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February 2004 UpdateThe continued
strength of the real estate market in all the communities I cover
continues to amaze me. My
last half dozen transactions, representing either buyers or sellers,
have all been multiple offer situations where prices were bid over
asking, in some cases quite a bit over asking.
Still, sellers need to be careful in pricing, and buyers
shouldn’t get carried away in bidding.
The strength of the market stems from the same two things:
supply and demand. Despite
a slower local economy, this is still an extremely desirable area for
many people to live in. And
there are still many well-employed people here.
On the supply side, there are never more than fifty to a
hundred homes available in any of these communities, and far fewer in
specific price ranges. Good houses will sell quickly.
Hopefully as buyer or seller, you will be represented by a
broker who really knows our market and how to navigate through it.
If you have any questions, please call me at (650) 424-1405. |
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New home in Palo Alto