Happy rainy February,
After such beautiful weather in January, I suppose we were due for some true California winter. My first listing of the year, 4630 Redwood Road, Oakland, just closed and I currently have a property on the market in the Piedmont Pines district of Montclair at 2355 Pelham Place. So far this year, open house traffic for both has been strong.
The overall temperament of the market suggests that buyers are ready to move forward on homes that are well-maintained and thoughtfully prepared for sale. I am seeing multiple offers and prices trending slightly higher than last year in many Bay Area neighborhoods, though not all. Inventory remains limited in certain areas, which is positive news for sellers.
This does not mean we are back to the peak conditions of spring 2022 when interest rates were around 3%. Currently, interest rates are at roughly 6%. While this is not a historically high rate, Bay Area real estate remains expensive so some buyers have firm budget limits.
Sellers should not assume that deferred maintenance will be overlooked. Buyers are responding most favorably to homes that feel well-cared for and do not require significant immediate work. For sellers with equity, Red Oak has launched a new program called REfresh. It is designed to provide up to $50,000, subject to minimum credit qualifications, to help prepare a property for the market using service providers of your choice. It is intended to make preparation more accessible and strategic.
The higher-end market has also remained active for distinctive, well-maintained, and/or well-located homes. I recently saw a home listed above $4 million go pending in four days and close less than three weeks later.
For many of today’s buyers, this means that homes in overall good condition, thoughtfully priced to attract attention, and carefully brought to market are drawing strong interest. Because much of our housing stock is older, there are almost always recommended repairs. Serious buyers are approaching opportunities thoughtfully and often taking calculated risks in how they write their offers.
Our market does not fit into a simple headline. It remains nuanced and highly specific to each property. I tour homes regularly and track hundreds of properties each year so I can truly understand value. That analysis is layered because no two homes are the same, even on the same block.
While technology can provide information on recently sold homes, neighborhood averages, and other data points, that information is pulled from what real estate agents enter into the Multiple Listing Service. Measurement sources can vary from public records to measured floor plans and may sometimes include unpermitted space. Online platforms are not touring homes, reviewing disclosures and inspection reports, or analyzing how many offers a property received.
If you are considering selling or purchasing, work with an experienced professional rather than relying solely on online tools. Do not hesitate to reach out. I never pressure clients to buy or sell. I have built my career on providing transparent information grounded in data, experience, and local knowledge.
So what else is going on? Late last month, Red Oak hosted our kickoff breakfast celebrating 50 years in business. It was an inspiring day and I left feeling very proud of my independent woman-led brokerage. I was also honored to receive a top-producing award for last year's production, thanks to you and all my wonderful clients, friends, and neighbors who support my business by hiring me or sharing my contact and services with others. Thank you! In my spare time, I am currently watching Oscar-nominated movies. This week, I am watching Bugonia. I also just pruned my roses and hydrangeas for a winter rest and have been making lots of soups.
What are you watching? I am always looking for good books, movies, and show recommendations.
Thanks for inviting me into your email, and please know that I am an email or phone call away, and no question is too small.
P.S. Follow me on Instagram, I share houses on tour in my stories, work in progress, new listings, and East Bay adventures
