It sure feels like we are approaching the peak as some houses have not received any offers this week and are “lingering” on beyond the usual 14 days on the market. That said I have been writing offers every week for clients and have come in 2nd one too many times. Just this week I wrote an offer $400,000 over asking price and came in yet again 2nd…. It is really disheartening for clients to keep writing offers and be rejected even when they write that much over the list price. Is the list price way too low? Yes in some cases but the market is such that buyers expect to overbid 10%-20%. If a seller decides to price high there will be hardly if any overbids. My colleague wrote an offer on a home listed within 5% of value and even though they wrote $200,000 over asking price the sellers rejected their offer..
Have you seen the new trend of “transparent” prices? It is popping up everywhere. Sellers list a home at the price they expect to receive or agree to sell their home for. Those “transparent” prices are quite high but maybe that is the way to be fair and more honest to the buyers too. What do you think? As a seller or a potential buyer would you prefer to deal with transparent prices from now on or keep the status quo?
Richmond View has suffered this month and is off the buyers’ radar! This beautiful home has been forgotten for no reason. It is nice and well built with a “cleared” pest report, offers great views of San Francisco, the Bay and a portion of the Golden Gate Bridge. It is located in a really quiet and friendly neighborhood with easy access to the freeway, Tilden and Wildcat Canyon Parks and shops. 3 bedrooms and 2 baths on a 9,450 sqft lot backing up to the old and closed down Adams middle school.
The best part about living in Richmond View is you get the views, schools are the same as living in Northern El Cerrito (Mira Vista Elementary and Middle School, Korematsu Middle School if you prefer, El Cerrito High School)… the BEST part about living in Richmond View: This is unincorporated contra costa county so you pay less taxes and no city transfer tax… All pluses.
Listed at $799,000. Open House Sunday 11/11/18 from 2-4pm. Come join me for a special tour of this home.
Come check out this beautiful condominium in Albany at 535 Pierce Street
All amenities are nearby. No need to pay for a gym membership as this condo comes in with a gym, a pool, a hot tub, tennis court, half basket ball court and a picnic area. Plus it is walking distance to Pacific East Mall, Transbay bus line and carpool ride, and freeway.
Contact me for a private showing. Listed at $599,000. Nowhere else can you buy a 2 bedroom/2 bath property in Albany for that low price. .
535 pierce flyer_email
Highly coveted Albany Schools
Next to Pacific East Mall
short distance to El Cerrito Plaza and Bart and Solano Avenue
One of the few ADA units that offer a nice open floor plan with 2 master bedrooms on each side of the living/dining/kitchen combo and walk-in closets
Amenities in Bayside Commons include a pool, a hot tub, tennis courts, a gym, a clubhouse, a half basket ball court and a gated park perfect for a large outdoor party. This is a fully gated community and with gates leading to Albany hill trails. Observe the monarch butterflies in the Eucalyptus trees and discover treasures hidden in the hills while enjoying some spectacular views of the Bay.
Listed for $610,000. Contact Catherine for a private showing and a chance to own this beautiful condo before it hits the market.
New on the market! http://www.ElCerritoHome.com
7217 Lincoln Avenue, El Cerrito, CA 94530
Perched above the street this home enjoys expansive views of Berkeley and downtown Oakland from the living room and a great view of the Golden Gate bridge from the front porch.
Bright living/dining room combo with mud room attached.
New laminate and/or vinyl flooring throughout
Updated eat-in kitchen with freshly painted cabinets, new flooring, counter, sink and light fixture
2 bedrooms in the back and an extra bonus room in front used as the 3rd bedroom
Large 2 car garage at the back of the garden with long driveway
Dual pane windows throughout, forced air heating system
Close to El Cerrito Plaza, Bart station, schools, shops and restaurants
The house was cosmetically improved and it will benefit from some upgrades and repairs
Broker’s tour 10/11/18 from 9:30am till noon
Open Houses Saturday and Sunday 10/13 and 10/14 2-4pm
As we are approaching the last quarter of 2018 there have been signs of a slow down in the market. Low unemployment levels and a solid economy have led the Feds to increase the interest rates already once and increasing them in December again. Each hike in interest rate affects buyers’ buying power and reduces the amount of loan they get pre-approved for to a point where they become priced out of the market. Rental market is as strong as ever so where do these people go??
From my perspective the peak of the real estate market was May 2018. What I am experiencing now is a steady slow down and/or a plateauing of sales prices with a few exceptions. Half of the listings currently on the market have been listed for more than 15 days which indicates that no *satisfactory* offers were received on the property. We are at a point where buyers are tired of overbidding 20% above the asking price and sellers are comparing the offers on their homes with the May market which creates a no-deal zone.
Every week more houses are coming on the market. Some of my buyers have benefited from that. Just got in contract on an amazing McGregor home in Albany where we were the only offer! On the other hand, I had buyers bid on a home that had not received any offers and sellers were stuck on their ideal price so we did not reach an agreement. The comparable price they were looking at was my listing 1 block away that sold for $1,045,000 back in May!
If you are interested in finding out how much your house is worth in the current market please contact me. If you need any recommendations for contractors, handy people, cleaning crews, landscaping etc… please call me first. I work with a lot of good people and mentioning the referral source can generally give you better results so use me as your power tool!!
I am looking forward to hearing back from you. Please leave me any comments and any questions.
Great cheat sheet to keep as a reminder. Home staging is very important. Just imagine looking at photos of empty spaces instead of a staged home? Can you picture the size of the room better with staging or with a blank photo of 2 walls and a window?
Over 90% of buyers search for their homes online and you want the curb appeal to attract them. Curb appeal is not just referring to the outside/front door it also applies to the internet presence with a nice presentation of your home and photos are the number 1 way to show off your home so why shortchange yourself by showing off freshly painted bare walls and windows?
For any questions don’t hesitate to contact me via phone, email or text.