RockTALK There’s Always Something Going on at Prudential California Realty | Issue 13, Volume 1
HERE WE GROW!!!
December 3rd—10th, 2011 Not Pictured:
We now have a location in Redwood City – our first on the Peninsula. It was owned by Bill Davey and it was operating under the Prudential California mark. We have inherited 15 new family members, and Branch Manager Joe Rodden will make a terrific addition to our team of managers! Welcome to the Prudential California Realty family!!
Kiran Dasari Tracy Margaret Gatrell
Trainings & Events For more information on any trainings or events, please visit the calendar on BluBook or contact Info@PruCA.com. Saturday, December 3rd It’s that time of year again—Santa Photo Day for clients is here! This year, both Castro Valley and Pleasant Hill will be holding their own on Saturday, December 3rd:
Wednesday, December 7th Firm Foundation: Purchase Contract 1 San Ramon, 10 am—12 pm; for newer agents. Contact Helen at Helen.McNutt@PruCA.com to RSVP. YouTube: You Profit! Walnut Creek, 10:30 am—12 pm; Join Tech guru Cindi Hagley as she tells you how to use YouTube for your business (please bring your laptops if you can).
Castro Valley, 9 am to 5 pm; 3811 E. Castro Valley Blvd
Firm Foundation: Purchase Contract 2 San Ramon, 1 pm—3 pm; for newer agents. Contact Helen at Helen.McNutt@PruCA.com to RSVP.
Pleasant Hill, 11 am to 2 pm; 1954 Contra Costa Blvd
Thursday, December 8th Advanced BluBook Website 201*
Ho ho ho! ition! It’s a trad
Local Market Defies National Trend This featured article was written by Castro Valley Broker Carl Medford and first appeared on 11.30.11 in the Castro Valley Forum. Carl is a renowned local resource on real estate and has also written for SFGate and is a top contributor for popular real estate blogs.
Carl Medford, Special Guest Contributor Got a call from a buyer the other day insisting, ―It’s the time to buy!‖ He’d been reading national media feeds stating we were in a buyer’s market and felt it was time to cash in. He gave me an address, stated he wanted to offer WAY under asking price, insisted the seller pay all the closing costs and asked for a $5,000 credit for repairs. My response? ―Pigs aren’t flying just yet.‖ While the national media is certainly proclaiming a ―buyer’s market,‖ the news hasn’t filtered down to the local level here in Central Alameda County. In fact, if you aggregate the stats for single-family homes in San Leandro, San Lorenzo, Castro Valley and Hayward for the last 12 months, you get the following:
Available inventory is down a startling 22.9 percent form this time last year.
Sales are down only 5 percent—reflecting the limited inventory.
Pending sales have jumped up an astonishing 54.4 percent.
Current inventory is at a 3.1 month supply.
Historically, a buyer’s market begins when inventory crosses over the 6-month supply mark. We are currently way under that mark, meaning we’re still in a seller’s market. However, that does not mean that sellers get to ask anything they want for their homes. In fact, prices actually slipped a hair over the past 12 months:
Average list prices are down 3.7 percent from $402,000 to $387,000.
Average sold prices have dipped slightly, 1.1 percent, from $352,000 to $348,000.
Average price-per-square-foot has lowered 4.9 percent, from $230/sq. ft, to $219/sq. ft.
In reality, prices slipped for a good part of 2011; but, in classic supply -and-demand form, recent declines in inventory are pushing values up again. If we go back only 6 months, the numbers change significantly:
Inventory down 18.4 percent.
Sales down 13.1 percent.
Pending sales up 6.7 percent.
Average list prices up .5 percent.
Average sold prices… up 6.7 percent!
Back to my prospective buyer: As I worked to explain to him current market realities, the property he wanted went pending with multiple offers over asking price, no credits for closing costs and… no cash for improvements (which, incidentally, lenders do not allow). Inventory dictates market prices and, with a limited selection, multiple offers are back and buyers have no choice but to step up their game and pay a bit more… if they want to buy a new home for Christmas.
San Ramon, 10 am to 12 pm; Join Cindi Hagley and learn how to get on page one of Google search, create relevant content, and generate leads from your website to turn into sales!! *Bring laptop loaded with a picture you would like on your website.
FOUNDATION UPDATE Thanks to everyone who turned in a Donation Application for a worthy cause close to his or her heart—we received many to choose from! We are no longer taking applications, and are currently reviewing those that were nominated to decide which will be chosen for each donation. This year’s donations total $15,885—thanks to all of you for your contributions! For questions, or to find out how you can get involved, please contact Foundation@PruCA.com.
MORE FRESH CONTENT We are pleased to announce that we now give you even more fresh content—we now have weekly Mortgage N.Y.I.N. MarketVIDEOS News for you as well! Please look for this timely and relevant information every week in our Fresh Content folder in the BluBook Document Center. Click the daisy to go straight to the folder page (after you log into BluBook)!
Rockin’ Raves This week’s Rockin’ Rave is an excerpt from a client appreciation letter. A client of Brentwood’s Doreen Monroe wrote these heartfelt words to express her gratitude for Doreen’s help, and we just had to share it with you... THERE IS LIFE AFTER DOWNSIZING
―In the year 2010, I realized that as a Senior, who was alone and in Game a failingChanger economy, I should downsize my home… I did not wish to downsize but logically it made sense to move. Sell-buy sounds simple. [And] with the right real estate agent and family support, it can be less stressful. Doreen Monroe is an experienced and knowledgeable agent who led us through the process from start to finish. She knew what she was doing and always had an answer to my questions. I spent 4 months showing my home to potential buyers. At the same time, I was looking for a new home to purchase… They say I saw 49 homes. She also handled the closing for both my sale and purchase. I firmly believed I would end up where I belonged, but I had to get the right feel for my new home. Doreen knew how important it was for me to find the right place to live and she even took me back to one home six times. In the end, everything worked out with Doreen’s help. I sold my home and I have been in my new home for ten months. I love my new place. I have gotten to know my neighbors and am making new friends. Moving was one of the best decisions of my life. The secret to my success was starting with an outstanding real estate agent. In my case that person was Doreen Monroe.‖ - A Very Satisfied Client
Questions? Kudos? Contact Carl at Carl.Medford@PruCA.com. Did you like this RockTALK? Like us on Facebook at facebook.com/PruCA.
Got something you want to shout? Send it to RockTALK@PruCA.com for our next edition.
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