Sell Your Palo Alto Home

Sell Your Palo Alto Home

In Palo Alto, the real estate market is booming, so you might think you want to sell your Palo Alto home by yourself. For assistance with marketing or to find home buyers, call (650) 575-4069. In Palo Alto, the real estate market has been hot lately, so you might think you want to sell your Palo Alto home by yourself. It’s understandable that you would try and save paying commission to a real estate agent, yet that decision could hurt you in the long run. Studies have shown that most homeowners who attempt to sell on their own end up netting less money. There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

Recent studies have shown that 95% of buyers search online for a home. That is in comparison to only 17% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

• 49% on the internet
• 31% from a Real Estate Agent
• 7% from a yard sign
• 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

• The buyer who wants the best deal possible.
• The buyer’s agent who solely represents the best interest of the buyer.
• The escrow company who handles all of the contracts.
• The home inspection companies, which work for the buyer and will almost always find some problems with the house.
• The appraiser if there is a question of value.

4. Selling your home as a FSBO has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people selling their home on their own has dropped from 19% to 8% over the last 20+ years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

A study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases, may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is:

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.

Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?

Before you decide to take on the challenges of selling your Melissa Texas home on your own, reach out to Alex and see what he has to offer.

Do You Need Marketing Assistance?

If you’re looking to sell your home without help of a Real Estate Agent, please reach Alexander Nichols for a free home analysis. We have an abundance of free tools that can help you. We might even be able to bring you a buyer.

For a FREE MARKET ANALYSIS Click the link to get started!

Updated 3/31/2020

       This week the median list price for Palo Alto, CA 94303 is $3,497,500 with the market action index hovering around 66 (Sellers market). This is less than last month’s market action index of 69. Inventory has held steady at or around 10. Stay informed with the Palo Alto market Statistics! The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Statistics on single family homes for sale in Palo Alto, year to date, have remained relatively robust given significant external pressures on the economy. The average price per square foot was $1,707 and 14 days on market upon final sale. For townhomes in Palo Alto, they have been selling slightly more quickly, averaging only 6 days on market.

Prices were lower per square foot for townhomes, coming in at $1,257 year to date. Expecting slight drops in many of these indicators in the near future. Using different segments of the market to illuminate the big picture, luxury homes have seen the largest drops in prices and have been the most frequently withdrawn from MLS. At, or near the average value homes, have still been selling during these times of uncertainty. Using all the marketing and tools available has offered those who must sell, an option to net and secure the highest possible value for their home.

Updated 5/27/2020

The benefits of using a tech savvy and responsive realtor at this time have never been more crucial to a having a positive experience selling a home. Following protocols from State and local governments on the best practices and regulations, is vital to a smooth sale. Virtual tours and exceptionally high quality photos remain some of the most effective marketing tools. (Click here to see my new post about this) Additionally, with so many consumers on or using social media, that has become a crowded but necessary part of marketing.

Updated 6/7/2020

Here is a quick update to summarize today’s real estate market in Palo Alto. Currently median list price has remained constant, and as of today stands at $4,450,000. Price per square foot in Palo Alto has edged slightly lower to $1,555. Days on market has remain constant, and is at 91 days. Overall, inventory has risen to 75 homes for sale. An overall indicator of the markets health being the median rent, has lowered to $3,800. The most expensive home for sale currently is listed at $39,988,000. Providing for a huge gap to the least expensive home listed at $1,880,000. For those considering relocation outside of the Bay Area, upgrading or downsizing. We are here for you, and happy to assist.

Nichols Luxury Homes has the tools and connections to help you succeed, if you need to sell your Palo Alto Home.

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