What the News Media Keep Secret--How Much Buyers Can Negotiate off the Asking Price of a Home in Santa Clara County, CA.
The Graph shows the Percentage of the List Price received in the final Sale Price for Single Family Residences sold in each city in Santa Clara County, according to the local Multiple Listing Service (MLS; MLSlistings, Inc.). Also shown are the average Number of Days needed to sell a home. Both sets of data are Year-to-Date through November 30, 2011.
A percentage of 100 means the Average Sale Price equaled the Average List Price. A percentage greater than 100 means the Average Sale Price exceeded the Average List Price. That happens when multiple buyers compete to purchase the same home, driving the asking price up. Homes in three cities Sold, on average, for more than the Listing Price: Palo Alto (home to Stanford University and arguably the epicenter of Silicon Valley); neighboring Mountain View and Cupertino (home to Google and Apple headquarters, respectively, plus hundreds of other tech companies).
Not surprisingly, homes in those three cities sold the fastest. Since January 1st, 2011 the average home in Palo Alto sold in 30 days. The median sales price was $1,425,000. Homes in rural South Valley, (Gilroy, Morgan Hill and San Martin) plus exclusive Monte Sereno required the most time to sell--about 100 days.
The average home which sold in Santa Clara County in 2011, sold for 99.3% of the Listing Price in 75 days. I feel fortunate to be a Realtor and homeowner here. There are other strong real estate markets in the country, yet we rarely, if ever, hear about them.
For information about the Santa Clara County real estate market, or to discuss your particular real estate situation, please feel free to call or e-mail me. The lessons I've learned from 35 years of local real estate sales experience benefit my clients from planning through closing.
Lloyd Binen
Realtor/Broker/DRE #572654
Certified Realty Services
19200 Shubert Drive
Saratoga, CA 95070-4046
Certified Residential Specialist (CRS); Graduate, Realtors Institute (GRI)
408-373-4411
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