Be ready to act fast…
Now, as in the past, buyers need to be prepared, actively viewing properties and be ready to submit a reasonable offer quickly. Looking at the properties closing escrow in the month of June can give you an idea of how important it is to be proactive as a buyer and for a seller to price the property correctly.
Twenty-nine single family houses have closed escrow since June 1. Half of these properties sold for under the asking price (71 percent to 99 percent of the asking price) and were on the market from 34 to 213 days. The remaining houses were on the market from seven to 25 days and sold for 100 percent to 125 percent of the asking price.
Of the 14 condos and townhouses closing escrow since June 1, nine sold for 79 percent to 98 percent of the asking price with market days ranging from 15 to 235 days. The five properties selling for 100 percent to 102 percent of the list price were typically on the market less than nine days.
Prime properties which were priced correctly were snatched quickly while those with too much deferred maintenance, outdated interiors or priced too high, languished and resulted in lower sales prices.
Find a REALTOR with whom you can work and spend quality time visiting all the properties that interest you. Create a binder for all the property flyers and add your notes for reference and share your thoughts about various properties with your REALTOR. Knowing my client’s specific demands has enabled me to locate the perfect house, submit a winning offer within two days of the house being on the market and with no competition.
Pay particular attention to those big ticket items such as structural defects like roof and foundation. By all means, plan to obtain a home inspection which can cost $450 and above.
Once you’re in escrow, request copies of the property’s last year of utility bills. If the house is an energy hog, you could be spending thousands of dollars unnecessarily and suffer an uncomfortable and unhealthy home to boot. Although occupant behavior plays a large part of the utility usage, if the bills seem high, get a Home Energy Rating before you move in so you can get a prioritized plan for an energy upgrade.
The following properties were featured on the June 26 Alameda Broker’s Tour.
Price/Address/Bedrooms/Building Type/Year Built
$649,500/1190 Broadway/3,1 & 2,1/Duplex/1905
$599,000/2900 San Jose//2/Detached/1923
$575,000/22 Invincible Ct/3/Condo/1988
$535,000/861 Laurel /2/Detached/1905
$499,000/1148 Park Ave/3/Detached/1904
Greening the Planet- One House at a Time
Preferred Properties of California
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Certified Alameda County Green Business