Published December 30, 2022
December 2022
Here is the big picture for the last two years in Alameda:
2021 - Average sale price was $1,435,553
2022 - Average sale price was $1,510,568
What does this mean? While there were about 20% fewer home sales in 2022, home values still appreciated 5% year over year. The market is not crashing, it's normalizing. There are still lots of buyers looking for remodeled properties and with a shortage of homes for sale we expect home prices to rise albeit at a more normal pace. Interest rates have dropped back down especially when sellers help buy down the interest rate for would be buyers making the homes just affordable enough to buy.
Tips for Sellers - Don't believe online estimates because they can be highly inaccurate. Ask an experienced agent who can tell you how many homes they've sold. Ask them to do a comparative market analysis and provide an expected sale price range. Use a local agent because they know the local market and make sure they have a strategy that delivers results. It's important to know that remodeled homes that are fairly priced have a much better chance of selling in today's market. The majority of buyers are not interested in homes that look outdated or need extensive repairs.
Tips for Buyers - Don't think the list price is what the sellers are looking for. More often than not, the list price is a low teaser price to attract people to the property. If a property has been on the market for over three weeks there is likely no other buyers to compete against. However, the seller has the right not to accept any offer even if it's over the list price. Use a local agent who knows the local market and has a high degree of competency to advise and closely work with you to get you what you want.
2021 - Average sale price was $1,435,553
2022 - Average sale price was $1,510,568
What does this mean? While there were about 20% fewer home sales in 2022, home values still appreciated 5% year over year. The market is not crashing, it's normalizing. There are still lots of buyers looking for remodeled properties and with a shortage of homes for sale we expect home prices to rise albeit at a more normal pace. Interest rates have dropped back down especially when sellers help buy down the interest rate for would be buyers making the homes just affordable enough to buy.
Tips for Sellers - Don't believe online estimates because they can be highly inaccurate. Ask an experienced agent who can tell you how many homes they've sold. Ask them to do a comparative market analysis and provide an expected sale price range. Use a local agent because they know the local market and make sure they have a strategy that delivers results. It's important to know that remodeled homes that are fairly priced have a much better chance of selling in today's market. The majority of buyers are not interested in homes that look outdated or need extensive repairs.
Tips for Buyers - Don't think the list price is what the sellers are looking for. More often than not, the list price is a low teaser price to attract people to the property. If a property has been on the market for over three weeks there is likely no other buyers to compete against. However, the seller has the right not to accept any offer even if it's over the list price. Use a local agent who knows the local market and has a high degree of competency to advise and closely work with you to get you what you want.
When you work with The Guy Blume Group, you can trust us to deliver the best experience. Our services include cleaning, window washing, landscaping, donation pile deliveries, junk removal, painting, repairs and our personal favorite FULL REMODELS WITH NO UPFRONT COST TO YOU. We have the resources to help you sell AS-IS or update it to get you top dollar. It would be our privilege to serve you.
