Zillow has just published a report on the home values for Berkeley- Their headline: Zillow Buzz: Berkeley home values increased by 5 percent. Check it out. Keep in mind this company has some serious legal problems for undervaluing property in some locations. In reading through this report, it is published by zip code and I question the accuracy. Past clients have used Zillow as a benchmark for pricing, only to be defeated when submitting an offer; others have used this site for evaluating their property when listing, only to find Zillow greatly undervalued the property.
Let's move on….
Our Berkeley market is strong. We don't have many short sales or foreclosures and there are price ranges that are definitely more active than some.
Here are some statistics:
Berkeley, since January 1, 2008,
Price range over $500,000: There have been 10 sales closed, 21 are pending and there are 50 active listings on the market. And get this - of those 50 active listings, 24 are over $1,000,000. So many of my clients are in the $700,000 price range - we definitely need the federal stimulus package to kick in soon. That will allow loans to be at a better interest rate and financing in general more affordable.
I would be happy to talk to you about this if you want more information.
Comments(1)