The listing inventory in Palo
Alto continues to be at an all-time low. Private sales (off-Multiple Listing
Services ("MLS") sales) are more frequent this year. These private
sales are reducing the listing inventory on MLS and eventually will adversely
affect sale prices.
As a general rule I advise
my clients to give their home maximum exposure before accepting an offer, in
order to obtain the highest possible sales price. Achieving maximum exposure
requires a complex marketing plan, an integral part of which is listing the
home on MLS.
By listing a home on
MLS, a seller ensures that it will be available to the hundreds of agents who
subscribe to and use the MLS as the main source to find properties to their
buyers. Conversely, in an off-MLS transaction a seller is relying only on one
agent to market their home.
The Private sales transactions, which
are not recorded on the MLS ,often indirectly affect the public
market activity and property values for other homes. For example a seller
may get an acceptable offer from a buyer, but because of the lack of reported
sales on the MLS the appraiser will not be able to appraise the house at the
offer price. This in turn may prompt the buyer and seller to
negotiate a lower sale price in order to close the transaction.
We have only 29 active listings in Palo Alto as of today. The broker tour had only 2 listings because of the spring break. The listing inventory continues to be at a historic low; the market remains a seller market
Only
5 new listings of single family homes were listed on the MLS last week as
oppose to 15 the week before. 9 listings changed status to pending as oppose to
10 listings the previous week and 8 closed escrow as oppose to 5 the previous
week
If
you are planning to sell your home it is an opportune time to sell.
Please
contact me for a free market analysis to your home and to help you achieve your
goals quickly and stress free .
Following is the detail of the market activity in Palo Alto for last week:
ACTIVE NEW LISTINGS:
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