Now that Labor Day is behind us, home buyers are hoping for a surge in inventory. Although in hot spots like Silicon Valley that may be wishful thinking, which means realtors will be pulling out all the stops to get an edge.
Menlo Park is known for great schools and nice homes, so agents throughout Silicon Valley have no choice, but to be creative.
On a coveted street in west Menlo Park, residents routinely get letters from realtors.
The letters that say things like: "My client is willing to pay cash up to $5 million.
The house in Menlo that I built and sold in 1995 just sold for $4m…Looks like they put in $200k in upgrades…I broke even…I think they made a bit more than that…lol
Detroit’s downfall took decades. We will have decades of warning too if SV were to follow the same fate. The biggest threat to us is actually real estate. The high price may reach a critical point and the next Facebook and Google will start in Seattle instead of SV. Then we are really screwed.
The implication is you don’t have to do minor repairs, stage, etc. They’ll buy as-is with cash and deal with any issues with the home. No worries about loan approval, contingencies, etc.
