Our Silicon Valley market is on fire in the second quarter, especially if you’re a seller.
Despite the fact that inventory has risen from 600 homes for sale back in December to roughly 1,200 at the current moment, it’s still near an all-time low. There’s a little bit more to choose from, but we have just one month of available inventory right now.
Our average sale price is $1,000,050, and homes are sitting on the market an average of 20 days before they go under contract. In some areas, it’s a lot quicker than that. Interest rates are in the low 4% range, which is another all-time low.
What do these numbers mean?
If you’re a seller, it’s still a great time to enter the market. If you price your home correctly, present it correctly, and market it properly, you can expect multiple offers, which can drive up your final sale price.
If you’re a buyer, you’re going to have your work cut out for you. I recently spoke to a fellow agent who received 19 offers on a listing of hers in San Jose, so it’s going to be tough to get your foot in the door against that level of competition.
You should be ready to pay significantly more than the asking price for a home and come in strong with your terms. I also encourage you to explore other options than what’s listed on the MLS, Redfin, or Trulia. There are a lot of other sales happening off-market such as ‘For Sale By Owner’ properties and those that are sold between agents.
If you have any other questions about our market or you’re looking to buy or sell a home, feel free to reach out to us. We’d love to help you.