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Furthermore, the average monthly inventory of homes for sale in Silicon Valley increased 15% from 2017 to 2018. [3] Real estate agents report an increasing number of middle-aged and elderly residents selling their homes and moving to more affordable locations, and although this has not made the housing market "affordable", it is causing changes.
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A house for sale by its owner. For sale by owner (FSBO) is the process of selling real estate without the representation of a broker or agent. This is where the homeowner sells directly to a new homeowner. Homeowners may still employ the services of marketing, online listing companies, but can also market their own property.
The sale set the record for the largest property sale at auction in the United States, topping the Hearst Estate in Beverly Hills, which sold for $63.1 million in 2021. [21] The house lacked a certificate of occupancy and required an estimated $20 million in additional construction costs at the time of the sale. [7]
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