all expenses and fees) to the new owner-investor at approximately 100k.
Had the original home owner’s heirs marketed the home correctly, they would have received more money. Instead an investor bought the home under market and sold it for a substantial profit. It is sad, but a sizeable amount of the investor’s profit was the equity that this family had earned over it’s 30+ years of home ownership. It should have gone to the original homeowner’s heirs, but instead it went to an investor who owned the home for less than 4 months.
Yes, the remodel added value but as all investors who buy a home in order to flip it for profit understand, the big money is earned on the initial purchase and subsequent value is added with any remodeling.
By the way this remodel was very limited in scope relative to the usual flip that happens in Los Altos. Usually an investor will remodel the kitchen (with median-higher end finishes), remodel all bathrooms, change out all windows, add crown molding, change out the baseboards, change out lighting, re-finish the hardwood floors and/or replace carpeting, paint and landscaping.
Two reasons I think the flip was limited in scope:
Time constraint issues. A complete remodel would push out the date the home would hit the market to late fall when typically there are fewer buyers
They made a sizeable profit when they bought it “for sale by owner.” Further remodeling would have reduced the profit margin percentages. They could have just painted and landscaped and still made 70k profit.
Lessons Learned:
“For sale by owner” properties attract buyers who are probably more sophisticated than the average home seller.
Selling real estate to maximize one’s profit is not as easy as it may appear.
Get advice from experienced and trusted sources.
Exposing the home to the largest pool of buyers generally yields better results
Taking the emotion out of the deal usually yields better results.
It is early November. Does it make sense to buy a home now or wait until next spring when housing inventories are typically higher. Although there is no definitive answer, this video points to a few things that buyers should think about before making the decision to buy now or wait.
Note: There are properties that are currently for sale but not listed on the Multiple Listing Service (MLS). As we get later on in the year, more properties will be taken off the MLS and re-introduced to the market in February. These are opportunities to buy a home in town at a discount. Make sure your agent has access to these listings or you may be missing out on a good buying opportunity.
If you don’t have an agent working for you, I would be happy to sit down with you to discuss your housing options. Please call me directly at 650 917-4250. Thank you.
According to MLS Listings Inc. data there currently are fifty-six single family homes for sale in Sunnyvale’s zip code 94087. Thirty-one homes are active listings and the remaining twenty-five homes are under contract. The average list price for the active properties is $959,597. The average list price for those homes under contract is $858,374.
September Home Sales Activity For 94087 – Home sales are steady.
25 single family homes (SFH) closed escrow in 94087 in the month of September. Since 2007, the average number of SFH sales in September has been 28.
Eleven properties had multiple offers and sold at or above their asking price. Properties priced between $900k and $999k received the most buyer activity.
The median sales price of single family homes in 94087 has remained fairly steady (at around $930k – $940k) throughout 2011. Lastly the price per square foot has also remained steady at around $520/ft.
Should you have any questions about selling your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.
According to MLS Listings Inc. data there currently are forty single family homes for sale in South Los Altos. Twenty-three homes are active listings and the remaining seventeen homes are under contract. The average list price for the active properties is $1,633,643. The average list price for those homes under contract is $2,029,171.
September Home Sales Activity For South Los Altos – Home sales are steady.
13 single family homes (SFH) closed escrow in South Los Altos in the month of September. Since 2007, the average number of SFH sales in September has been 9.
Seven properties had multiple offers and sold at or above their asking price. Properties priced between 1.3 million and 1.6 million received the most buyer activity.
Are you curious to know what that South Los Altos home sold for?
Click on South Los Altos Residential Summary Report for September 2011 for details (address, sales price, size etc.) on the thirteen properties that closed escrow in September in South Los Altos. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
Median Sales Prices in South Los Altos are inching up:
Year to date, the median sales price for single family homes sold in South Los Altos is $1,523,000. The graph below shows the last seven years of median sales prices in South Los Altos. You’ll note that the median sales prices in South Los Altos have steadily increased since 2009. It looks like we’re back to 2005 – 06 prices.
If you are looking for a quick and easy way to find your South Los Altos dream home, click here?
Should you have any questions about selling your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.
The following video details the Five Critical things to think about if you are thinking of buying or selling a home in Los Altos with swimming pool.
Benefits of pool ownership:
Great exercise
Great for entertaining
Fun
Relaxation
Aesthetic beauty
Downsides of pool ownership:
Safety and liability issues
Maintenance and operational expenses
Things to consider if you are buying a home with a pool:
Pool condition – have it inspected
Is it relatively safe for those who aren’t water safe? Can you make it safe with minimal expense?
Is it in a neighborhood or market segment where the pool adds value to the property or takes value away from the property?
Things home sellers who have a pool should consider:
Fully disclose the pool’s condition and operational expenses
If home is in a neighborhood that doesn’t have many pools or if the pool’s condition is suspect, do a cost analysis to see if it makes sense to fill in the pool and landscape the yard before putting home on market.
Swimming pools are a great lifestyle investment but not necessarily a great financial investment. The property’s location and market segment can help in determining its marketability.
I enjoy working with home buyers. To take them from “I don’t know what the heck I’m doing” to handing over the keys to their new home is awesome. One of the most interesting questions that often I get is “How long does it actually take to buy a home?” Well, there isn’t an official time clock for home buying, but the following video entitled “How Long Does it take to Buy a Home in Los Altos” explains the process and steps that buyers can take to move the process along.
Keys to making the process more efficient:
Know yourself and your needs
Understand the local real estate market
Use a knowledgeable Realtor
Understand the purchase contract
Don’t be afraid to ask questions
FYI – July and August 2011, the average escrow period was 48 days. The prior three months, the average escrow period was 29 days.
Lastly, According to the National Association of Realtors 2010 Profile of Home Buyers and Sellers, the home buying process takes approximately 12 weeks.
If you are looking for a quick and easy way to find your dream home, click here?
According to MLS Listings Inc. data there currently are eighty-one single family homes for sale in Los Altos. Fifty homes are active listings and the remaining thirty-one homes are under contract. Eight of the homes priced above 2 million (out of 35) are under contract.
August Home Sales Activity For Los Altos – Home sales are stable
28 single family homes (SFH) closed escrow in Los Altos in the month of August. Since 2007, the average number of SFH sales in August has been 26-27. In fact if you go back and track the last 4 years, the year to date 2011 sales numbers are almost identical as those of the last 4 years (at around 190 homes sold).
Ten properties had multiple offers and sold at or above their asking price. Properties priced between 1.3 million and 1.5 million received the most buyer activity.
Are you curious to know what that Los Altos home sold for?
Click on Los Altos Residential Summary Report – August 2011 for details (address, sales price, size etc.) on the twenty-eight properties that closed escrow in August in Los Altos. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.
Median Sales Prices in Los Altos are Creeping Back up:
Year to date, the median sales price for homes sold in Los Altos is $1,635,000. The graph below shows the last seven years of median sales prices in Los Altos. You’ll note that the median sales prices in Los Altos have steadily increased since 2009. It looks like we’re back to 2006 prices.
If you are looking for a quick and easy way to find your Los Altos dream home, click here?
Should you have any questions about the value of your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.
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