There are many homeowners today who are facing the same concerns. Have you been considering selling your home? Did you think the market of multiple offers was over last year? Are you worried there are no buyers during a pandemic? While there is no one right answer for every situation, we have created a list of seller FAQ’s with answers rooted in relevant & recent media headlines. Check it out!
#1: IS NOW REALLY A GOOD TIME TO SELL…?
According To Realtor.com: “This summer has brought a lot of surprises, and one of them is that despite the coronavirus and economic recession, home sellers are in a really strong position. Here's why:
#1: Buyer demand is back.
#2: Inventory is low.
#3: Prices are up.
#4: Interest rates are low.
#5: Economy is showing slow signs of recovery, which means eager & able buyers are ready.
#6: Many renter & homeowner needs have changed.
#2: HOW MUCH ARE BAY AREA HOME PRICES REALLY UP?
According To The Mercury News: “The median sale price in June for an existing home in the Bay Area rose 3.4 percent from last year to $925,000, according to real estate data firm DQNews. The charge was led by San Mateo County homes jumping 6.7 percent to $1.65 million, Contra Costa County increasing 8.6 percent to $722,500, and Alameda County growing 6.1 percent to $955,000. The median price in Santa Clara County rose 2.4 percent to $1.28 million.”
#3: DOES ANYONE REALLY WANT TO BUY MY SILICON VALLEY HOME WHEN THEY CAN WORK REMOTE FROM ANYWHERE?
According To Forbes: “People don’t really pull up stakes and move across the country. They may have a network in a single day’s drive, so that’s where they’ll look. Or they might move to where they have family. But most Americans don’t move clear across the country,” says Jeff Tucker, an economist at Zillow.
#4: ARE THERE REALLY THAT MANY BUYERS RIGHT NOW?
According To Yahoo! Finance: “While there may not be an abundance of houses on the market, there are many buyers. In an attempt to stimulate economic growth, The Federal Reserve cut interest rates to record-breaking lows. The average rate on a 30-year fixed mortgage has dropped below 3%.”
#5: ARE LOW RATES THE ONLY REASON WHY BUYERS ARE IN SUCH A HURRY TO PURCHASE DURING A PANDEMIC?
According To NBC News: “The sense of urgency buyers report feeling stems from a few factors: The quest for more space as work-from-home and remote learning increasingly look to be longer-term phenomenon, social distancing constraints that dampen the appeal of public spaces such as pools and parks [and] the speed with which other buyers are willing to make offers.”
#6: IF I AM SELLING AND MY NEXT HOME PURCHASE IS A ‘STEPPING STONE’, HOW LONG SHOULD I PLAN TO BE IN THAT HOME FOR IT TO MAKE SENSE & CENTS?
According To Forbes: “For buyers who plan on staying in their home for at least five years, which is the time most experts estimate that it takes to recoup closing costs through yearly price appreciation when you sell the home, this could be a good time to buy.”
Chances are by now you have one more question… how much is my home really worth?! That is where Homes of Silicon Valley comes in! Please feel free to email Mark@homesofsv.com or fill out this form to get a custom home valuation.
I would never want you to sell your home if you are not ready, but I would never want you to miss an opportunity because you did not know it existed. Homes of Silicon Valley always has and always will be a source of information with no obligation. Please let me know how I can help.
All my best,
Mark Barber
408-290-0072