is now a good time to sell in Orinda Sleepy hollow area or would it be better to sell in 2 years?

Asked by Deezl54, Sleepy Holllow, Orinda, CA Mon Jun 22, 2009

2700 sq ft home with separate guest house / office. Updated kitchen, baths, hardrwood, windows,central AC. Exterior landscaping and hardscape

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ally’s answer
ally, Home Buyer, San Francisco, CA
Mon Jun 22, 2009
As someone who was looking for a home in Orinda, Lafayette or Walnut Creek for most of last year, homes that are in good condition, clean with little need for repairs, and located on a quite street often went very quickly. We were often bidding against others at over asking price often just a few days after the home was listed.... and actually were outbid twice for homes in Orinda and Lafayette. If you have a quality home in Sleepy Hollow that you are planning to list at a decent price, there is probably someone out there looking for such a home.
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Adrian Hunti…, Agent, SAN FRANCISCO, CA
Tue Jun 23, 2009
I think Richard's answer sums it up best. Yet I have to add some key points. Orinda has the top schools in Contra Costa County, and is close to San Francisco. Most of the homeowners have lived in Orinda for years and have equity. You will not see many, short sales, or foreclosures. It is a good time to sell in Orinda if you plan on moving to a similar area. If you want to buy a house in Belevedere, Ross, Etc. sell now. If you plan to buy in Black Hawk, Ruby Hill in Pleasanton etc. it may be better to wait. I think Orinda prices will remain stabile, but believe other neighborhoods will see some effects from the loss of jobs, and prime borrower foreclosure. It may be best to sell when the credit markets loosen up, and the guidelines and rates for luxury homes ease. Luxury home sales have cooled off, because the financing rates are not favorable. I think many buyers are sitting on the fence ,hoping the rates will become better as investors gain confidence.
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Kamal Randha…, Agent, El Sobrante, CA
Mon Jun 22, 2009
I would ask you what your overall game plan is for yourself and then see if selling your house is a good idea now or later or never. Are you looking to move somewhere else? trade up/down? need fast cash? I would love to sit down with you one on one and discuss your overall situation before giving any premature advise. This isn't just about real estate, it's about you as well.

Please feel free to call or email me anytime.

Kamal Randhawa
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Dave Sutton, Agent, Portland, OR
Mon Jun 22, 2009
You might better ask, "Is now a good time to sell Boeing stock or would it be better to sell in 2 years"
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Richard Hoag, Agent, Walnut Creek, CA
Mon Jun 22, 2009
Hi Deezl54,

As I am sure you already know, Sleeping Hollow is a high demand neighbhood, especially for homebuyers relocating from SF. If your home is updated as you have indicated, and in clean condition, then I would expect that it would sell rather quickly at a premium price. Today's Orinda market is all about selective buyers seeking that perfect house...what I mean is if your property has "issues" that would make it less than attractive to the average buyer, then you should expect a price discount to attract an offer. Every week I tour new Orinda listings, and it is pretty easy to spot the homes that are going to move quickly, and those that are guaranteed to sit for weeks on end while the sellers come to grips with their marketability challenges (i.e., no updating, functionally obsolete floorplans, steep driveways with little to no yard, freeway noise, drainage deficiencies, etc.). Every home, especially in Orinda, is unique...and sellers should not compare their home blindly with other properties based on square feet alone.

So what happens if you wait a couple more years? I don't expect prices to drop any further, but if interest rates go up I could be proved wrong. That said, I like to think the Orinda market is different, with buyers who could easily put up another 10% of the purchase price if necessary to qualify for financing. In fact, there are certain local market indicators that make me believe prices have stabilized (for instance, in certain areas of Contra Costa County the market is very active in the under $500,000 price range, including multiple offers and bids over asking price; first time buyers are swooping on these banked-owned properties, many priced at 60% discounts from their peak in 2006).

But a more important question is "Why are you thinking of selling?" If you are going to sell and then rebuy in the current market, there really is no downside to selling now or in two years (except that if prices go up, you will get more for your home, but will pay more for your replacement property...along with higher property taxes!)

If you would like a complimentary pricing study for your home (without any obligations and/or strings attached), I would be happy to preview your home and share my insights.


Richard Hoag
Premier Realty Associates
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