This probate sales activity report includes probate sales in Santa Clara County in March 2017. This report is comprised of statistical data from March 1st through March 31, 2017 extracted from our local Multiple Listing Service (“MLS”) as of April 1, 2017. The data includes single family homes, condominiums and townhouses.
Probate Sales Activity March 2017
- 11 Active Probate Properties for Sale
- 9 single family homes, 1 townhouse and 1 condominium
- 9 probate sales and 2 trust sales
- 18 Pending Sales (Under Contract)
- 14 single family homes, 3 townhomes and 1 condo
- 16 of the 18 pending sales are probate sales, 2 are trust sales
- 7 Sold Probate Homes
- 6 single family homes and 1 condo
- All 7 were probate sales
- Average List Price: $623,379
- Average Sale Price: $620,127
- Average Days on Market: 31
Looking at “averages” only gives us a snapshot of the entire market. Home prices vary all throughout San Jose and the entire Silicon Valley. The location and condition of a home will always impact value. This is true of all home sales not just Probate and Trust Sales.
- The highest price probate home sold did not require court confirmation. It was a single family home located in Willow Glen 95125 in San Jose. It has 3 bedrooms, 1 bathroom, approximately 1,138 square feet of living space on approximately 5,118 square foot lot. It was 116 years young! It first listed on June 2, 2016 at $969,000. On July 11, 2016 it was withdrawn from the market/MLS. On September 19, 2016 it was back on the market at a reduced price of $923,000. On November 8, 2016 the price was reduced again to $890,000. On November 15, 2016 the MLS reported pending status. On January 19, 2017 it was reported active again. On January 24, 2017 it was reported pending again. On March 7, 2017 it was reported sold. Final sales price reported was $895,000. Buyer had conventional financing.
- The lowest price probate home sold did not require court confirmation. It was a single family home located in central San Jose in the 95112 zip code. It had 2 bedrooms, 1 bathroom, 766 square feet on a 1,840 square foot lot. The home was 91 years young. It first listed on November 10, 2016 for $499,900. It was withdrawn from the market on December 19, 2016. It was reported active again on February 2, 2017 and reported pending on the same day. It was reported sold on March 30, 2017. Final sales price was $420,000. Buyer had conventional financing.
The MLS data tells a partial story. In both the highest and lowest price probate homes sold in March 2017 the data tells us that both homes were seriously over-priced. It is my professional opinion that over pricing a home does a seller an incredible disservice. The strategy of over-pricing a home is sometimes used to win business. It is not a strategy I will ever use. I believe in honesty and transparency at any cost. If it takes being deceptive and dishonest to win business … that is not the business I am interested in winning.
While many aspects of probate sales may be similar to a non-probate sale of real property, a Personal Representative is well advised to seek a qualified real estate agent to represent them in the sale of a probate and trust home. We live in a highly specialized world today. Hiring a Certified Probate Agent is just as important as hiring an attorney who specializes in probate.
People often ask me why I chose to specialize in probate. I feel at some level it chose me. My experience as a probate and estate planning paralegal, and the many years I managed the care for my mom, made me realize there are many people who need my probate expertise, and there are people who appreciate a kind, caring and compassionate heart as well. I bring a wealth of knowledge and experience as well as deep understanding of what people go through managing the estate of a loved one.
If you need an attorney who specializes in Probate I am happy to recommend one. If you already have an attorney and simply need help with selling probate real estate then give me a call. I may be reached at my office 408.972.1822 or on my cell at 408.499.8751. If you prefer, you may request a consultation. We are here to help.