A year ago, the condo downtown Oakland, California and the loft market showed every sign of a market in distress. Few vendors marketing from their homes who did not have to. That is, most condominiums and lofts in Oakland were short sales or bank properties.
A review quick zip codes in the downtown area of Oakland today (94606, 94,607, 94610 and 94612) shows that over half of the units on the market are neither short sales or bank owned (REO) properties.
That does not mean that there are bargain properties in the thinned ranks of the little short sale and REO properties. There is. But competition is fierce. Sellers Bank, about three months ago, adopted a uniform, as a steady diet of new price-owned bank lists in a fraction of its probable final sale price. And shoppers responded. In spades.
The REO average in the last 90 days in these codes postal himself has sold an average of 110% of list price, often for all cash. And bank sellers are routinely accepting all cash offers for more seeking funding bids.
What is the best advice for a would-be buyer of a downtown Oakland condo or loft?
– Check programming available daily
– If a list price seems a bargain for you, it looks like a dozen other buyers out there
– If a list price seems too good to be true, is and will supply a reasonable level
– Short sales tend to have fewer bidders and may represent the best asset
– Just because a seller is unable to bank short sale does not mean it did not reach an agreement, find out how much they owe, it can have a relationship with their results
And what about advice for a seller that is in short sale territory and / or foreclosure
– Get your property on the market as soon as possible, so early in the implementation process as possible. Many in this position to wait until after a notice of default is file, which is often too late
– Make sure your agent has experience (with success in short sales). If you are unsure about the level of agent experience, ask your s / s the pricing philosophy. If they do not know what that means, then run!
– Be prepared to make all necessary paperwork to facilitate a timely sale (tax returns, pay stubs, letter of hardship, bank statements)
Finally, the advice to the market rate seller
– Pay attention to prices per square foot in your building and the surrounding neighborhood. Ll That's what buyers are paying attention to the
– Let your listing agent know what your bottom line is
– Do not let your listing agent representing the buyer without a concession in the commission
– Make sure the listing agent has the property listed in each mode (!) Potential on the web (there are hundreds!)
– Highlighting his property without obstacles. Ignoring the need for a notice period of 24 hours, allowing safe
Finally, for all, find one agent who specializes in the downtown Oakland market condominium, is a world apart.
