Happy April,
While I am not a fan of falling back or springing forward, there is something quite magical about the winter-to-spring transition in which it feels like almost overnight deciduous trees, shrubs, and flowers start to explode with leaves and blooms. Waking up to birds chirping is a nice way to greet the day.
Though the real estate market is still seeing multiple offers, when I pull together comparable sold data for sellers who are considering selling and buyers who are house hunting I am noticing that sale prices can range greatly. Some houses are selling well over the asking price - getting 2-10 offers - while others are lingering on the market and selling for less than the original asking price. I have clients who just got pre-approved for a mortgage and qualify for a $2M purchase and after a 20% downpayment, they will have a $14K per month mortgage. They want to live in the East Bay and are very realistic, but the house and its condition have to make sense and be worth the cost. I mention this to say that a house has to be worth it for a buyer, whether it is a great house, layout, and upgrades, or a stellar location with great potential. Gone are the days in which a seller could do virtually nothing to maintain or upgrade their home and still have buyers respond with bags of cash. Our current market is one in which more preparation, consideration, and thoughtfulness are a required part of the process for both buyers and sellers. Buyers are less likely to wildly pay over what neighboring houses have recently sold for. If you are considering selling, be sure to ask your agent for a list of recently sold homes that are similar in size and see what those homes are selling for. How does your home compare to the recently sold homes? The big question: are you willing to sell your home for a price in that price range? If a house is exceptional, then perhaps that house will sell for more than all of the recently sold homes in its neighborhood, but this market is more balanced and less seller-centric.
Earlier this month KTVU News invited me back on air to weigh in on the real estate market. Click here to view the full segment. Remember when I am talking, I am often talking very broadly so if you have specific questions or want to know what your home is worth, give me a call or send me an email, I am here to help and provide expert advice and insight.
Thanks for calling on me, I love being your Realtor!
P.S. 4546 Toyon will be open this Sunday from 2-4 pm and it is a dreamy mid-century ranch!
