How Much Over Asking Are Menlo Park Homes Selling for in 2014?

Anyone trying to buy a home in Menlo Park right now knows that it is tough out there. There are many more buyers than sellers and many Menlo Park homes sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Menlo Park multiple offer situation and not overpay?

The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

 

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Menlo Park home in a multiple offer situation,

1. In my opinion the most important thing is, how much is this home worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case, you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variables, and the market is a moving target, but a good Menlo Park real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Menlo Park listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Menlo Park real estate agents like to do.

 

In the end, the final offer price and terms will be your decision, but if you have a great Menlo Park real estate agent he or she can help guide you through the murky waters of Menlo Park multiple offers.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

Ca B.R.E. 01191194

650-619-9285

Why You May Need To Put A New Roof When Selling A Menlo Park House

The market is hot in Menlo Park, inventory is down to almost nothing, homes get multiple offers, and Menlo Park home sellers are in the driver's seat. So Does this mean it is ok to just put a home on the market in any condition and you will get offers 20-30% over list price? Unfortunately not always. 

While it is true that there is a lot of cash out in the world, assuming that you will have multiple excellent cash offers to chose from when selling your Menlo Park home is not always the case. I recently listed a home that had 12 offers, and not one was all cash.

Very often cash offers are not the best offers. Many investors as well as end users feel if they are going to pay cash they want something back, that is a lower price.

A financed offer may be the best or sometimes only offer you get when selling your home in Menlo Park, so your home needs to get through the appraisal process as well as underwriting.  This means more than just being worth what the buyer offers. It also means that there can not be obvious health and safety issues.

So while an appraiser will not know if your bathroom shower pan is leaking, they do look at and take pictures of the house. If the roof on the Menlo Park home you are selling looks like this, a buyer will not get a loan. I once had a client who was buying a Bank of America foreclosure using Bank of America for their lender. The appraisal came back saying that Bank of America would not lend on the home that Bank of America owned because the roof needed replacing. We managed to get Bank of America to put a new roof on. If that can happen on a foreclosed home, if should happen on the Menlo Park home you are selling.

The basic concept here that unless the home you are selling in Menlo Park is really not livable it is best to appeal to as wide a group of people as possible. This means that the home must have a roof that looks like it will make it through a rain storm and not collapse in a little wind. It does not have to be new, but if it is obviously failing then it should be replaced before going on the market.

If you have any questions about selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

How Much Should I Offer For a Menlo Park Home With Multiple Offers?

Anyone trying to buy a home in Menlo Park right now knows that it is tough out there. There are many more buyers than sellers and many Menlo Park homes sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Menlo Park multiple offer situation and not overpay?

The answer is not simple, and sometimes it is not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.

But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Menlo Park home in a multiple offer situation,

1. In my opinion the most important thing is, how much is this home worth to you? In other words, what price would you offer so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variables, and the market is a moving target, but a good Menlo Park real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Menlo Park listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Menlo Park real estate agents like to do.

In the end, the final offer price and terms will be your decision, but if you have a great Menlo Park real estate agent he or she can help guide you through the murky waters of Menlo Park multiple offers.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty 

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

- See more at: http://activerain.com/blogsview/3728401/how-much-to-offer-on-a-menlo-park-home-with-multiple-offers#sthash.ZBztmhen.dpuf

How Much To Offer on a Menlo Park Home With Multiple Offers

Anyone trying to buy a home in Menlo Park right now knows that it is tough out there. There are many more buyers than sellers and many Menlo Park homes sell with multiple offers way over list price. Some homes go as much as 30% over asking, but some do not. How does a buyer make the decision about how much to offer to have the winning bid in a Menlo Park multiple offer situation and not overpay?

The answer is not simple, and sometimes it not a question of price, but terms, like contingencies, length of escrow, length of rent back, etc.
But for right now, let's just discuss price. Here are some things to keep in mind when you make an offer on a Menlo Park home in a multiple offer situation,

1. In my opinion the most import thing is, how much is this home worth to you? In other words, what price would you offer so so that if it sold for $1000 more you would not be sorry because you do not want to pay that much. It may be that you would pay more than your offer if you could, but you can't so you are just doing your best. But if that is not the case you need to decide how much the house is worth to you so that if you do not get it you will not have regrets.

2. How is the asking price of this home compared to market value? If the house is listed low it will get multiple offers and sell for much more. If it is listed at or above market value it will not. This is not rocket science. Figuring out market value can be a little tricky since there are many variable, and the market is a moving target, but a good Menlo Park real estate agent should be able to help you analyze comps. Once you know the market value you will have to offer more in an appreciating market like we are in now. Sorry, but that is the truth.

3. What is the style of the listing agent? Does he or she like to list homes very low to get as many multiple offers as possible on their Menlo Park listings? Does the agent over value a home to try to get more money for their client, or just try to win out on a competitive listing? Does the agent like to work with multiple counter offers, or accept the the first best offer?  Your agent should be able to give you insight into what other Menlo Park real estate agents like to do.
In the end, the final offer price and terms will be your decision, but if you have a great Menlo Park real estate agent he or she can help guide you through the murky waters of Menlo Park multiple offers.

If you have any questions about buying or selling a home in Menlo Park please feel free to contact me.

Marcy Moyer
Keller Williams Realty 
www.marcymoyer.com
marcy@marcymoyer.com
D.R.E. 01191194
650-619-9285

Menlo Park Ca Distressed Property Update 12 /3 / 10

Menlo Park, Ca. Distressed Property Update

Are you waiting for a distressed property for sale in Menlo Park so you can snatch a bargain, or are just curious about them? Well, there are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

Active Short Sale Listings:  8 

Pending short sale listings:  14

They break down neighborhood wise into:

west MP: 1

Central MP: 1

East of El Camino and west of 101: 5

Avenues: 2

Belle Haven: 14

Closed Short Sales since Jan 1, 2010:  17

West MP: 2

Central MP: 0

East of El Camino/West of 101: 1

Avenues: 3

Belle Haven: 11

Foreclosures:

Active listings:  6

Pending:   5

Breakdown by neighborhood:

West Menlo Park: 0

Central: 2

East of El Camino/West of 101: 2

Avenues: 3

Belle Haven: 3

Closed since 1/1/10:  19

Breakdown by neighborhood:

West Menlo Park: 0

Central:0

East of El Camino/West of 101: 2

Avenues: 2

Belle Haven:15

There have been 369 sales of homes and condos in Menlo Park  since Jan 1, 2010 so the percentage of distressed home sales is not enough to have much influence on the market yet, except in Belle Haven.

However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales