East Bay Real Estate Market Update: Berkeley Homes Inventory

Here is a snap shot of months supply of housing inventory in the city of Berkeley from August 2007 to August 2009.  It shows a 40% decline in months supply of houses.  This is one of the main reasons that prices in Berkeley have held their value.

Please visit my website at http://www.billfletcherhomes.com/ for more information about East Bay Real Estate.  Please call or email me at bill@redoakrealty.com for a confidential consultation, home valuation or other real estate related need. 

East Bay Realtor: Another Reason to Live in the East Bay! The Arts!

Berkeley, Oakland, Emeryville and Richmond are coming together to launch a special Art based Initiative.  The East Bay of California offers much in the way of the Arts, among them being one of the highest per capita percentage of artists.  To find out about what these cities are doing follow this link.  Pretty neat stuff.
http://www.artdaily.org/index.asp?int_sec=2&int_new=33255

Please visit my website http://www.billfletcherhomes.com/ for complete information about buying or selling real estate in the East bay communities of Oakland, Berekeley, El Cerrito, Albany, Emeryville, and beyond.  Fro a confidential consultation please call me at 510-368-2854 or bill@redoakrealty.com.

East Bay Real Estate Update: More Foreclosures Coming!

Here's the latest scoop.  I've heard that Wacovia/Wells Fargo has many many many foreclosures coming to fruition because there have been programs etc causing delays in the normal process and these properties have been held back from coming on the market.  These will be hitting the market late in the year and into the first quarter of next year.  Those of you who have been bidding against all cash offersand getting beaten up regularly, like many of my clients will have a much better chance of getting your bid accepted as these properties will be plentiful and will greatly affect the profit margins of the home flippers. 
There won't or at least there shouldn't be as many all cash offers to compete against.

Wachovia said that quite frankly they would always take an all cash offer even if it were 10-15% below the highest offer.  Its a purely business decision and better meets their needs.  So my readers, my friends,  don't fret, don't get discouraged.  There are plenty of homes coming on the market in the not too distant future.  We may not have the tax credit at that time, though NAR is lobbying to get it extended.  We may not have as good interest rates but we will have cheap inventory and plenty of it for the next 6 months or so. But keep in mind this will not last forever, and there wil be no better time to buy. 
For more information on East Bay Real Estate please visit my website http://www.billfletcherhomes.com/
For a confidential consultation please call me 510-368-2854.

Emeryville Real Estate Market Update: August 2008 vs. August 2009

Here are the stats for Emeryville.  Not as uplifting as Berkeley.
August 2008
DOM----Median Sold-----Max Sold------Min Sold
54-------419K------------820K----------295K
August 2009
52-------329K-----------580K----------167.9K

For more information on East Bay Real Estate please visit my website http://www.billfletcherhomes.com/

Berkeley Real Estate Market Update: August 2009 vs August 2008

I thought I'd give some stats for the City of Berkeley.  These might be useful to you
August 2008
DOM----Median Price -----Max Price-------Min Price
38-------$629,589--------$1,350,000-------$279,000
August 2009
24------$645,817---------$1,350,000-------$274,000

For more information on East Bay Real Estate please visit my website http://www.billfletcherhomes.com/

East Bay, Berkeley, Oakland, Emeryville,Real Estate Update: Mortgage Rates

My Lenders tell me that rates got marginally worse today in light of slightly better than expected unemployment figures, and at the front end of a three-day weekend. Rates often get slightly worse before long weekends.
Plese visit my website: http://www.billfletcherhomes.com/

Berkeley Real Estate Update August 09 for Zip code 94702

This chart is for median price of  detached homes (no condos, no income properties) from August 2008 to August 2009.  There is a 1% increase in the median sales price over this time.  The market is changing.  If you are looking for a bargain real estate property in Berkeley, you are a day late.   I am sorry that the chart is hard to read.  This is the best I can do for now. The main numbers are 617K in August 2008 and 621K in August 2009 or almost a 1% increase in price.

On another note. I saw yesterday that a duplex I was watching on Grant road in Berkeley that was listed at 575K which was a bit on the low side, I thought but not that low ended up selling for 705K!  Wow!and only on the market for 14 days.  This is indicative of the phenonmenon I keep mentioning that there are plenty of buyers and not enough inventory on the market.