But recent closed sales are old news in Silicon Valley's sizzling market. Prices are up more than 60 percent since the mid 1990s and the market's next milestone could be a home that sells for twice asking. It's unethical for agents to share bids with anyone but the seller, but they can ask how near bids are to the asking price. You can't give out information on the exact sales price.
Deals do fall through.
Some buyers are calling in an appraiser to make sure they get what they pay for. With limited comparables, her job is tough these days too. Pressured by agents to bring in appraisals at the sales price, O'Neill must use the same tools agents use to put a value on homes. An appraisal generally places most emphasis on historical data, closed sales. That's great in a stable market.