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What are experts saying about the housing market? |
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Where are we headed? |
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“The housing market is continuing to move toward more balance.” -Forbes 8/30/22 |
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2021 and 2022 have been amazing years in real estate and for our clients.
Let's look at the what nationally known experts are saying is going on in the Greater Oakland-Berkeley Inner East Bay. |
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Local Market Data |
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Inner East Bay Real Estate Market Trends |
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Even with the increase in interest rates, people are still buying homes. The number of sales and listings going into contract rebounded in August but slowed in September. While the overall market has been declining, we are still floating in a high crest. The price of homes are leveling out, where bids are closer to asking prices. |
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The average overbid percentage has dropped by 15 points," said Patrick Carlisle, Chief Market Analysis of COMPASS. It is becoming more of a buyer's market. While we might see substantial short-term volatility in the next month, we need to keep in mind that November-January is typical the slowest time of the year. Please see attached Oakland Berkeley Flipbook with great insights, trends and even breakdowns by neighborhood. |
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COMPASS Market Insights |
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One reason why we joined Compass was their superb market analytics to help us provide more value and better service to our clients. Data based reports, recommendations, and marketing plans allows us to provide all of our clients with optimized, strategic recommendations based on real-time data and actionable insights. |
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The market is currently adjusting, so if you plan to sell, call us to strategize. We have found that our team's thoughtful approach to enhancing the positives and reducing the negatives of a home consistently helps our listings to stand out in the marketplace. We minimize cost, maximize price and limit days on market for a faster and more predictable sale process. Through careful thought and preparation, we continue to produce multiple offer scenarios and continue to generate substantial returns to our clients. Just a few days ago, Andy was talking with one of our staging partners who told him that of the 11 homes she had currently staged, our 2 listings were the only ones that had gone into contract when they were intended to, reminding us that our team's particular mix of art and science works and will continue to out-perform more typical sales / agent approaches. |
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Who Wood have Thought? |
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Another sign of inflation is the cost of wood. Lumber prices are beginning to come back down. Nationwide, there is a 60% decrease in price from last summer. The cost of building and remodeling is more affordable to home owners. Doing that remodel before selling will increase your asking price. |
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Uber Shakes up the Market |
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Uber and similar tech companies like Apple and Twitter located in Downtown SF are making their employees return back to the office for a few days a week. This is a decision that will not please everyone and will undoubtedly affect housing trends in the SF Bay and East Bay areas. Remote workers in all of the Bay Area will need to be more local than they ever have been since the pandemic. |
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What is House Hacking? |
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House hacking is a real estate investing strategy which aims to partially or completely offset the owner’s mortgage payment. When buying a small multifamily property – such as a two-unit duplex or a three-unit triplex, adding an "ADU" Accessory Dwelling Unit is recommended. Income from the long/short term rental unit(s), AirBnB, or Bed and Breakfast, is used to make extra principal payments on the mortgage. |
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When the equity accrues enough, the investor may be able to refinance and pull cash out of the property to purchase another small multifamily building, therefore gaining another house..."House Hacking". We have helped several clients analyze and actually develop their properties with ADUs or more intense projects. Feel free to reach out to discuss your thoughts or property development ideas on a purchase or something you already own. |
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2023 Outlook for Our Team, East Bay Home Transitions |
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We have an exciting year ahead with new home developments coming to market in the Temescal, North Berkeley and Lincoln Highlands. Andy, Britnee, and Ali have settled into COMPASS, and even added a new member to the team, Maricela Yee, to help ensure we provide the best service possible. We can't wait to show our clients all of the value that our team can add to your purchase or sale of real estate. |
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COMPASS Concierge Program |
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The Concierge Program allows sellers to use an interest free loan and leverage our unique Construction/ Development expertise. We are currently doing: major updates and expansions, light refreshes, deck rebuilds and landscape projects unlocking potential in our client's properties to prepare their homes for the market in optimal condition. When the time comes to sell, be sure to reach out early and we can brainstorm the best ways to unlock potential in your property. |
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Just Listed |
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Live the farm-to-table movement! Urban farmstead in modern 2/1 Craftsman bungalow perched on a private sunny lot in Ivy Hill! Ascend to the front door, & feel welcomed by tiered garden beds w/ artichokes, grapes, pomegranate trees & peek a boo Bay view from the porch. Garden in the s unny flat backyard, w/ flagstone patio, chicken coop, + urbanite garden beds & fig, apple, pomegranate, & peach trees, on drip irrigation. OPEN HOUSE THIS SUNDAY 10/17 2:00-4:30pm |
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Pending Sales |
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Recently Sold |
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Closed Purchases: 3263 Butters Dr. Oakland 6 Fifi Ct. Walnut Creek 1449 O'Hare Benicia 5041 Fairfax Ave. Oakland 2873 Regatta Dr. Oakland 1201 California St. #606 Berkeley Closed Leases: 4120 R hoda St. Oakland3302 Claremont Blvd. Oakland We are keeping busy but will always value and make time for your referrals. |
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What are previous clients saying? |
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"We highly recommend Andy if you are looking to sell or buy in the SF Bay Area. He really cares about his clients and is invested in delivering a great outcome for everyone. " "Britnee was an absolute joy to work with and I would recommend her to anyone looking to buy or sell their home. She was extremely reliable and responsive throughout our search for our first home in Oakland" " Ali is very helpful and a wonderful support in this crazy market! She was very responsive to me and organized to get my house prepped and ready for sale. She also showed me a ton of properties in my process of buying a house. She's willing to go the extra mile with a friendly point of view." |
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Thanks to all of our clients for trusting us to help them meet their real estate and investment goals! This year, we landed in the top 1% of all Alameda County Real Estate Teams ranked by Transaction Volume. For us, it is truly all about the people we work with. We love helping people maximize their real estate investments. And, are having so much fun and satisfaction doing it! |
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Join the 40,000+ buyers and sellers who have reimagined their real estate experience. Reach out to learn how we can help you elevate your real estate transition and add value to your journey. |
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