No, it's not about the three little pigs and their homes made of straw, sticks and bricks. This one's the story of three Cupertino listings...and it's true. Three houses were listed in the same neighborhood at about the same time. One was on a busy street, and took a little longer to sell, but the other two were very comparable. The first was listed at $1,400,000, but the second came on at $1,070,000. The first one sat on the market, but the second had ten offers and sold considerably over the listed price. "If you price it right, they will come."
We are hearing that many sellers are in denial, and insist on last year's prices.
The reality is that prices are down 15%, even in the most desirable areas, and over 70% of local pending sales are "short sales" and bank owned properties in the lower price ranges.
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