JULY ARTICLE BY I’maveryJudgyperson
2025 is shaping up to be a year of judging others: I was one of the judges for the Alameda Sand Castle contest, and I will also be a judge for the upcoming Alameda Haunts in October.
This year, I am honored to once again be a Judge for the 48th Annual City of Alameda 4th of July parade. This parade is the longest in the nation, with a route spanning 3.3 miles. It is a walking party attracting over 150 entries and 2,500 participants. If you want to get into the spirit of the day, this is the place to do it. With its 3.3-mile distance, there are plenty of places to set up your folding chairs, lay out your blanket, bring your cooler of cold beverages, wear your big hat, and enjoy the show. Here are some photos I took from the Judging stand last year.
As we roll into July, we are officially halfway through the year. And what an interesting 6 months it’s been. The real estate market remains unpredictable. According to a story on NPR, U.S. home sales in May were the slowest in 16 years. And Realtor.com says the number of homes for sale is up 20.3% from a year ago. This indicates we are moving from a seller’s market to a more balanced market. Redfin reports that there are approximately 34% more sellers than buyers in the U.S. currently.
In our East Bay area, we’ve experienced a strong seller’s market for years. Now, inventory is up, and days on the market are also increasing. I’m eager to see what the statistics from June reveal, as we all felt a noticeable slowdown in sales during June. The typical time on the market has been 7-14 days before an offer is accepted, and as a result, not many homes were available at any given time. But last Sunday, there were 50 open houses in Alameda. I can’t remember ever seeing that many on one day! That means there are many choices for buyers. If mortgage rates were to shift down, even slightly, it could trigger a surge in buyer activity.
What to know about the Summer Real Estate market.
Sellers are adjusting their expectations. Buyers have less to spend because of high interest rates, so it’s essential to price a home strategically. An asking price that attracts the most buyers is important, but being near a comfortable price point is equally important for the Seller. There are still some homes receiving multiple offers well above asking, but I’m not seeing the high number of offers on a single house that I have seen in recent years.
Buyers have lots of choices. Homes are staying on the market longer. While there’s still some competition for the most desirable homes, buyers can find opportunities. For instance, lenders and, in some cases, sellers are offering creative ways to help finance a home, such as interest rate buydowns. For example, a 2-1 interest rate buydown is a type of mortgage where the homebuyer receives a lower interest rate for the first two years, with the rate increasing each year until it reaches the full, permanent rate. This will make mortgage payments more comfortable for the first 2 years.
In summary, sellers and buyers are getting creative and adapting to the ever-changing market. Although July is historically a slow time for real estate, this could be an excellent opportunity for buyers who have been on the sidelines to take advantage of a larger inventory of homes. As always, real estate remains local, and timing plus location matter more than ever.
