Read enough real estate flyers, and pretty soon you’ll figure out that there are two types of homes here in Silicon Valley.
Some studies say, yes, buyers will offer more for a staged home, and some studies say no, but there’s no question in my mind: staging turns home buyers into helpless putty. You heard it here first!
The market is cooling at the edges: the top end (in this area, over a zillion), and in challenged locations (on a busy street, for example). We’re getting into the summer slowdown, but we’re not slow. It’s an opportunity for buyers, or at least those who can stay focused on real estate during these lazy days of summer.
“A new survey by Coldwell Banker Real Estate finds that despite a preponderance of multiple bids and offers above asking price, today’s home sellers are twice as likely to choose an offer based on emotion rather than money alone, compared to pre-recession years.”
The share of first-time buyers fell to its lowest point in nearly three decades, according to a survey released by the National Association of REALTORS. Of course, the “national” in National Association says that this is a national, not Silicon Valley, survey, and Silicon Valley often differs from the national market. But the story made me think back over who I’ve been working with recently.
An NAR survey confirms my belief that staging is the best money a seller can spend, and it really isn’t that much money.
“There’s no doubt that Bay Area home prices have been climbing steadily since the recession, but as it turns out rental housing costs are going up even faster and it is creating what Zillow calls a national rental crisis.”
Nine of ten leading brand-name economists say “there is no bubble to be anxious about”. Actually, only one, the economist in charge of the S&P Case-Shiller home price indices, said that, but he looks sincere and I trust him.