When I was in New York a couple years ago, I noticed how everyone seemed to be moving to Brooklyn. Besides Brooklyn Heights and Park Slope, there were all these neighborhoods I never heard of like Greenpoint and Clinton Hill. And prices in Brooklyn Heights and Park Slope had almost reached Manhattan prices.
Well, it’s déjà vu all over again … only here in the East Bay. In the same way Buyers moved to Brooklyn when prices got so high in Manhattan, Buyers are moving to the East Bayin droves because prices are so high in San Francisco.
Just last week, a property I had listed at 2391 Eunice sold for $300,000 over the asking price. Great!. But this is not normal. Rather, I believe it reflects the definite movement of young Buyers from San Francisco … where the average price for a house is $1,700,000. Compared to that, even Berkeley … where the average price is now over $1,100,000 looks like a deal So the demand for East Bay houses is far exceeding supply right now .. and the resulting crazzzzy overbids.
The house at 2371 Eunice sold for over $300,000 over the asking price.
But never fear. While this creates fierce competition for Buyers, it is possible to “win” the competitive offer game … with the right strategy. And for Sellers, well, this is as close as you get to a “perfect storm.” So it might be time to start reaping the rewards before the market pendulum starts to swing back.
To talk over how you can take advantage of this market now, just give Barbara Reynolds a call -- 510 847 2409.