The Market

Spring 2012 has shaped up to be a great for many sellers.  Buyer confidence in the real estate market, continuing low interest rates and a lack of quality inventory has created multiple offers galore.  Where I have seen the most action is: Piedmont, Rockridge, Crocker Highlands, Piedmont Avenue, parts of Montclair, North Berkeley and lower Berkeley Hills, parts of El Cerrito, Elmwood, Glenview, Lincoln Heights, North Oakland, and select homes in Redwood Heights and Upper Rockridge. Here are a few things buyers are going gaga for: Buyers know that the best investment is buying a home that will meet their needs for at least 7-10 years.  Therefore, buyers are looking to purchase a home  that they will not immediately outgrow - ideally having 3 bedrooms or some bonus space. Flow is important!  Many buyers like open space, and really good indoor/outdoor flow. This is sunny California! Al fresco dining is becoming a must... Although many people like the idea of fixing up a property, a buyer would prefer to buy a home that is move-in ready with a minimal amount of work. Natural light! Natural light and the warmth of sunshine makes people happy! Original details including hardwood floors, vintage tiles, period built-ins and mature native landscaping.

Price is key: If your seriously ready to move, when pricing your home it’s best to let go of the idea of recouping what you paid for your house when you purchased it.  Price your house according to today’s current market value using the most recent sold neighborhood data as a guide. You have the best chance of gaining market attention if you are priced slightly under market value.  Price is a key part of your marketing and can make or break the momentum. Although I recommend pricing your home as low as you can go, always list your home at a price you are willing to accept if there is only one offer. Some homes are getting multiple offers and some are not and ultimately your house will sell, (if marketed correctly) at the highest price a buyer is willing to pay.

Some recent stories from the field:

  • A completely renovated tasteful 3 bedroom/2 bath home in  Redwood Heights with great indoor/outdoor flow recently received 5 offers and is pending substantially over the asking price
  • A 3 bedroom/ 2 bathroom Berkeley brown shingle near the Live Oak district received 5 offers and is pending substantially over the asking price
  • A completely renovated 4 bedroom home in Lower Rockridge received 11 offers and is pending over $100+K over the asking price
  • A pristine mid-century in the Oakland Hills 2700+ square foot home with no view but a swimming pool and one bedroom pool house had 9 offers and sold over $80K over the asking price
  • A small 800+square foot 2 bedroom/1bath cottage with new roof, large lush landcaped backyard in the Lincoln Heights neighborhood sold over the asking price with 4 offers
  • A large 1940’s 2 bedroom home in the Laurel is now pending over the asking price after receiving 9 offers
  • A Montclair level-in home with gorgeous outdoor spaces and walking distance to Montclair Village had 11 offers and is pending over $100K over the asking price.