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Hey, Louis!! Questions for Campbell's Real Estate Professional

Hey, Louis! How can you tell if a home is over priced?

Welcome to "Hey, Louis!"  This is a weekly column answering YOUR questions on Real Estate in the City of Campbell and Silicon Valley.

This week's question:

Louis, you talk a lot about over priced homes.  How can you tell when a home is over priced?

Great question! There is a basic rule of thumb I learned from a hugely successful agent a few years ago. This rule states that a home is over priced "if it has been on the market for more than 30 days without an offer or a price reduction." 

I know that sounds harsh, but the worst thing to happen to a home that is for sale is for it to become "market stale." 

"Market stale" means that buyers get sick of seeing the home on the market and start to assume that it has not sold because something is wrong with the property.  It's exactly the same feeling you get when you see that old loaf of bread on the counter; you just get sick of looking at it and toss it in the trash. That's a bad thing when trying to sell your home.

When buyers (or the market) begin to view a property as stale, they begin to demand discounts; often discounts that are beyond reasonable or what might be the current market value if the home were priced correctly the first time.

When I work with clients, we work very hard to choose a price that is most likely to receive multiple offers. It is a psychological fact that people want what other people want and, receiving multiple offers affords the seller strong options. Multiple offers allows the seller to choose the best price and the strongest buyer.

Here is a list of homes in Campbell that have been on the market for more than 30 days:

1061 Ridgeley Drive  ($1,299,000)
1335 Juanita Way  ($1,150,000)
708 West Sunnyoaks Avenue  ($1,050,000)
211 West Latimer Avenue  ($998,000)
925 Hazel Court  ($995,000)
1056 North Central Avenue  ($941,000)
12715 Camrose Avenue  ($890,000)
1776 North Leigh Avenue  ($849,000)
1183 Sonuca Court  ($824,900)
207 Poplar Avenue  ($799,000)
226 Carlyn Avenue  ($769,000)
1989 Pollard Road  ($750,000)
39 North Peter Drive  ($749,000)
921 Monica Lane  ($710,000)
3714 Century Drive  ($687,777)
2114 Vizcaya Way  ($686,000)
912 Campisi Way,#201  ($665,000)
224 Chalet Woods Place  ($659,000)
3956 Via Salice   ($649,000)
211 Sondra Way  ($647,000)
118 East Rincon Avenue  ($625,000)
1071 Longfellow Avenue  ($625,000)
108 Chalet Woods Circle  ($619,999)
159 Orchard Oak Circle  ($619,900)
104 Chalet Woods Circle  ($614,999)
760 Monica Lane  ($599,000)
792 Marilyn Drive  ($590,000)
875 West Sunnyoaks Avenue  ($575,100)
420 North Central Avenue  ($574,900)
560 Kenneth Avenue  ($569,999)
608 West Sunnyoaks Avenue  ($549,000)
795 West Rincon Avenue  ($544,950)
1035 Virginia Avenue  ($525,000)
825 Harriet Avenue  ($525,000)
912 Campisi Way,#205  ($525,000)
912 Campisi Way,#303  ($510,000)
2575 South Winchester Boulevard  ($500,000)
135 North San Tomas Aquino Road  ($499,000)
205 Shelley Avenue,#A  ($489,000)
725 Budd Avenue  ($487,000)
842 Harrison Avenue  ($469,900)
1448 West Latimer Avenue  ($448,500)
2577 Tolworth Drive  ($416,000)
123 Dot Avenue  ($379,000)
703 Duncanville Court  ($375,000)
183 Dillon Avenue  ($374,900)
114 Monte Villa Court  ($355,000)
914 Apricot Avenue,#6  ($349,000)
915 Apricot Avenue  ($333,000)
905 Apricot Avenue,#C  ($333,000)
909 Apricot Avenue,#D  ($329,900)
395 North 3Rd Street,#2  ($299,000)
245 Gomes Court,#4  ($279,500)
535 Valley Forge Way,#2  ($199,000)

Source: MLSListings

Next week:  What do I do if my home is over priced?

SEARCH FOR HOMES IN SILICON VALLEY: http://www.stonecollonge.com/Site/stonecollonge/search.asp

~~~~~~~~~~~~~~~~~~~~~~~~
Louis Stone-Collonge

Keller Williams Realty Silicon Valley
Email: louis@stonecollonge.com
Twitter: http://www.twitter.com/stonecollonge
Facebook: http://www.facebook.com/louisrealtor

DRE# 01799158

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Brian Dixon December 30, 2011 at 12:15 AM
This is really useful info for home buyers, whether looking for their first or their next.

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