How long will it take to sell your Los Gatos home? If you own a house in Los Gatos, 95030 or 95032, the answer is “it depends”. Naturally part of the formula will be the condition of the property and how aggressively it’s priced. The pace also will be a function of schools and price point. Generally speaking, the lower priced single family homes tend to sell the fastest (assuming that it’s priced and marketed well and doesn’t have any “issues”). That’s true in all neighborhoods and subdivisions. (The Los Gatos Mountains area, or 95033, is a different market.)
Today, let’s take a look at the Los Gatos real estate market for home sellers by pricing tier and high school district with a view toward the number of days on the market. (You can read about the ratio of actives to solds and the absorption rate at the article linked below under Related Reading.)
We’ll begin with a look at the town as a whole. For homes actively listed and not yet sold or sale pending in town, have a look at the number of properties for sale and the days on market (“DOM”) for each price point:
The average “days on market” for all homes is 70, so you might think that this is how long it will take to get your home into contract. That’s not the case, though, as some homes never sell (even in a red hot economy like ours). Others sell really fast.
What we can see, though, is that the homes in the lowest price point haven’t been on the market long – a hint that this is the market segment that is moving.
Next, let’s have a look at the part of LG 95030 & 95032 with Los Gatos High School.
Notice that the average days on market for this group is 47, not 70. Most groups have double digit days on the market. So perhaps not flying off the market, but not bad by national standards, and certainly faster than the town as a whole. It looks like the answer to “how long will it take to sell” may be improved by being “in the schools”.
How long will it take in the areas with either Westmont High or Leigh High? Overall, a much longer “days on market” are present for the active listings with 124. But the lower prices, up to $2 million, are extremely fast with the few homes in that band only being available for about a week or less.
The actively listed properties are everything available – the good as well as the not so good. If we look at pending sales, though, we’ll get an idea on how fast buyers take the best homes out of the market. Let’s check on the homes under contract now.
Want or need to sell your Los Gatos home, or a nearby property? Please fill out the form below and I will call or email you to set up an appointment for a no-obligation consultation- or we can chat by phone if you are not quite ready to meet in person.
I help people to sell homes in Silicon Valley, particularly in Los Gatos, Saratoga, Monte Sereno, Campbell, San Jose and nearby areas of Santa Clara County. (If you need help outside of Silicon Valley, I’m very happy to help you to find a great Realtor in your own area.)
The Silicon Valley real estate market is very much in the buyer’s favor right now; in Los Gatos, San Jose, Saratoga, Campbell and elsewhere in Santa Clara County, most homes are not sellingat all or only selling after a long time on the market and with several painful price reductions. Prices are falling, year over year, in most of the valley – Monte Sereno appears to be the only possible exception.
In Los Gatos, there are 248 houses and condos currently for sale. In the last month in 95032 and 95030, 21 houses and condos have closed escrow and 23 have gone sale pending in the same timeframe. So the percentage of homes selling is a little under 10%.
The question to ask yourself, if you want to sell your home right now, is “what does it take to sell my Silicon Valley home in today’s market?”You might also ask “how can I get the most money for my home in this market?” What will it take to sell fast and for the best price this market will bear when only ten percent of listed homes are selling in Los Gatos? (It is worse in many other parts of the valley.)
1. Begin By Understanding Market Conditions and Pricing Realities for Your Neighborhood
To maximize your position, it is imperative to begin by understanding today’s Silicon Valley real estate market and the real estate market in your home’s neighborhood. For years we have experienced a seller’s market in which every time a home sold, everyone else’s home rose in value. We could price a little high and the market would catch up sooner or later. But not now.
Now, instead, prices are declining and one of the most important things for Los Gatos home sellers to understand is that they need to get ahead of the curve in pricing and be swift to adjust to changing conditions. (Cyberhomes.com puts the Los Gatos 95030 zip code as having lost 5% since last month and 95032 as having lost 3% since last month.)
Two kinds of homes seem to be selling now: completely remodeled homes which are priced well, or homes needing updating and remodeling that are priced at rock-bottom numbers, possibly even below current market value. Average homes with average prices are not selling. Homes priced in the bottom 10-20% are selling. These are the “shiny pennies”. They are the homes in which owners understand that “it’s a beauty contest and a price war”.
There are several places online where you can get real estate market trends in Silicon Valley as well as home values calculated online. These are automatically generated and do not involve an agent’s input. Among them are these:
Because precise home valuations involve things that online estimators can’t factor in (like school district, the presence of power lines, proximity to positive or negative things), your best bet will be to talk with a knowledgeable and experienced Realtor, who will factor in current market conditions for your exact neighborhood and type of home (historic, view property, etc.).
2. Clean, Declutter, and Stage Your Silicon Valley Home to Sell
Buyers respond most favorably to homes in which they can see themselves. Too many of your personal effects and it’s hard for them to see themselves living there. Getting your home sold today requires depersonalizing “your home” and making attractive and easy for buyers to see as “their home”.
Most of us live in a somewhat cluttered way in our homes and yards, and thinning out the extra stuff that won’t help to sell your home can be difficult both physically and emotionally. If you hire a good agent early on, he or she will assist you in knowing what is best to keep out and what’s best to remove for selling.
Also during this stage, you’ll want to get your home and garden into good shape, whether it’s sprinklers that aren’t working or windows that won’t open. Clean and fix!
Sometimes getting through this stage can be overwhelming. Perhaps you’d like a hand? A resource I have used many times is “At Your Service“, a concierge service at no cost to you. Karin Doll-Nichols runs this helpful company and she can hook you up with a handyman, a landscape person, someone to assist you in downsizing, you name it. My experiences with At Your Service have been very positive, and the prices are competitive too.
3. Pre-Sale Inspections Are The Norm in the West Valley Communities of Silicon Valley
If you are serious about selling you home in Los Gatos or anywhere in Silicon Valley, it’s important to also do pre-sale inspections. Depending on what type of home you have (condo, townhome, single family home or large estate), you could need anywhere from two inspections to perhaps a half dozen of them. Most sellers will need to have a pest (or termite) inspection and a home (or property) inspection. (For more information on inspections, please see my post on another blogsite of mine, What Kinds of Inspections and Reports Are Needed For Buying and Selling Homes in Silicon Valley? )
Home inspections often uncover surprises and having pre-sale inspections will enable you to repair or replace defective items, or if they are items you do not want to fix, at least give you the knowledge to counter defects out of any offers that come in. My suggestion is to allow a couple of extra weeks, at least, to do any unplanned repairs prior to the home going on the market. Buyers today are picky but they will write stronger offers if they know the condition of the home they want to buy, and stronger offers still if they feel that any issues are already resolved.
The quality of inspectors you hire can impact your transaction greatly, so I strongly advise that you hire your agent first and get recommendations on good inspectors prior to getting an inspector involved. Good Realtors know many inspectors by reputation or through past dealings and can assist you in hiring those who are reputable, honest, and fair.
Finally. . .
It will be helpful to view things with the buyers perspective to understand what makes them choose one home and leave nine others behind. As a seller, view your property as being in competition with the rest of the homes. Ask yourself which home would you choose? Which one is the best value?
There are many important issues to tackle in order to not just sell your home, but to sell it for top dollar in the current market. Today we’ve addressed the initial areas only – this is just the starting point! Perhaps the best thing you can do is get educated about the process and then hire well. There are hundreds of agents in close proximity so there’s no shortage of choice. You can afford to take your time and be picky about selecting an agent who is knowledgeable, experienced, accessible and who will represent you well every step of the way.
If you would like to discuss selling your Silicon Valley home, please call or email me for a free, no cost, one hour consultation. My book, “Get the Best Deal When Selling Your Home in Silcon Valley“, is my gift to you when you meet with me. It’s a highly helpful resource that can get you started in selling your home.