| Oakland California real estate shot through the | | | | OVER. Sellers have to do more to prep the home |
| roof during the period from 2001 to 2005, with | | | | for sale now, and staging is much more common. |
| appreciation reaching 120% in some areas. Homes | | | | The most important thing of course if price |
| were routinely selling for 60-100k over asking | | | | though. I don't care how nicely a home is staged, |
| price and more! It was not uncommon for a | | | | if it is not considered a value compared to the |
| desirable property to fetch 30-40 offers. I | | | | others in the area it WON'T SELL. This is, unless |
| remember one home in the Oakland Hills went for | | | | your home happens to have historical significance |
| over 300k over asking price! | | | | or is in an especially desirable area. |
| However that type of market by nature is not | | | | One example of an exception to the rule was a |
| sustainable, and the current market is proof of | | | | house that just closed last week in Piedmont. It |
| that. Starting in early 05', us Realtors started | | | | had great square footage, (I personally viewed it |
| seeing a noticeable slowdown in activity, which has | | | | on our office tour) but it was in need of a lot of |
| continued to this day. The ironic thing is, prices are | | | | TLC. The bonus was that it was in a particularly |
| still high. They have taken a slight | | | | exclusive neighborhood in Piedmont and had been |
| dip(approximately six percent) in the last year, but | | | | designed by a locally renowned architect. The |
| our median price is still around 500k. There is | | | | agent also had contractors and interior designers |
| much more opportunity for buyers right now, | | | | at the open houses to help give buyers ideas. The |
| because there are plenty of homes on the | | | | home went on the market for $1.4 million, and |
| market which means buyers have more choices | | | | ended up selling a few weeks later for over $1.7 |
| and more negotiating power. | | | | million! Yes, 300k over asking price! |
| Sellers have had to come to the realization that | | | | However the reality for most sellers of Oakland |
| they can't just get any price they want for their | | | | real estate today is that they need to price their |
| home, and the days of putting up a sign and the | | | | home attractively and prepare the home for sale |
| next day it's sold for 60k over asking price are | | | | if they expect to get it sold. |