The second rule of real estate after Location: Timing. Buyers and Sellers need to understand the time trends in the market.
Sellers need to be aware of how long it might take to sell their home. Many variables affect this time, not the least of which is list price. In general, however, the Loas Altos Hills market is unlike the general Silicon Valley market in that homes tend to spend much more time on the market while agents work to get the property in front of discerning buyers. This is especially true in the $10M and up range, which comprises 2/3 of the Los Altos Hills market.
For the buyers, it is important to understand how fast you have to move – not just in responding to a home you like, but in how frequently you need to check the market and how quickly you need to make arrangements to view the home.
In Los Altos Hills, the average time on market for homes at $5,000,000 or less is 2-6 weeks, remarkably shorter than most areas of Silicon Valley for the same period. Above $5,000,000, sales take significantly longer on average as agents wait for the right buyer to come along. These agents are apparently not employing marketing techniques to actively seek out the most likely buyers for these properties.