Even though the Bay Area has a lot to offer home buyers—excellent jobs, a thriving metropolis, and historic cultural landmarks—it does not have a lot of flexible home values. It can be challenging for first-time and repeat home buyers alike. How can Bay Area homebuyers be assured of completing the homebuying process quickly? Michele Cervantez, VP of Sales and Marketing at Shea Homes Northern California gave us the lowdown on the bay area real estate and the home-buying process when we met with her.
What should you know about the housing market in the East Bay?
For a good reason, owning a home is a lifelong dream for many people. The ability to purchase a home is a significant achievement that merits recognition; However, buying a home can be nerve-wracking, so it’s essential to know as much as possible about the process and the society you’ll be joining when you buy. We have compiled a list of things you should know about bay area real estate before making a purchase.
What Do You Want and Need Before You Start looking?
You should know what you want and when you want to look. There are a lot of choices in the East Bay real estate market, and they come in various sizes, styles, and price ranges. Because there are lovely homes for every budget and taste, it can be easier to narrow your search by choosing the best price, the number of rooms you need, the layout you prefer, and what you want in a society that is much easier to manage.
It’s an economically tight market
The East Bay has recently become a seller’s market because of its popularity as a San Francisco suburb and attractive real estate options. Due to consumers’ rights taking an interest in their property, sellers benefit from the shortage by engaging in a bidding war and driving the price higher than the listing price. This trend is at its strongest during certain seasons, particularly the summer. January and February are the best months to buy in the East Bay because the median price of homes under contract is lower.
Don’t let a price tag or market graph fool you
Even though changes in the market can help you get a better deal at certain times of the year, don’t let a price tag or market graph fool you. Low numbers on an outline or posting cost might be because properties are less alluring or valued and determined to draw in bidders to drive up the cost, so no matter what the posting value, examine, visit, and widely vet every domain you visit. While you may pay less, you risk receiving less or getting a property that needs costly upgrades and repairs.
Community and Culture
Aside from the property itself, finding your dream home often requires more. It typically entails a balance of desirable amenities, commute distance, proximity to local schools, and neighborhood feel. Several cities and neighborhoods in the East Bay, including Oakland, Berkeley, Lafayette, and Orinda, each with its attractions. Consequently, it is of the utmost importance to research and investigates various locations in search of communities and homes that meet your needs.
Examine Similar Properties in the Area
While enlisting the assistance of a real estate professional is necessary for your search for a home in the East Bay, you should also begin educating yourself and examine properties in the area that are comparable to yours. Even though each home will be priced individually, first-time buyers should look into how much similar-sized homes in the area are sold to get a better idea of an offer price. You will better understand your target neighborhood and the home-buying process from this research.