The real estate market is now entering the 2-month holiday period in which the number of new listings and listings going into contract decrease and an increasing percentage of sellers pull their homes off the market to re-list in the New Year. However, given the softened market conditions, this is an excellent time for buyers to negotiate prices and terms. For sellers this is the time to prep their homes for sale in the New Year. |
Clearing Out A House To Sell It Dear Monica: I am the Trustee of my mother’s estate. She lived in the same house for decades and I am faced with clearing it out to sell it. Who can I go to for help? Anne C. Dear Anne: You are in the same position as so many others – having to dispose of family items that may no longer have any value beyond sentimental value. There is almost no market for most older furniture. Even antiques that were once in demand are hard to sell. Tastes in décor change and we have gone through a period of major taste change.
My advice would be to hire a professional organizer who can direct you to outlets for furniture and furnishings. They can also sort items into piles to donate, sell and discard. Their help will make your job so much easier. |
Although October 2022 had the lowest month-of-October sales volume since 2007, Buyers are still active as the Average Days on Market is not particularly high by historical standards as shown in the charts below. |
As shown in the chart below, price reductions have increased 155% from last October. If priced correctly, homes will sell much quicker and for significantly higher average values than overpriced homes. When you overprice a home, it could go through multiple price reductions and become stale, resulting in longer Days on Market and a lower sales price than if you had priced the home correctly when it was just listed. |
When looking at the real estate market, it is important to look at trends and the bigger picture rather than a single month's performance.
The chart below shows that although interest rates are continuing to increase and sales decreased in October, homes have continued to appreciate year-over-year. |
3 Bed | 2 Bath | 1 Acre | $6,500,000 (Represented Buyer) |
6 Bed | 5.5 Bath | $6,738,000 |
3 Bed | 2.5 Bath | $2,300,000 |
4 Bed | 3 Bath | $2,920,000 |
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We have buyers looking in Atherton, Menlo Park, Palo Alto, Woodside, Portola Valley, and Los Altos Hills in prices ranging from $4M - 15M and are always looking for pre-market opportunities or properties coming soon. If you know of any properties that fit, we would love to hear about them! |
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Compass is a real estate broker licensed by the State of California operating under
multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075,
1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented
herein is intended for informational purposes only and is compiled from sources deemed reliable
but has not been verified. Changes in price, condition, sale or withdrawal may be made without
notice. No statement is made as to accuracy of any description. All measurements and square
footage are approximate. Equal Housing Opportunity.
Photos may be virtually staged or digitally enhanced and may not reflect
actual property conditions.
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