In our East Bay real estate market, where inventory is tremendously low and buyer demand very high, you would think that sellers would be able to make few mistakes. But even in this sellers' market it is still possible to over-price and under-represent a property. Either mistake is likely to result in a lower sales price than if the house is appropriately priced and presented for sale. In this East Bay area, that means a price slightly below market value. And the standard for presentation is fairly consistent: updated, and shown vacant and professionally staged. Our marketing standards are similarly high. Professional photography is expected, and individual websites for each property are the standard. Sellers who try to cut corners on presentation, or who choose agents who are unwilling to invest in quality marketing, limit the amount that buyers are likely going to invest in their purchase. With pricing and marketing appropriate to the standard of this local area, sellers can reasonably expect multiple buyers to respond to their home. More than 60% of homes in our East Bay area do. And of those homes receiving multiple offers, they averaged between 10 and 17%, depending on the city. That's some serious money to leave on the table!
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Arlene Baxter's musings on the state of real estate in Berkeley, CA and its neighboring communities, and the joys and pleasures of this area that inspire so many fine folks to want to live here. In-depth East Bay real estate market updates, restaurant reviews, architectural appreciation and garden gandering!