The Bay Area real estate market…

I haven’t been able to find the time to write in this blog. The market is picking up and buyers are back. Sellers are scared to death and agents are wiping the sweat from their brow. Short sales are everywhere and the bain of our existance. They take forever to close, your clients start to get antsy and the deal goes nowhere fast. If you are truly in love with the house then go ahead and make an offer but make sure to use a short sale addendum. By using this form you don’t lock up your earnest money deposit and you can still put offers on other properties.

Approved short sale is really what you want but here in the Bay Area you’ve got to jump on the deal. I had a listing in San Leandro, first open house there were more than 100 people in a 3 hour time frame. 4 offers later we have an escrow way over asking and 3 backups in position.  In Richmond the first open house had at least 130 people with 3 offers, escrow way over asking and 2 in backup.

Bank owned properties are everywhere. I have an investor that wants a duplex under $175K. I laughed when I first spoke to him thinking,, “Yeah,. so would I.” I pulled the stats from El Sobrante to Hayward…there were over 110 duplexes under $175K. Combined rent would be in the rance of $2400-$3600. Pure cash flow.

Sellers have got to have their shit together. The house has to be clean, staged and priced right. Cash is king in this market. We see more and more Asian buyers on the market putting down 50-75% cash. Auction buses are now starting to gain more exposure. Ever heard the saying “There’s gold in them thar hills!” well its true.

I keep going back to Carole Rodoni’s interview where she said that there are 4 kinds of market. No matter what kind of market dilineates one from the other each market is making money. Brentwood/Antioch is for a much longer term hold. Richmond/East Oakland is pure cashflow. Montclair, Glenview, Corte Madera and Mill Valley are moveup markets with multiple offers. Properties over $1M are also selling. A bit slower but selling nonetheless.

If you are even remotely interested in buying your first home or thinking about dipping your toes in the water to pick up investment property…make your move now. Find out what your options are. Find yourself a good realtor and get the ball rolling.

The market is ripe for picking. Don’t kick yourself in the ass because you missed another opportunity and now the market is back on the upswing.

Below is a pic that gave me a chuckle so I thought I’d share it with you.