When a sellers market turns into a buyers market (as we have seen in the area for the last couple of years) the old adage of "the first one out wins" comes into play.  We are seeing this take place in the Skyline area of Woodside right now.  The areas I am talking about are areas 272 and 273 in the MLS, which includes Skyline from hwy 92 to about Alpine Road,  and also the Skylonda area around Alice's restaurant.  

Let me back up a bit and give you an understanding of the market so far this year.  Year to date there have been 9 sales in this area, we were involved in 4 of them.  There are currently 22 homes for sale in the area.   That means there is almost 2 years of inventory, and that's if you don't have any more homes come on the market in the next 2 years. 

When you are trying to sell in this market, it is vital that you market and price your home appropriately and get out as soon as you can, and here is why.  Of the 9 sales this year, the median time on market was 26 days, 7 of those 9  sellers sold close to this median time frame for 97% of their asking price.   There were 2 that didn't. One home took 467 days and ended up getting 70% of their asking price.  The other took 44 days and they got 72% of their asking price.

The second home owner did the right thing.  They saw they were not getting any action and immediately cut their price so they could get it sold, realizing that in this market the longer they stayed on, the less their home was going to be worth.  

The first one started out high at $1.299M and ended up selling for $910k.  After about a year they did a price reduction that actually got some interest.  If they would have cut the price earlier, I am convinced they would have received more than their eventual selling price.

What is the take away from this?  If you want to sell in this market, the first one out wins.

Call us today for a free no obligation consultation, and let us show you how to be a winner in this market.  650-851-8100