Supply of East Bay Homes for Sale Struggles to Keep Pace

So the market’s recovering, interest rates are low, and you think you’re finally ready to buy a home? Not so fast. Buyers across the country are running into a new roadblock: there don’t seem to be enough homes for sale.

Anyone who has looked at entry- to mid-level homes for sale in Oakland and Berkeley probably knows what I mean. Mortgage rates remain near historic lows, and as the prices of homes for sale continue to rise, fears that we could soon see a repetition of a real estate equity loss seem increasingly unlikely.  

Why the lack of inventory? There are several reasons. Buyers may be ready to buy again, but some sellers are still not in a position to offer their homes for sale. When the housing market collapsed seven years ago, some homeowners’ equity loss was such that they remain unable to sell. Prices may be on the rise, but some need more time to return to pre-crash values.

Buyers always want to buy at the bottom, but sellers want to avoid selling there. Buyers are watching that bottom fade into the distance, but some sellers, pleased to watch their homes growing in value, are content to wait longer. 

NAR says that there were just 1.93 million existing homes for sale on the national market in March, down nearly 17% from the prior year. In a well-balanced market, what had been a six month’s supply fell to just 4.7 months’ worth.  Nationally, homes for sale now stay on the market for just 62 days, down from a median of 91 days only last year. Glenn Kelman, CEO of an online national real estate brokerage, put it succinctly: "Somebody rang a bell and said the boom is back, and nobody wants to be late to the party."

Homeowners who have been thinking about selling are increasingly liking what they see in today’s market — including the prospects for trading up. Even those whose previous evaluations were unsatisfactory are finding it worth another look. If you would like to find out what your home is worth today, give me a call! - Gina Odom, Realtor 415.307.1423, ginaodom@gmail.com

When 4-Legged Family Members Are Relocating

Close to 70% of families say they have a dog or a cat in their household. If you are in that sizeable majority and are planning on relocating, there are some planning steps you can take to help ease the move for your four-legged family members.

Since the daily routine is going to be thoroughly undermined, on the day of your move, do as much as is practical to retain a calm atmosphere. If possible, provide a small quiet area where the pets can stay out of the way and safely clear of any wide-open doors. If you have portable fencing that's strong enough to do the job, remember to make it available with the first wave of unpacking.

Fostering calm is especially important while your goods are being moved in and out by big, scary strangers. If you will be using cages for transportation, make sure they are roomy enough, and put in some familiar, comforting toys. For especially excitable pets, you may want to consider spraying their cage ahead of time with a pheromone formulation that helps retain calm.

Relocating to any new home is the perfect storm to create opportunities for pet prison breaks. A move can disrupt behavior patterns for even the most loyal four-footer. Both cats and dogs who have gotten lost during relocation have famously made their way back home -- even when home isn't there any more. Prevent such misdirected heroics by making sure the garden has been fully secured before you move - and have all collars equipped with new tags with new local contact information. A doubly failsafe method is to have your pet micro-chipped.

Relocating will be a big event, and a big adventure. Pup and Kitty will settle in shortly: the truth is, as soon as you are content, they will be, too. Moving here to the East Bay will provide you plenty of options for doggie daycare and petsitting. Being a dog owner myself, I have plenty of recommendations for care.

Also, If you are in the early stages and have not yet found your new local home, I offer some of the best service in town - and I'd be delighted to introduce you to some of our best neighborhoods!

Written by Gina Odom, Realtor