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Summer Heat Wave in Real Estate

Posted by Andy Wong on July 30, 2017
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As the summer heat wave continues, real estate prices continue to rise! Both the San Jose Mercury and SFGate.com have posted articles about the skyrocketing real estate prices.

From my ‘feet on the street’ perspective, I would agree with the general observations. Here are some supporting data points on transactions I was directly responsible for:

hot real estate
  1. We marketed and sold a home in Los Altos for 18% over the asking price. I thought we priced it reasonably but not too low. Our marketing exceeded everyone’s expectations and the Sellers were thrilled with the final price. Plus, the Buyers finally won a house after losing out on several other bidding wars.
  2. We marketed a beautiful home that had a major location compromise. Despite the less than ideal location, we got several Buyers to bid against each other to win the house. The Sellers AND the Buyers were delighted with the outcome! The Sellers loved the price we got AND the Buyers got the house they fell in love with!
  3. We marketed a home recently and received 15 offers. My delighted Sellers accepted the highest offer which was also ALL CASH. Cash Buyers had not been as prevalent as they were in the past for a few reasons. However, I’m getting a sense that they’re coming back in some neighborhoods.

Sometimes I think the media coverage of the real estate market is lagging or just inaccurate. In this case, I agree with the local media when they write that the market is HOT!

Here’s the Mercury News Article:

https://www.mercurynews.com/2017/07/26/bay-area-real-estate-home-prices-leap-to-yet-another-record-high/

Here’s the SFGATE.com Article:

https://www.sfgate.com/business/networth/article/Bay-Area-home-prices-hit-another-record-in-June-11438098.php

If you’re thinking about Selling, this is the time to start the conversation. You probably have some questions, and I would love to answer them for you!

Happy Summer!

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