Over the last week, I have been house hunting for my buyer clients in both Oakland and Berkeley. Buyers are looking for houses in the best locations that will hold their value throughout any real estate market, (with sensible floor plans). Because most sellers are holding off on selling as they are waiting for a better real estate market, quality inventory is low. Buyers are still out there hoping to take advantage of the real estate market slow down and folks are getting frustrated by the selection.
The people who are choosing to sell their homes are homeowners who want to move up. They realize that they will not get as much money for their home, but they also know that they will not spend as much on the larger home. (Depending on the area)
Other homeowners are selling their homes due to divorce, job relocation, empty- nesters who want to downsize and death. (People who have lived in a home for decades until they died).
There is a great deal of inventory in the transitional neighborhoos at low price points, but for folks who want to purchase a home with a price tag of $550K-$800K you have company. I am seeing multiple bids placed on 3 bedroom houses in prime locations that will hold their values. The exception is when a house is over priced to begin with as these houses sit on the market until the price drops.
Overall, the Oakland and Berkeley real estate market will continue to be a strong market for real estate, as we are close San Francisco and we have the best weather and sense of community!