Market Update – January 20, 2017

No new Eichlers on the market this week.  However, there are signs that the market is beginning a slow awakening from the winter hibernation.  Last week on the Friday tour (Mountain View, Los Altos, Palo Alto) there were 22 new listings. This week there are 29 new listings.  I believe the endless rain, Trump inauguration, and rising interest rates may be playing into another slow week.  After all, who wants to be hosting a Broker Tour or Open House in a torrential downpour?  Several very attractive tear-down lots have also come on in Palo Alto so will be very interesting to see where those go.

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The Accountability Question

I’ve been having an interesting discussion with several clients since posting my comments on the terrible Chickadee flip so maybe it’s a good subject for a quick post. Why does something so tragic like this happen, how is it allowed to happen?  An original Eichler was sold to someone who has no taste and shows no consideration for the neighbors or for Eichler design.  I would argue it’s because there is no accountability on the part of agents and sellers.  If nobody asks the question “what are your plans for my house?” when offers are presented, and both seller and agents are only looking at highest terms, this is what you get.  Yes, we live in a free market economy and I would never want to change that. I’m just asking for a little accountability, for without it we may continue to lose Eichlers in this way.  I would love to hear your thoughts on this issue. -Mark

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Zillow CEO sold home for less than Zestimate

Here is an interesting article on sale of Spencer Rascoff’s (Zillow CEO) home.  While Zillow is a predominant resource for home buyers and sellers, it is important to remember that the Zestimate is not always accurate.  When determining the sale price of a home it is always best to consult with a trusted real estate professional. Zillow CEO Spencer Rascoff sold home for much less than Zestimate

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Bay Area Real Estate Update

The Super Bowl is finally over and Bay Area real estate has kicked into spring!  I always talk in terms of “Tour” areas — meaning, our local MLS broker tour.  Friday is Palo Alto, Los Altos, and Mountain View.  This week we have 40 new homes on the market for Friday tour.  The Thursday tour is Cupertino, Sunnyvale, and Santa Clara, where we have 47 new listings this week.  Wednesday tour is Saratoga and Los Gatos, where it’s showing 20 new listings.  Tuesday is devoted to the San Mateo County tour, which is a huge area, so of that area we cover there are 68 new homes on the market. So what’s my point?  Inventory is growing!  Spring has sprung and as buyers, you are now starting to have choices.  Get out there and see what’s available you might just be surprised!

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