Price reductions. Just a glimpse
Not that long ago people put their houses on the market and were almost assured that they would sell at or above asking. Then the other shoe dropped and those same sellers placed their house on the market and would wait. A few were lucky and saw buyers and offers and even offers over asking.
What I am witnessing in Alameda, Berkeley and Oakland is that the smart sellers and agents who do not see offers within a few weeks are dropping the price quickly. Example; Lovely home in the East End of Alameda in 15 days went from $565k to $539k. We have long since passed the time when you could set an asking price and assume that if you did not have any offers right away all you had to do is sit tight. Buyers want the best in every category. Presentation, price, location... Those are the homes that sell at or over asking. Granted there are many homes out there still sitting and people hoping for some kind of miracle to come along and declare this market turned around. In the mean time if you are a seller and are considering putting your property on the market you have an excellent opportunity to beat the competition to a sale. If your a buyer and looking be patient. The right situation may be just around the corner.