At our Pacific Union Real Estate office meeting this morning in the Oakland Montclair Office we went over some interesting sales statistics. Our office has a large market share in Oakland, Piedmont and Berkeley CA. Our meetings give us a chance to collaborate and interject with one another to get the pulse of the local real estate market.
October 2009 appears to have been a busy month. Our Pacific Union office closed 81 deals this October while closing 35 deals in October 2008. Of those 81 closings, 61% of them were in multiple offers and 67% of the deals closed for more than the asking price. I find that statistic to be interesting because even during multiple offer situations, many properties are selling for less than the list price. Gone are the days of multiple offers being a guarantee of selling over asking.
Another important thing to keep in mind is that lender delays are rampant in the industry. More than half, 56% of our escrow closings did not occur on the contracted close date. That means that even if the Buyers, Sellers and their respective agents do everything right and on time, the lenders in todays mortgage climate are having difficulty getting everything done (i.e. appraisals, underwriting review, doc preparation and loan funding) in the 30 day time frame. My advice….. When writing an offer to purchase a property, it is good practice to allow a few extra days as a margin for lender error. Missing a closing date isn’t an automatic breech of contract however the last thing a home buyer wants to do is get into a good faith deposit dispute through no fault of their own.
Brian Santilena has been representing home buyers and home sellers in the Oakland Hills, Berkeley Hills and Piedmont California marketplace since 1998. He is a Realtor, CRS Certified Residential Specialist and Sr. Sales Associate with Pacific Union Real Estate. He is highly knowledgeable in the Oakland Hills premier neighborhoods such as Haddon Hill, Rockridge, Montclair, Glenview, Trestle Glen, Crocker Highlands, Oakmore, Laurel District and Redwood Heights. Berkeley Hills neighborhoods such as Northbrea, Westbrea, North Berkeley Hills, Berkeley Flats, Thousand Oaks, South Berkeley, Gourmet Ghetto, Elmwood, Uplands, Claremont, LeConte. City of Piedmont, City of Kensington, City of Albany. Please feel free to CONTACT BRIAN if you have any real estate needs in Oakland, Berkeley or Piedmont CA.