And now, back to business…
As we start a new year and decade I can not help to feel blessed, I have just completed 15 years in business. When I started real estate, it felt very familiar as my mother was an Oakland/East Bay Realtor, however never in my wildest dreams did I envision a career that I have experienced thus far. Thank you for turning my dream of serving clients in a creative and ethical manner into my reality.
As I gear up for the 2020 Spring selling season, I will share 2018 vs. 2019 data. Below you will see median prices in a few East Bay cities. Median price simply means the middle of where prices land. They do not tell the entire story as every home is different. For example, last week I had clients interested in a home in Oakmore Highlands. The sold data in the immediate area would indicate that the value of this home could be between $1.5 and $1.7 million, however the inspection reports revealed that the front porch was in need of replacement and the cost due to the architectural design was over $75,000. The point is someone could have paid a high price for the home being that there has been very limited quantity of inventory in this neighborhood and perhaps the layout, location and size was more valuable than the needed repairs, but due to our diverse inventory, my experience has proven that price per square foot is rarely the best method to determine a home's value.
What are my optimistic predictions for this year? Spring should be business as usual. I have chatted with several of my stagers and they are booking up quickly, this indicates we should have a new supply of inventory in the upcoming months. There are buyers out there that are eager to find quality properties.
Here are two quick takeaways:
If you are considering a move and want to sell your home, now is a good time to chat. While Spring should be a healthy selling season, historically our real estate market becomes fickle during the summer. With graduations, vacations, etc.. the market is not always predictable. Also, the market tends to slow during national election seasons. Prices may still increase, but not at the same pace as other years.
Preparation and attention to details matter. Likely your direct competition will be doing extensive repairs and renovations. As buyers are becoming more discriminating I definitely noticed that they will pay less or pass over properties that they feel need too much work.
Here is a buyer tip:
