Q1 2013 Update: When Will This Hot Real Estate Market End?
All the usual signs of a market top are present: front page newspaper headlines of a “Hot Real Estate Market”, cocktail party conversations about recent home sales, and high-priced homes selling quickly.
GETTING READY FOR A CHANGING MARKET
Sellers: When the market changes, consumer confidence will drop; sales will slow; the number of homes on the market will rise; prices will stabilize and then fall. For those thinking of selling their home during the next 1-2 years, we recommend getting in touch with us now. We can advise you on how to prepare your home so it is ready to sell when the market begins to change.
Buyers: The key to success in a hot market is to select carefully. When the market is this hot, there is very little discount for irremediable issues (location issues, bad floor plans, etc). However, when the market cools those properties can decline in value by as much as 40%!
In the charts below, you’ll find 15 years of data for median sales price for the 1st Quarter sales for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.