It is back to school season, and October is also when my insurance policy renews. Today I looked up my upcoming bill and noticed an increase, so I called my provider to review the details. My annual homeowner’s policy went up by 13% and my auto insurance increased by 9%!
While I had my provider on the phone, I reviewed my entire policy. I confirmed that everything I wanted covered is indeed included, verified the rebuild cost of my home, and checked my personal policy items such as jewelry coverage. I asked what to do if the value of my jewelry goes up, and he reminded me that jewelry should be appraised every five years to keep coverage aligned with current values. These check-ins are important to make sure you are not under- or over-insured.
Here are a few takeaways: Have you had a policy review recently, and are you sure you have the correct insurance and adequate coverage? When you are budgeting for a first home or a move-up home, are you allowing for the possibility of rate increases? Have you made any improvements to your property that your insurance company should be aware of? For example, within the last year we replaced our roof with a Standing Seam Metal Roof, and our insurance company needed that information because it is a significant property characteristic and affects the replacement cost.
Although paying for insurance is rarely enjoyable, especially when many of us do not often file claims, there is real peace of mind in knowing your coverage is correct and your assets are protected.
I was recently interviewed by the Daily Mail about the Oakland real estate market. I was honored to be asked for my insight, but I will admit I found the article difficult to read and I am not sure my perspective came through clearly. So here is the gist of what I shared when Lauren asked me about the decline in the Oakland housing market:
When you average the sales in the city of Oakland, prices are down. But Oakland’s housing market is far too complex to be measured by simple averages. With more than 100 sub-neighborhoods, some areas are thriving while others are slower, and much depends on the specific property. Buyers today are more cautious and focused on value, no longer rushing just to get into the market. Homes with condition or location challenges often linger even after price reductions, while well-maintained properties with strong features still attract competitive offers.
This is not truly a buyer’s market. Seller success comes when a home clearly communicates its value and resonates with buyers. There are opportunities, but the best homes often sell over asking and can still be very competitive. A good example is my recent listing at 719 Walavista. It was offered at $1,149,000 and sold for $1,620,000, with the buyer also covering their Realtor’s commission, making the effective sold price $1.66 million, 41%over asking. The home was in impeccable condition with countless upgrades, and buyers showed up for it. We received seven offers, the sellers are thrilled, and the buyers are excited to have secured this gorgeous home.
Now, would this property have sold for more in 2021 or 2022 when interest rates were below 3%? Yes. But even in today’s market, it achieved an above-average price per square foot because of its condition and presentation.
In short, we are in a balanced market. For buyers, keep in mind that list prices often serve as teaser prices to attract attention. What you and your Realtor need to analyze are the recent sales in the area, the condition of the home, the needed repairs, the layout, and the natural light to better determine the value. For sellers, remember that buyers will not pay top dollar if there are many repairs, flow challenges, or dated features, and buyers are looking closely at all comparable sales in the area, not just the highest ones.
Insurance keeps you protected and good market insight keeps you prepared. If you are planning or even just considering a move, whether buying or selling, I am here to provide you with real-time insight and the knowledge you need to make the best decisions.
P.S. – Are you following me on Instagram? I often share in my stories—everything from design inspiration to what I am seeing on tour, new restaurants, and more. My handle is @DeidreJ
