Spotting the Price Reductions

By June 17, 2015 @ 10:44 pm

So, I have been noticing something that I haven’t seen in awhile…price reductions.  More than normal.  What could this possibly mean?

  • Buyers are on vacation
  • Buyers are feeling burned out
  • Listed prices are starting closer to the expected sales price
  • Seasonal cool down
  • Unrealistic seller expectations

But I am also seeing price increases, meaning it was originally listed for multiple offers and the seller did not receive what they were hoping for.  So they increased the price to what they would take.

I polled El Cerrito, Albany, Kensington, Berkeley and Oakland to see what things were looking like this past week.  Here is what I found:

El Cerrito saw one price drop and 1 price increase
Albany saw one price drop
Kensington saw one price increase
Berkeley saw three price drops and
Oakland saw 16 price drops

Screen Shot 2015-06-17 at 11.14.35 PM

>> price changes taken from mls <<

I work with a lot of sellers and the one conversation I always have is about setting expectations.  In a fast moving-market that is full of emotion,  it is nearly impossible to determine what a house would sell for.  For the past 2 years we have seen such a huge gap between the listed price and the sales price.  Now we are starting to see houses that aren’t getting offers on their due date, price changes, and houses being withdrawn.  What do you think is happening?

I am going to continue to track these.  I am curious to know whether the price reduction will get it sold with multiple offers, and whether the price increase will simply get it sold.

 

Are you prepared for a major power outage?

By June 16, 2015 @ 2:36 pm

Screen-Shot-2015-06-08-at-8.47.25-PM

Are you prepared for a major power outage? Last week in a little innocent squirrel caused a major power outage in the East Bay that lasted nearly two and a half hours.  Some of you may have been affected by it – Krista on our team was definitely affected by it and while she was a “little” prepared we thought it would be a good idea to remind you what to do in a power outage.  Whether you are in a Short-Term Power Failure, Long-Term Power Failure, Summer Power Outage, Winter Power Outage (luckily we don’t have a real “winter”) or an Extended Power Outage/Home Shutdown there are few essential items you should keep in your house for moments like these.

  1. Self-powered flashlights
  2. Candles
  3. Glowsticks
  4. Matches
  5. Lighter
  6. First Aid Kit
  7. Extra cell phone car chargers
  8. Water
  9. Coolers
  10. Ice

Check out the full list here.  The most important thing is to have a plan in place for any type of situation like this and to stay calm.  Let us know if you were affected by the major outage last week and how you managed through it!

Will the Drought Impact the Bay Area’s Real Estate Market?

By June 13, 2015 @ 3:23 pm

Will the drought in California, which is weighing heavily on all of our minds as the water from the faucet starts to taste a litter funkier every week, have any kind of impact on real estate prices? There are several possible scenarios:

 

  1. The price of water continues to go up, as it becomes a scarcer resource. As the price of water goes up, the cost of that increase is passed on to home- buyers and home owners. Increased water prices may:
    1. Impact the amount and price of new construction
    2. Impact the cost of home maintenance – the same way a home buyer is attracted to home that has solar panels because of possible lower electrical bills and energy efficiency, so it will come to pass that homes with grey water systems are also more attractive and expensive.
  2. As the drought drags on year after year, this will force home-owners and home builders to install newer technologies to save and recycle water (i.e gray water systems, rain catch systems, etc). This environmental upgrade will at first increase the price for homes until it becomes expected.
  3. Point of sale ordinances that have to do with water use and efficiency? Just like the sewer lateral ordinance forces buyers and sellers to upgrade aging sewer connections, there may be water ordinances that ensure that either a buyer or a seller will take on the cost of making a home water efficient.
  4. With increased water prices, landscaping will become more and more drought resistant (check out our pinterest pageDrought for some cool drought resistant landscaping tips).
  5. With decreased water supply, the price of food (most of which is grown in California) will go up. More of a family’s income will need to be spent on food, creating less disposable income, less capacity to save, and ultimately less buying power in the real estate market.

Although cyber space seems to disagree with me, I think the drought will have significant impacts on both home prices in the Bay Area and buyer’s capacity to purchase.

We all need to do our share in saving water now and supporting the creation of systems that will ensure future droughts will have less impact.

To do your part, check out this great website: 100 Ways to Use Water Wisely.

 

And let me know what you think…will the drought impact real estate prices in the Bay Area?

New Listing in Elmwood!

By June 13, 2015 @ 10:20 am

2431 Russell St., Elmwood

Top 5 reasons you will want to move right into our new ELMWOOD listing!
1- You could eat a twinkie or cupcake from ‪#‎StatesideBakery‬ every day!
2- Meander over to College Ave and grab an espresso from‪#‎EspressoRoma‬ or a book from ‪#‎MrsDalloways‬
3- Visit the adorable ‪#‎WillardPark‬ playgound
4- The weather in ‪#‎Berkeley‬ is simply devine and
5- ‪#‎Elmwood‬ boasts a small-town community vibe with some of the friendliest people around!

The Sweetest Oakland Home!

By May 20, 2015 @ 10:23 pm

3007 Hyde St., Oakland aka “The Sweetest Oakland Home!”

Lived in for the past 7 years by a pastry chef / party blogger, an executive chef, a curious 9 year old boy, and their 4-legged friends.

“The Sweetest Oakland Home” is full of life, energy, style and pizazz.  Graced with designer colors, a retro kitchen, and a fab-u-lous-ly fun backyard.

Don’t believe me?  See for yourself!  We will be open this weekend.

Gorgeous backyard for entertaining

Gorgeous backyard for entertaining

Vintage kitchen with modern updates

Vintage kitchen with modern updates

Fun + stylish interior

Fun + stylish interior

FEATURES INCLUDE:
  • Vintage Mediterranean charm
  • Wood floors
  • Designer paint colors
  • Wooden, dual paned windows
  • Stone fireplace
  • French doors onto back deck
  • Stylish dining room overlooking back yard
  • Retro kitchen w/Rejuvenation Hardware lighting
  • Stainless appliances
  • Fisher & Paykel refrigerator
  • Sunny breakfast nook with original built-ins
  • 2 bedrooms and 1.5 baths
  • Bonus room {think office, playroom, crafts, etc}
  • 2 car garage
  • Original sliding barn garage doors
  • Deck off of living room
  • Fun backyard, perfect for entertaining
  • Built-in outdoor fireplace
  • Brick patio
  • Lush landscaping
  • Grassy yard
  • Quiet, tree-lined street near Sausal Creek
  • Close to Dimond District shops and restaurants
  • Close to Fruitvale BART, highway 580 + highway 880, AC Transit

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Welcome to Perch'd Real Estate Team

Powered by Berkeley Hills Realty we are a local, top producing Real Estate Team with a bird's eye view of the real estate market in the San Francisco Bay Area. Hold on tight and check back often – real estate in the East Bay is movin' and shakin' and will surely keep you on your toes.

Recent Posts

Are you prepared for a major power outage?
June 16, 2015
By Krista Miller
Will the Drought Impact the Bay Area’s Real Estate Market?
June 13, 2015
By Rosie Papazian
New Listing in Elmwood!
June 13, 2015
By Krista Miller
The Sweetest Oakland Home!
May 20, 2015
By Krista Miller
Sales Price / Square Foot quickly on the rise
May 16, 2015
By Krista Miller

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