Q: If you’re not there, how can an Open House Host sell my house?

NOBODY SELLS YOUR HOUSE EXCEPT STANLEY LO.

Our hosts have rigorous training in Open House procedure. They do not comment or answer questions regarding the sale of the property. Once a serious buyer talks to the host, that buyer is immediately transfered to me. I am the only person who handles serious buyers’ and agents’ inquiries.

Q: Why don’t you have guided tours or follow the buyer room to room?

WE DON’T WANT TO IGNORE, ANNOY OR LOSE  YOUR POTENTIAL BUYER.

Guided tours are not practical, as visitors do not arrive in a group, and you risk alienating visitors who feel ignored. If we cannot attend to potential buyers promptly, we risk losing them permanently. Obsessive following is intimidating and off-putting to most buyers, and they may leave earlier than if they were left to explore and formulate questions.

Q: Why are your Open Houses so short?

A SHORTER TIME DRAWS IN SERIOUS BUYERS.

A lengthy open house may only draw a buyer every 30 minutes, producing an impression that the house is undesirable. A shorter open house entices all serious buyers to pre-schedule a time to come. This strategy has been proven at over 10,000 of our open houses. 

Also, if a serious buyer cannot make it to the open house, they call for a private showing, which allows for a potentially better result. No buyer will refuse to buy a home just because they missed the open house.

Q: Why aren’t your open houses listed in papers such as the Examiner?

The answer is because the majority of buyers found your listing from the internet.

Based on our internal survey, 90% of our visitors checked the open house schedule on the internet (e.g., MLSlistings.com, realtor.com). Other open house visitors were alerted via our direct mailings, referrals and overseas exposure. We observe fewer and fewer coming from the newspaper classified ads. (A national survey from two years ago noted less than 14% of buyers research only print sources.)

Hillsborough Market details by area - May 2010

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Hillsborough Market stats - May 2010

To receive these market stats by email, please sign up for our newsletter. For more information on the peninsula market or to discuss your real estate needs, please contact Stanley Lo at stanleylo@greenbanker.com or call him at 650-373-0007.

Hillsborough Market: May-June 2010

“Stanley, what's the pulse of the Hillsborough market?"

Everyday, at least one person asks me this. Understandably, there is concern about how the economy is affecting home prices. The good news is that Hillsborough has remained relatively stable for a number of reasons, which I have listed below.

Current state of the market:

• Including pendings, there are approx.100 listings, which is about 30-40% higher than the usual number, so buyers have a lot of choices.
• There are not many foreclosures and those few are in the upper areas.
• If priced right, homes up to $4M are selling.
• Days on the market are longer, due to both a large inventory giving the buyers many more choices and the additional time needed to get lender approval, although buyers eventually do get approval. (This is the #1 biggest hurdle a Realtor must overcome.)
  
  

Who are the buyers and what are they looking for:

• Buyers come from relocation, divorce, or foreign countries, anticipating better schools, residence upgrade and in some cases buyers made some good money during the recession.
• With few exceptions, they want aggressively priced listings. (If you are not serious about selling your house don’t put it on the market.)
• They are willing to wait for a listing to re-adjust its price.
• Homes with flat lots close to El Camino are the most sought-after.
• Homes should be in good condition, with a good floor plan.
• Buyers want a deal so that their equity will not get tapped out.
  
  

Why Hillsborough is strong compared to other areas:

• Beautiful public areas not found in other high-end venues
• Close to SFO and San Francisco
• Top-quality school district
• Enormous amount of foreign money focused on Hillsborough
• High tech/pharmaceuticals nearby (e.g., Genentech)

Bottom line is this...

Even with the economic slowdown, Hillsborough is still vibrant in key areas, especially when you consider the over-priced scenario from a few years back. Hillsborough as a whole did not experience a very large price drop in general and almost no drop at all in the lower Hillsborough area.

For more info on the peninsula market, contact Stanley at stanleylo@greenbanker.com.To receive these market stats by email, please sign up for our newsletter.