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Let’s run the numbers…..but take the neighborhood breakdowns with a pinch of salt or twoOverall inventory was down a smidge in 3rd quarter. (It certainly seems to have picked up in October… after this report) as sellers scrambled to get their homes on the market, particularly those in the higher end.

One particular neighborhood shows sales prices are down by 25% from last year……. I don’t think so! A function of few homes for sale and not enough data to be meaningful…
Yes, it can now take MORE than 2 weeks on the market before sellers get an offer!
Agents have to gauge the interest and the response to pricing.

If the property is anything but a perfect “10” Buyers are a bit more cautious.
The news is distracting, so is the stock market..the weather is still great… buyers and agents are circling a little longer, is the property priced low, priced near value, priced a bit too high?
The market is less predictable, so it’s important to do your research!

Are we finally moving towards a more balanced market, where list prices are close to sale prices?? Maybe!
Are prices dropping? The high outliers from the Spring should probably be considered as such…. unless of course the property is a perfect “10”!


3rd Quarter market report

 

Going over and above!

On one of my favorite Oakland streets are the 70 ” modest mansions” of Picardy Drive, known locally as ” Christmas Tree Lane”. Newcomers and long time residents enjoy a wonderful sense of community in this special neighborhood!

The good thing about getting a listing with plenty of advance notice is you have more time to work on some additional great PR for those really unique homes!

Snagging the cover of the Sunday Open Homes guide and an article in Curbed took some planning and finesse!

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A good paint job, sparkling wood floors and first rate staging + all the appropriate inspections and taking advantage of the best marketing resulted in the highest priced sale on this street.

Not everyone wants a completely “redone” home and this one lends itself beautifully to  buyers updating to suit as time goes by!

Like my lovely seller may they enjoy another 40 years here!

Click images below for articles on Christmas tree Lane!

Per our 2nd Quarter market report below,prices continued to rise, lower-priced homes remained in high demand, the seasonal increase in homes for sale helped , though inventory levels remained critically low.

And now, we are again well into our usual Summer lullthis is not the busiest season in real estate! Many agents and their clients are on vacation and even though families may want to be settled before school starts we invariably see inventory drop and some good homes do not get as much attention as early in the year.

We are seeing some homes not get offers within the first 3 weeks ( yes, this is now a shock!) more listings indicating ” transparent pricing ” and more ” yoyo” pricing.

What I call ” Yoyo pricing” is when a home comes on low to meet the current market norm of ” price under, get competition to bid the price to what the home is worth“. The seller gets offers, but the seller has higher expectations so they don’t accept any of them. So the list price goes up to what the seller will accept “transparent pricing” Another couple of weeks go by and they still don’t get their price ….so then it drops back down to somewhere in the middle and then maybe they get that price …or… it is subsequently bid back up a notch or two if a couple of buyers are again competing.
Which goes to show that no one really knows what a home is worth until it gets out in front of “market forces”!

In short: The summer lull may offer vigilant buyers opportunity to get into the market on some homes.

Grey be Gone!

How refreshing it is to present a warm and inviting home decorated by a true artist with a flair for color and style!

OK, so we know we’re meant to “neutralize” and beige turned to gray over the last few years and it clings to life with a few brave stagers battling to infuse COLOR into the picture!

So YAY!!

My latest listing is this stylish and colorful, warm and inviting Traditional split-level located in the Woodminster pocket neighborhood of Montclair.

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Adjacent to Montclair, and zoned for the same schools it’s considered Montclair by many who live there but has the best of both worlds with access to Montclair village and it’s own neighborhood shopping, restaurants and even the ex Montclair Hardware store!

Regional parks are just around the corner with trailhead access to Joaquin Miller Park and Sausal Creek.
Along with the Woodminster ampitheatre just up the road for annual musicals, music in the Redwoods, and the Greek Festival  with music, dancing and food just down the road.

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If you like newer homes, highly rated schools and superb views ..without going way up into the hills the Upper Rockridge neighborhood in Oakland is a great place to live!

Tucked in between homes on several of the streets are hidden pathways, shortcuts down the hill for pedestrians dashing the the Trans bay bus stop for the morning commute. And a good end of day work out on the way home!

Village market offers the convenience of a very nice grocery store with imports like my beloved Marmite (!) and other delectable items. Take out Barbeque several days a week and a good deli selection.

My recent listing offered gorgeous Bay and City views and that very desirable guest suite.
…..So nice that visitors may not want to leave!

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For more detail visit: http://www.6168contracosta.com/

 

In 2017 I enjoyed helping clients buy and sell a variety of homes in the East Bay. I’m looking forward to another year of helping my wonderfully diverse real estate family!

Inventory traditionally picks up after Superbowl and the early Spring market is a great time to get started and prepare for a move.

I’m  happy to meet prospective clients , discuss options and put together a plan!

SOMETHING FOR EVERYONE!

 

This week I attended our quarterly Top Producers referral group meeting in San Jose. Agents from as far away as Sacramento, Carmel,Tahoe and Davis shared updates on their current market conditions and a variety of real estate related topics.

If you are looking to buy or sell outside of the Bay Area, I can usually provide referrals to great agents!

We have 30 year veterans and Millenials in the mix so it’s a nice cross section of different styles and approaches to real estate!

In general, the theme was one of “low inventory” with some markets slowing and others as competitive as ever, and “what is the next generation going to be able to afford?”
( Yes, we are only too aware of the down side to declining affordability)

The Oakland- Berkeley area seems to be one where buyers have become more selective this last quarter. Great houses are garnering the attention and high prices. Less than A+ or less strategically priced homes are sometimes only getting one offer or sitting. 

As we get into the holiday season it can be a good time for buyers who see potential in those “less than perfect” or less optimally marketed properties!

To check on the stats from the last quarter, Q3 -click below.

Pricing for competition is key….. sorry… no end in sight for those under market list prices at this time!!