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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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It may be a rainy start to the year but we’re in a fast moving early Spring market!
9 of our listings took offers last week and all but 1 are in contract with multiple offers.

My mid January Montclair listing at 1791arrowhead.com had its first open house on a very blustery rainy day. Serious buyers go shopping rain or shine.

Over 100 people came through the Sunday open house, drawn by the popular mid-century interior, online presentation and strategic pricing.
I would expect this activity in the Temescal or Rockridge but a traffic jam in the hills is less common!

With 35+ individual agent showings and 30+ requests for disclosures in the first few days the seller decided not to wait and took offers after the first Sunday and Broker tours.
Multiple offers came in from agents all over the Bay and 2 Oakland agents  prevailed with primary and back up offers accepted. ( buyers in this market usually benefit from a local agent and should NOT count on a second open house)


Explore the end of 2016 neighborhood data below!


q4-2016-click-image

Do contact me if you have questions about the local real estate market, there is always more to real estate than the data!

 

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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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The question!  Are we in a seasonal or an adjusting market?
It’s a little early to say, but regardless it currently appears to be truly a tale of two markets.

The top end of the market may indeed have peaked mid 2015, but interest in houses currently varies from luke warm to red hot, with homes in the $1M-$2M range and in “latte factor” locations still exceeding the 2015 prices.

I’m not sure who tracks data for properties with ancilliary dwelling units, but the addition
of an “in-law” or “airbnb” potential in urban locations seems to increase the demand exponentially!

On the other hand, we are seeing ” still available!” ” an opportunity” ” no offers” in both the MLS and the agent publications many of us subscribe to.

Some of these homes are just priced too high to accommodate the still customary overbidding. Some are just priced too high.. full stop!

My recent listing at 1641 Josephine on a super desirable street in North Berkeley, appx half way between two Berkeley BART stations, the gourmet ghetto, Monterey Market and multiple restaurants and shops received 10 offers and will sell well over asking.
The expansion potential, potential for an in-law, great location, and good size yard all contributed to the popularity!

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Close to everything!

CLOSE TO BART

CLOSE TO BART

 

Sellers invested money, we invested time and expertize in making it shine!

website-screenshot

The market in general is likely to be settling, so sellers don’t dally too long, and buyers
it’s a good time to be out looking!

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The First Quarter round up!
Q1 2016 click image

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I’ve listed several properties in the Oakland Temescal neighborhood over the last couple of years and delightful as they have all been this one is the grand dame!

The house feels more like a Rockridge or Elmwood home with it’s gracious entryway and large front porch, and my sellers believe it is older than the county records indicate and was likely built prior to 1910.

Painted and staged, a few light fixtures replaced, old window sash cords replaced, charity donations and  dump runs completed,toxic waste removed and we are ready to roll!

Visit : www.4415webster.com

Take a walk through with my fabulous  3D virtual tour !

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The fourth quarter in Oakland and Berkeley and neighboring cities continued with a serious shortage of inventory.

There was a slight increase in listings after labor day, and a momentary slow down. In part attributed to the sheer exhaustion of the buyers (and their agents)! How many way over asking clean and often contingency free offers can you write and still not get the house??!

Of note in the 4th quarter, the Oakland neighborhoods of Redwood Heights and Lincoln Heights saw a big jump in average sale price.
For some time they have been significantly below the Glenview prices and the difference is now closer to a recent historical norm.

For perspective on inventory in the Berkeley/Oakland areas we cover ……

On 12/31/2013 there were 222 active listings
On 12/31/2014 there were 131 active listings
On 12/31/2015 there were 64 active listings

Sellers… if you are ready… do not wait! This is our Spring market and the last Jan-Feb sellers have done very well.

In March and April you will have competition!!!

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