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Posts Tagged ‘market conditions’

Looking back at the First Quarter of 2019 the overall market condition chart shows a strong reduction in the number of homes which sold under list price.
Yes….despite the prevailing trend to under price homes and generate multiple offers, there are homes which come on priced too high.
The slow down in the Fall which started around October seems a things of the past.
As long as sellers are realistic, interest rates and inventory continue low, the buyer demand will remain strong.

As always… the trends are market wide, but the values are house specific!

Neighborhood data you can access below will vary in giving an accurate picture of the market depending on how many homes have sold in the 1st quarter.

Single Family Home Sale Data

 

I’d be happy to speak with you about your specific market or property questions!
Jackie 510-390-8101

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Back when we bought our last house around 1998 we were considering schools and test scores and the Montclair hills seemed like the spot which best met our needs.

Although we were also very tempted by a couple of super charming homes -one in Adams Point with a gorgeous stained glass transom window and the other a craftsman style home near a wonderful pocket park in what is now more acceptably known as NOBE!

Fast forward about 20 years and the conversation I often have with homeowners in the Berkeley and Oakland hills frequently turns to
How is it possible homes in the hills are not worth more ?”

So here is a little chart giving some idea of relative appreciation over the last 20 years in the hills and the flats.
Yes, the hills were more expensive to start with, but a generational shift
is placing value on urban locations and Lakeshore is very tempting!

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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

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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

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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!!

 

 

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August’s Monthly report…

Buyers….Come on back!

Most local agents tell tales of buyers frustrated by their inability to get into contract and walking away from the market.
Inventory has been so low and there are not enough homes to meet the demand.
Trekking over from the city at the end of a long day or giving up chunks of each weekend, especially if you have a little one in tow is less fun after your 3rd or 4th rejected offer!
But wait………there’s good news! 
Inventory just did the annual post Labor Day pick up and we now have 2 consecutive weeks of more homes to choose from!
So buyers may do well to get back in the saddle and give it another shot!!

If you, or anyone you know, are thinking of getting into the market I’d love to hear from you! Now may be a good opportunity to get into contract!

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I seem to recall leaving corporate life and becoming a realtor for flexibility and to work less hours.  I love my work, but …. it’s 24/7 and not less hours!

“Sunday is your busy day” people will often say. Is the perception that we twiddle our thumbs the rest of the week?! Open house makes for a “busy” day in Bay Area real estate, but it’s  often not the busiest day of the week.

Selling real estate is a way of life, weaving in and out of personal commitments
with overlapping and variations.  It is not a 5 day a week  9-5 job!

Below are a couple of representative weeks for a full time established agent!
A busy week, and a less busy week.

For variety, a normal week is peppered with technology and coaching, meetings with out of area colleagues, fire drill offers with last minute buyers, broker consultation on tricky escrows,committee meetings, visiting former clients etc

Busier week………

realtor-calendar-busier-week

Not so busy week………

realtor-calendar-slower-week

As with most professions, there is the mythology and the reality!
Get ready for a busy 2017!

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