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