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Health & Fitness

Menlo Park Real Estate Statistics for October 2011

Curious about how the local housing market is doing? The Luxury Real Estate Insider has the scoop.

Statistics for the Menlo Park real estate market for the month of October 2011 compared to October 2010 show that inventories and buyer activity is on the rise.

However, buyers are remaining conservative in their buying actions and aren't overpaying. They are buying much quicker this year as inventory is what I would still consider very low. But, they aren't just throwing money at any home that hits the market. 

Palo Alto is known for multiple offers on many of the properties that hit the market and we are seeing some of that occur now in Menlo Park too. I've seen properties that sell within a week with up to 10 offers on the table. It's not the norm, but certain areas and well priced homes are generating this kind of frenzy.

Cash is still king as interest rates are at historic lows, but it can still be somewhat of a challenge to get approved for a loan. So the money isn't flowing as much as it should yet considering the low rates. 

Several recent IPO's should bring some new millionaires fresh with cash in their pockets to the market this month, so we'll see if that cash infusion pushes the market in Menlo Park at all or if they decide to wait until after the holidays and just buy their shiny new cars first. 

Find out what's happening in Menlo Park-Athertonwith free, real-time updates from Patch.

Overall indicators should lead to a strong November as buyers and sellers want to complete their transactions before the holidays hit. 

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