Anyone thinking of selling a Silicon Valley home this summer, or anytime, needs to be sure to price the house right from the start. The Silicon Valley real estate market is known for its high value and competitive buying. In such a market, it’s easy to imagine your home will be worth a lot of money, and it probably will be. The only problem comes in when you think it’s worth more than the market does.
The Silicon Valley Real Estate Market is Competitive
In a recent national survey, researchers found that homeowners think their home is worth about two percent more than it’s actually appraised for. While this is not a huge discrepancy, in a market where things move so quickly, it can be a real setback if you price your house too high even by a little bit. With so much information online, it’s easy for buyers to realize that they can get more bang for their buck.
Even as Silicon Valley home values continue to rise, homeowners are still looking at their homes with more emotion than reason. When you add value to a home and make memories there, it does have greater value than to someone who’s seeing it for the first time. It can be hard, but sellers need to listen to the advice of the appraiser and their agent, and price their homes according to market conditions.