Home Selling in Newark>Question Details

pam, Home Seller in 95148

Is it still good time to sell at Alameda County?

Asked by pam, 95148 Sun Oct 13, 2013

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I'm assuming that since you state Home Selling In Newark you are asking a question about Newark.

The market is still very good in Newark. Some areas are selling better than others, but values have been steadily increasing for the past 18 months. Closed transaction average prices in September in Newark were up 4.2% from August. There was a minor dip during July and August, but September rebounded. In addition, the City of Newark is pouring extensive dollars into redoing Lakeshore Park including redoing the seawall, improving irrigation and repaving the walkways - it will be beautiful when done and could easily enhance values in the Lake and Rosemont neighborhoods.

If you are asking about Alameda County as a whole, the market average price edged up 2.4% in September.
1 vote Thank Flag Link Sun Oct 13, 2013
Hi Pam,

Historically speaking within the last five years it is currently a good time to sell. The market has come a long way within the last 1.5 - 2 years going from a buyers market to a sellers market. How much of a sellers market one has depends greatly on the specific market area one is selling their home in. As a licensed appraiser and realtor I do lots of absorption analysis which helps to determine how many months of inventory, or homes for sale, we have in a given market. Currently, in many markets the current inventory is about two months which is a sellers market. An inventory level of 5-6 months in the Bay Area is considered, by many in the industry, to be a buyers market.
0 votes Thank Flag Link Thu Nov 21, 2013
It is still a sellers’ market. That is a market in which sellers call the shots. Demand outstrips supply. Multiple offers are common. Buyers have limited power to negotiate for the best properties.

You still need professional assistance for the best results. If you simply throw a property on the market because you think “it is a good time to sell” your results will be sub-par. Preparation of the property, proper marketing, and professional help yield the best results.

Other than wanting a “good time to sell”, what is your motivation? One does not simply wake up and say “I guess it is a good time to sell.” There has to be more to it than that.
0 votes Thank Flag Link Mon Oct 14, 2013
Pacita Dimacali, Agent, Alameda, CA
I was just showing property yesterday in Newark ----- and showed my clients the list of detached single family homes (minimum 3 bedrooms/2 baths) that have sold since July 1 ---- it helped explain to my clients what the market is like.

The majority of the homes sold at above list price. Of course, it depends on what the pricing strategy is in the first place. If the property was listed artificially low to generate interest, then that may also explain why the property sold for more. In more than one occasion, properties sold for close to $100K over list price.

i'll be happy to send you a copy of that matrix if you wish -- just send let me know.

It was also helpful to see how many days the properties stayed on the market until an offer was accepted. 14-21 days was typical. So yes, I guess it is still a good to sell for most people.

Another resource you can look at is DQNews. Take a look at this link http://dqnews.com/Charts/Monthly-Charts/SF-Chronicle-Charts/…

For Newark zip code 94560, the median price is $434,750 for the month of August 2013, a 27.9% increase compared to the same month a year ago.
The high price is $710K, a 26.5% increase compared to the same month a year ago..
Number of sales was 56, 11% less than the same period of time a year ago.

What is your situation?
0 votes Thank Flag Link Sun Oct 13, 2013
Things have slowed from the unsustainably torrid pace of the Spring, now that school is back in session. This results in fewer multiple offer situations and somewhat longer marketing times. With sub-normal inventory levels in most of the county, it's still a good time to sell though. Proper pricing is paramount or your property will sit on the market.
0 votes Thank Flag Link Sun Oct 13, 2013
It's still a great time to sell in Alameda County. Although we are not seeing as many multiple offers, some are more active than others.

We will a lot of different answers here. But you should discuss your situation and your neighborhood with a broker.

Brian
0 votes Thank Flag Link Sun Oct 13, 2013
Depends on your personal situation. Areas like The Lakes (east of Newark Avenue) are enjoying an increase in values, other neighborhoods are not. Really depends on the location of the property you're asking about.
0 votes Thank Flag Link Sun Oct 13, 2013
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