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. But expecting a bidding war to drive up the price of a home in a price bracket where the average time to sell is more than a month is asking a lot.
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.
The histogram clearly shows that most Menlo Park price brackets are selling n about 1 to 3 weeks, down from 3-5 weeks a year ago. This shows continued strong demand and reminds buyers in the $1,200,000 to $1,600,000 price range to move quickly.