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. Milpitas homes are, on average, priced to move, with nearly all price points selling in less than a month, on average.
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.
Here we see that homes sell in an average of 18 days or less in all price ranges. The peak in the $600,000-$800,000 price band is driven by five sales between 40 and 48 days and one after 104 days on market. Each of these six homes was over-priced when listed, and only sold once the market caught up with them.