Los Altos Hills Sellers – Only The Serious Need Apply

Posted on May 14, 2010 by Connie Miller 
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With nearly one-third the rate of houses going sale pending as the Los Altos “Flats”, Los Altos Hills sellers take heed.  Only put your house on up for sale if you are serious about selling.  Of all the communities in Santa Clara County, Los Altos Hills currently has the slowest velocity or rate of properties selling.  If you look at the current inventory in Los Altos Hills, you can break it down to three types of sellers.  Half of them have  homes that have been on the market before, many that sit over-priced.  These sellers just want a price and are willing to ‘hold out’ for the right buyer to come along at a price the market cannot justify.  The second type of Los Altos Hills sellers might need to sell but are stuck on a price the home might have fetched when the market was at its peak.  These homes can be identified by a long string of price reductions and time on market that can be measured in months not days.  Then there is a sliver of the Los Altos Hills market pie that is serious buyers whose agents have tracked the market and helped their clients price their homes properly for what the market will bear.  They will also be able to market the subtle nuances of what is sure to be a unique property.

Many factors deter people from living in the ‘Hills’ over the ‘Flats’.  Unfamiliarity with septic  systems, distance from town, scary factor of winding narrow roads, older homes or ultra-steep driveways all contribute to a prospective buyer devaluing what on paper looks like incredible value for large acreage and a large home.   One of the joys of Los Altos Hills is that no two homes are alike.  This means agents experienced in selling unique properties are worth their weight in gold.  Understanding the value of unique views, usable land, proximity to attractions, MDA/MFA make a great ‘Hills’ realtor.

We are still in a declining market in Los Altos Hills, where values are dropping.  We are even starting to see a sprinkling of short sales and bank owned properties.  In this case, sellers, time is your enemy.  If you price your home too high, you risk riding the market decline down and making less in the long run than if you were to have priced your home aggressively to sell in the first place.  For those of you ‘testing the market,’ now is not the time for that.  You will only end up frustrated.  Finally, beware of realtors who set your price expectation artificially high just to ‘buy’ the listing.  They are not doing you any favors and should not be chosen just because they tell you what you want to hear with respect to price.

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