Los Altos is still running far short of inventory to meet home buyer demand. While new homes have come on the market in recent weeks, most of them quickly sell - regardless of the price point. There are a few properties that are staying on the market but they're rare. While some of the offers at the high end aren't coming in where people want them to, homes still tend to sell at or above list price. The sweet spot is still homes in the $1.8 million to $2.5 million range for the most activity. Demand is solid for homes priced up to $4 million.
Off-Market Inventory Trend: There have been a few homes available to buy and rent off the MLS. Unfortunately, they're going just as fast as the homes on the open market. Moreover, they're going for market rate prices which means - no deals! The best option for off-market properties is knowing of listings "coming soon" or old expired properties that didn't sell at some point in the past. Even chasing those options there are still very few opportunities. There is definitely an imbalance to the market in favor of home sellers.
How to make offers in this environment: My best advice is to be completely prepared - everything in order - and move fast. It IS possible to compete with fash buyers if the terms of the offer are structured well. I'm seeing offers made on homes from all-cash buyers who back out so the credibility of the buyer and their agent mean something. Call me and we can talk in more detail about how to approach the current multiple offer environment and win.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: email@example.com | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022