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What I find most interesting about these stats is that in Alameda, San Mateo and Santa Clara Counties, the more expensive homes and condos sold have a shorter days on market than the less expensive Silicon Valley homes sold.
This shows that the good economy, low unemployment rate, high stock market values, as well as foreign money are all contributing to a booming market in Silicon Valley luxury real estate sales. It is also an indication that we saw high levels of appreciation in 2013 in Silicon Valley home sales (20-40% in many areas) so it is harder to find single family homes under a million dollars or condos under six hundred thousand dollars in the more popular neighborhoods.
So what does this mean for buyers in 2014? Homes are more expensive and sell quickly. You should study the market seriously for a while before jumping in so you know what values are and where they are going. Make intelligent offers that will most likely need to be very aggressive to win in a multiple offer situations.
For sellers, hire a great agent who can help you price your home to get the best terms for your yourself, and exposure that emphasizes the Silicon Valley home you are selling, not the agent who is selling it.
If you have any questions about buying or selling a home in the Silicon Valley please feel free to contact me.
If you would like a real time search of homes sale in the Silicon Valley click here.
Marcy Moyer
Ca BRE 01191194
650-619-9285
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