February Real Estate Update

February is almost behind us!

Many of our friends and clients have been asking: “What is going on with the market these days?” So far, we know that rates are at a bit of a standstill; depending on the loan product they are hovering in the mid 6’s% - 7ish% range. There are no economic indicators yet that rates will drastically drop and so - this seems to be the new normal. There is also still quite a bit of uncertainty around homeowner's insurance, for both current and new homeowners. What we know is that homes which are situated in higher fire risk zones and/or have older components like roof, galvanized plumbing, and knob and tube electrical systems are under more scrutiny, and will likely have fewer coverage options at higher prices than homes which have been more recently upgraded and/or have a lower risk profile.

That said, inventory for available homes remains low, which is still leading to competitive offer situations and healthy prices so far this year. We had a wonderful listing at 7377 Saroni Drive in Oakland which we introduced to the market the first week of February. Our open houses were absolutely jam-packed on weekends despite the pouring rain. Our two week marketing period resulted in five beautiful offers for our clients and the home is pending for a price that exceeded our clients expectations, (of course we were thrilled for them!). Similarly, our colleagues are reporting solid results with their listings, and multiple offer situations when representing buyers. While we are still early in the year, we are expecting a strong spring market!

Look out for our new listing at 838 46th St which is coming up soon - it’s a gorgeous, turn-key home with stylish finishes and a large, flat yard in North Oakland. More information to follow.
And if you’re not already, please also follow us on Instagram at @eastbayrealtors where we regularly post open houses, listing updates, works in progress, and other inspiration and insights from our work and our community.

Take care!
Maria, Corey, Anita and Carla