If you put your Novato home on the market right now, what kind of offers would you get? Would they be for over the asking price? How much over? Would they have contingencies?
We looked at all Novato real estate sales from spring 2024, and we are going to tell you what many Novato home sellers are experiencing right now. Watch the video below, or read on.
How’s the Novato Real Estate Market?
The spring 2024 market is proving to be favorable to home sellers. Sale prices have risen from their 2023 slump.
Last month, the median home sale price in Novato was $1,345,215. That’s up 8% from the year before, a sizable increase.
Sales were also up. Last month there were 44 sales compared to 36 the previous May. That’s a 22% increase.
The Winning Offers
So what were the winning offers like on those 44 single-family home sales? Here are the key points.
Financing: 25% of the winning offers were all cash. So if you listed your house right now, you’d have a fair chance of receiving at least one all-cash offer
Contingencies: Almost half of all the winning bids had no contingencies. 47% of the listings went straight from active to pending, which means buyers waived their contingencies for loan, appraisal and buyer investigation.
And finally, price… On the average sale, the winning offer was for more than the asking price. In May, homes sold for 102% of their asking price.
If you’re a seller, you have a good chance of getting more than one offer.
Last month, 43% of the winning bidders had to compete. Homes sold with 2 offers, on average.
Time on Market
For the most part, homes that are thoroughly prepped, staged and priced well are selling quickly. The average time on market last month was 26 days. We know that many buyers are sweetening their offers with short escrow periods.
- 1103 Highland Dr. in Novato sold for $51,000 over the asking price.
- 51 Ferdinand Way in Novato sold for $51,000 over the asking price.
We closed 2 listings last month, and each sold in one week for $51,000 over the asking price. We staged each home from top to bottom as part of our service.
If you’re thinking about selling, we’d love to share with you our proven strategy for attracting strong offers. Please contact us today!