California homes sales declined by 13.5% in August 2014. So, the bloom is off the California Real Estate. And if your home is not selling you are not alone.
In fact, the number of homes sold in August 2014 declined to 34,269 homes. We are spotting some Los Gatos homes which are not selling. The home located at the corner of Englewood and Kennedy Road was listed for $2.8M dollars. This listing was cancelled after 97 days on the market with no offers.
But all things being equal, if you Silicon Valley home is not selling, you need to consider the price compared to homes that are within 2 miles radius of your home. You should only consider Sold Comps that closed with the last 60 days that are within 300 square feet in size. The age difference between your home and these sold comps should be 5 years. So if your home is 15 years old, the comps selected should be between 10 to 20 years old.
However, the most reliable way to find your home’s value it to work with a local Realtor who can develop Competitive Market Analysis (CMA) on your home. Your CMA will include qualified sold comps. But the neat part of CMA is that the sold prices can be adjusted for:
- Lot Size
You could use sites like Zillow, Trulia or Redfin to find sold homes in your zip code. But these sites will not allow you to adjust the prices as you could do with a CMA..
Contact Us if you need help with a CMA.