The sales price to list price ratio dropped below 100% this week, which is not all that surprising to see considering the number of homes that have been sitting on the market for a month plus. Of the 11 sales that closed this past week, 3 of them had been on the market for over 40 days (43, 55, 71). These homes are a good example of why buyers should be out there ramping up their search. Sellers who have been on the market for several weeks, of which there are currently plenty in Redwood City, are much more likely to accept an offer below their original asking price. In most instances their Realtor has discussed reducing price with them already, and they're either willing to hear an offer below the asking price or they're planning on taking their home off the market altogether to regroup and retool their marketing efforts.
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