What a year 2014 was for the real estate industry. Across the board, up and down the Peninsula, median prices increased, homes sold quickly, and sales were strong – and would have beeneven stronger had there been more homes available for sale. The lack of inventory was an ongoing problem for buyers throughout the entire year. As a result, the norm became multiple offers and sales over list price for the majority of homes sold. Check out the year-end reviews below for more specifics on how 2014 compared to years past in Portola Valley, Woodside, Atherton, Menlo Park, Palo Alto, Los Altos and Los Altos Hills.
All outlooks for 2015 seem to indicate the exact same trends occurring. The strong economy will continue to spur demand. Additionally, the drop in oil prices is enabling increased savings(particularly beneficial for first-time homebuyers) and an overall confidence in the economy. Things are looking up!
What does this mean to you? If you are considering selling, I strongly urge you to get your home on the market as soon as possible before the competition heats up. As we move into the spring months, there will be more homes for sale and that means more homes for your buyers to choose from. We should get an action plan together right now to get your home ready for the market. And, if you are a buyer, it’s critical that you are represented by an agent with years of experience in order to get your offer accepted. It would be my pleasure to represent you in either case this year. Please contact me any time and let’s get started.