Los Altos Real Estate Blog

Many buyers are still operating under the idea that the market in Los Altos is weak.  That perception is set by the main stream media who still contend that markets are declining and sellers are desperate.  In Los Altos, it's the exact opposite.  Well priced homes are coming on the market and selling in days, not weeks or months.  It doesn't matter if the home is in original condition (no updates) or completely remodeled.  There are so many buyers available for most of the homes that come on the market that buyers have little time to decide if they want to buy or not.

Generally, a new home for sale in Los Altos will be put on the MLS by Thursday at noon.  This is in time for the home be on the broker tour on Friday and get it into the paper for open houses that weekend.  On some occassions homes will be placed on the market sooner in the week.  As a buyer, if you can see a home before the broker tour or before the open houses, do it.  Have you agent call the listing agent and get a special showing.  Drive by the home if you have to but get a sense of it before the crowds show up.

Buyers need to see the home on Friday or Saturday, not Sunday.  This is because the buyer needs all the time they can get to get the disclosures and view the home multiple times, if possible, before considering an offer.  When a good home for sale is put on the market in Los Altos, there are buyers willing make "blind" offers immediately.  The know the market and prices and will write an all cash offer the day it comes on the market, if not before the open houses.  Once the disclosures are in hand, there will be a few days to consider offers.

If a buyer is willing to make a really strong offer and the seller is willing to look at offers before anyone else (usually on the "offer date"), then you could write an offer immediately after it hits the market.  Sometimes this works but most of the time it doesn't.  However, most listing agents will take offers the following Wednesday which gives you 4 days, including the weekend, to review disclosures, see the property, and make a decision.  Your decision may be impacted by how many other offers are coming in.  Your agent call check in with the listing agent to track how many people will be making offers.  The final count of offers is seldom known until the last minute as some agents won't disclose they're bringing an offer in.

Overall, buyers have 6-8 days in this market to make up their mind.  You can use the contingency period and the first 3 days of being "in contract" to decide if you really want to move ahead but otherwise, those first few days when the home initially comes on the market is the best time to decide.