Feeds:
Posts
Comments

“The reports of my death have been greatly exaggerated!”

Spring is on its way …..and this may not be the potentially dying market we saw in the 4th Quarter of 2018! Everything is beautifully green and serious buyers go shopping in the rain!

Market jitters at the end of 2018 led many sellers to just put their homes on the market using the “come as you are” + “transparent pricing” approach, and many of them sat and did not sell.

For every buyer who says “I don’t like staged homes” it is rare for one to see beyond older décor and get a discounted purchase. Many of these homes do not sell the first time around.

Fast forward to 2019!! ..… A new level of buyer enthusiasm has greeted many listings on the market. Including a number of the “shadow inventory” listings which were pulled at the end of last year, refreshed, repriced and repositioned for 2019 with stellar results. 

The chart below shows sales absorption rates for the last 6 months in Oakland. Some slow down in the 4th Quarter and early pick up starting late January with highest in 6 months in mid February. We’ll see what more inventory brings us!

SALES ABSORPTION OAKLAND – FEB 2018

Recent brokers tour theme…… lovely and green after the rain!

That Magic Feeling!

That Magic feeling!

Every so often a home with that magic feeling comes on the market!

On Brokers tour the agents are “oohing” and “aahing” and say “I could live here!” and you realize you are not alone in responding to the home as you do!

The magical house does not have to be exceptionally fancy.

More likely it is unostentatious, more likely it has a wonderful interface with the outdoors… a place where you can imagine spending today’s precious down-time relaxing in comfort and looking out onto a beautiful garden or view!

How do you value a home like this?

You pull the comps, analyze the data and say…. However… this home is magical!
Data and logic invariably go out the window!

The winning recipe will undoubtedly be whatever the sales data indicates plus whipped cream and a very large $$ cherry on the top!

Will it appraise?
Quite possibly not. Is there going to be a buyer who doesn’t care, probably.

Like the world’s most valuable jewels and artworks a home with “ that magic feeling” is a rare commodity and gets valued accordingly!

closeup photo of pink petaled flower tree

Photo by zhang kaiyv on Pexels.com

The holiday season saw somewhat of a seasonal slowdown as buyers turned their attention to the holidays. A few deals were had, many sellers tried the off-market ” Buy it now” pricing and some were successful. Shadow inventory which did not sell in the Holiday season and new inventory will be coming on soon!
Click on the image below to see the last quarter’s report

I am so grateful for the opportunities I had in 2018 to help so many wonderful clients!

A BIG THANK YOU! to friends and clients who sent many of these people my way.

If you have a move in mind for 2019 I’m always happy to meet prospective clients, discuss options and put together a plan before the early Spring market gets going!

You can call me, text or leave a message at:  510-390-8101

 

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!

This slideshow requires JavaScript.

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.