Big improvements in May sales have led up to an even strong June in terms of sale prices. The average list price and sale price have both gone up significantly indicating that it is STILL a seller’s market. As we know, we have been seeing sale prices rise and fall significantly over the past 16 months due to interest rates. The market peaked in spring of 2022 and then it dipped in winter of 2022 and now it is about even with the average sale price about the same in June of this year compared to June of last year. There are still plenty of qualified buyers out there, but we could definitely use more inventory as buyers have shifted away from homes that need updating. Even nice homes that are perfectly fine are getting picked over by discerning buyers who prefer homes with newer kitchens and bathrooms. These fixed up homes are selling much more than you would expect.
A recent success story includes a family with a second home in San Leandro that was paid off with no mortgage. Because it was a second home, they couldn’t 1031 exchange or transfer the low property tax base via Prop. 60/90 for people older than 55. What they DID do, what order a bridge loan through our preferred lender. This enabled them to use the equity from the San Leandro property and purchase a replacement property in Alameda that was twice the size of the San Leandro property for little to no money down. If you’re looking for creative lending solutions or just need to fix up and sell the family home, I’m your Guy! Our team can handle EVERYTHING from soup to nuts. Call us today for a free, no obligation consultation at 510-846-4687 or visit our website at www.iLoveAlameda.com.