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