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KCRE’s Buyer’s Guide For How to Prepare for this Housing Market

By in News

Part I. Creating Your Dream Home “Wish List”

Welcome to the Wild West of Real Estate. 

In the East Bay, we have been in a Seller’s Market for the past eight or so years with trends favoring those selling their home over those looking to buy. In the early months of 2021, the degree to which this is true has intensified sharply. Oakland’s Alameda county saw home sales climb 22% year over year. What’s more, with more overbids than any other Bay Area county, homes are selling over their list price by an average of 7.2%. In some cases, Sellers receive fifteen to twenty offers and must determine from a sea of applicants which offer is most enticing. Agents are forced to be creative in finding ways to get their clients noticed, while being tasked to predict the unpredictable. 

Our agents have described this time in the Housing Market as “frothy”. Now, if you’ll indulge us while we play out this metaphor, we know that froth adds more flavor and enjoyment to our tasty beverage (something biochemically happens that allows more tastebuds to come into contact with our morning cappuccino). So, to that end, this frothy market is enabling us to savor the flavor and enjoyment of a hard-earned, well-deserved home. Now frothy doesn’t sound too bad, does it? 

We do know that these are turbulent, unprecedented times that we find – dare we say it – exciting. We at Kim Cole Real Estate want to help you put your best foot forward. And there are ways we can help you prepare. 

In the first installment of our Series Guide, we offer our first piece of advice: Create your dream home “Wish List”. 

Just because this market is unpredictable doesn’t mean you have to sacrifice your dream home, but it may mean you modify or challenge your way of thinking about your dream home. Key thought starters invite you to keep an open mind and think creatively to help protect your wishes while ensuring you are mentally prepared for the unexpected, no matter what the market climate may be. 

You should start by identifying:

  • What is your ideal price point? Where do you have some leniency and what are your firm boundaries?
  • What are things you have liked or disliked about your previous home or homes?
  • What are your must-haves? What are the nice-to-haves?
  • What are your deal-breakers?
  • Have you thought about light?
  • Have you thought about lifestyle?
  • How long do you plan to live in your next home?
  • What are things you may be okay sacrificing in exchange for a better price point? 
  • If you could paint a picture, what would be the key elements in your painting?
  • What are your ideal neighborhoods? What are neighborhoods that you may not have considered that you should open your mind to?  

In order to guide your search, creating a wish list is critical in enabling you to stay true to what is fundamentally most important. It will help you maneuver some tricky scenarios that will inevitably arise and keep you headed in a direction that feels true to you. Do you need help creating your list? Our agents are true professionals and would love to walk you through this process. 

Tune in for more advice from our agents on ways that you can best prepare yourself for the road ahead as we tackle Part II of our Buyer’s Guide in helping you navigate this exciting time in real estate.

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