Are you looking to Sell a Home in Silicon Valley FAST in 2023? If so, you’re probably heard a lot of people say the Silicon Valley real estate market is bad. You may be thinking that the market is soft now, and selling your house would be difficult. It would take a while. It wouldn’t fetch much. It’s not a good time to sell my house. I’m sensitive because the market’s changed, but I understand. The market will never be like it was in 2021 and early 2022. That real estate market was unprecedented. I’m confident we’ll never see again unless COVID part 10 hits.
That was then, but today it’s no exaggeration to say that we have a decent real estate market. It’s nothing like it was, but it’s definitely not horrible. Home sellers have faced considerably worse real estate markets than today’s. I want to let you know that you can sell a home in Silicon Valley fast in 2023, and for a fantastic price. Whoa. Probably worse than March 2022. Insane. Prices soared. It peaked much higher than February and January, then dropped off swiftly. We won’t see another market like that in our lifetimes, although prices are lower than a year ago but higher than two years ago.
How long have you owned your home? 10–15–30 years? Maybe longer in some cases. If we’re still higher than two years ago, I’d say you’ve done well over the time you’ve owned your home. Maybe you missed the peak, but you’re not too far – not bad for perhaps decades of ownership. This video is about selling your Silicon Valley home quickly. I’ve been doing this for almost 20 years, so I’ve gone through two market cycles and remember the horrible old days. In late 2007, the market plummeted. 2008 was the actual crash.
2009 and 2010 were likewise bad years for selling a house. I remember that time because I sold lots of real estate in those years too. When I worked with buyers back then, whenever I put in an offer on a home in Silicon Valley, what occurred? There’d be several offers. Most properties I wrote on had several offers. And rememer: this was the worst time to sell a house in North American history. Even in this horrible market, I had to compete for nearly every house I offered on.
But why were there so many offers then, even in the worst market in history? The answer to that question explains why you can sell a home fast in Silicon Valley today.
Foreclosures and short sales, right? 70% of the market was a foreclosure or short sale. The mortgage crisis was that awful. Yet, many offered. Buyers with employment and credit had many of options. Many of these properties were hard to enter. Nearly all had multiple offers. By the way, these properties were usually in bad shape. That time, many people weren’t investing much in their properties.
Not even the banks which owned many of these homes through foreclosure took great care of them. Many had missing appliances, holes in the floors, and other concerns. Even though these weren’t the best houses, they nevertheless had many bids and sold swiftly, much over asking price. How is it that the worst properties in terms of quality and location were drawing numerous offers in the worst moment in history? Just supply and demand. There was more supply then than now. I think there’s a limited supply around here today. Inventory is below three months.
A six-month supply is normally considered balanced. Since the mortgage crisis ended 10 or 12 years ago, we’ve had a three-month supply, sometimes four months, but usually two months or even just six weeks. A year ago, it was a two-week inventory supply. It’s never been lower. But it was the law of supply and demand because prices had decreased enough to meet demand even then. I mean, people who could never have acquired a home a few of years ago suddenly had the capacity to make an offer when prices dropped low enough.
Even in the worst real estate market ever, demand was high. So when I look at today’s market and people say, “Oh, the market is so dreadful,” it’s awful. Property sales are bad now. However, compared to 2008, nine, ten, eleven, maybe even, the real estate market is considerably better. Why can’t it happen now? Why wait? No reason not. The same consequence is still possible. Now, over one third of Silicon Valley’s properties are getting multiple offers, selling over asking price, and selling rapidly.
Secret? How? It’s public. Obvious. It’s repeated. Supply and demand, again. Good-value properties are scarce. Buyers will make many offers on those that are reasonably priced, in a decent location, and in good shape. Now two months into the year, every offer I’ve written has had numerous offers. In a soft market. Exploiting our imbalance is crucial. Supply is low, and demand is lower than when interest rates were 2.5–3%.
I’ll confirm. But, many buyers need a property. Transaction volume is lower. Santa Clara County sales dropped 37% last year. Meaning? Does that mean everyone left? They’re all still out there. They want a house. Such folks now plan for 2023 or 2024. We’re seeing the usual amount of homebuyers plus 30% more who failed to buy last year. Despite interest rates, demand is high. They’re roughly 6.5 percent.
They may return to seven or higher. We still have that need because Silicon Valley needs homes. What kind of housing is needed now? All kinds of residences, but the ones that look finest for the money are the most in demand. You could buy a 1.5-million-dollar mansion. It’s the same size and age as a 1.5-million-dollar property, but one could sell for 1.7 and the other for 1.3. Property condition is key. It depends on how much buyers value their property. Buyers won’t overbid if they think the home needs a lot of repair, thus it may sell below asking price.
What happens if purchasers realize the condition is better than expected at the price? Many offers, it’ll sell rapidly over asking price. This may mean you have to spend a lot of time and money preparing your property for sale. If you want to sell your property for the most money, I’ll help you. I’ll collaborate. I’ll make your property shine. We have several strategies to help sellers get their properties in top shape, most of which don’t involve any money. If you desire, we will.
But you don’t have to. You can sell your home without trimming the lawn or putting away the dishes. If the price is right, you can sell a house as-is. Buyers will fight over that worth. That property is busy. Buyers will pay more for value. You really want numerous offers. If you don’t have multiple buyers competing for your property, you can’t be sure you’re getting the highest price the market will bear for your house in whatever condition it’s in when you sell it.