Color me sold!

A client of mine needs to sell her studio condo. She is disabled with limited resources and the place shows a lot of the usual wear and tear of every day living. She had only a few hundred dollars to spend and wanted to know whether to make some repairs or paint the interior. Here is how I advised her:

Despite the fact that paint is one of the easiest things to change, it always makes an immediate impression. I have been working with a buyer for several weeks trying to figure out what he likes and what he does not. Color, I realized is very important to him even though he never mentioned it. The house has one strike against it if he does not like the color when he drives up and another when he enters the house and does not like the interior color. Even when I find a house that's well suited to most of his needs, he just can't seem to get past the pastels.

A word about painting. Choose neutral colors, a little on the warm side. Don't just get a frosty white. Prep the walls by dusting, washing, and patching all the little holes. Use plastic tarps and proper masking tape to keep the paint off the places where you don't want it. It's easier to keep it off than to get it off. And now here is the good part: ask for help and have some fun. Tell all your friends that you need a couple of hours of their time to get this done. Ask them to help with any of the tasks, including moving the furniture away from the walls, even choosing the color if they have good taste in those matters. Call it a painting party. There are probably lots of articles on the net about "how to paint your home". Approach this systematically and with some extra hands.

Paint, clean, de-clutter, and wash the windows are the best cheap fixes anyone can do to make a home more presentable. After painting, you can address the other issues. You can just disclose them or make selective repairs if you still have some money.

Fence sitter: buy, sell, or rent?

Fence sitter Fairmount near Harrison.

Cat du jour: waiting or sunning?

Or just taking a rest? This old cat was leaning against the front door a colorful San Francisco apartment today. There wasn't much sun on the north facing wall so I assume it was waiting for someone to show up with a key.

Average sales price comparison January 2006 vs. 2007 (94619)

Smaller samples create less reliable results, so let's look to the next group of 580/13 neighborhoods in zip code 94619. Average sales price for single family homes in Oakland’s 94619 zip code including parts of the following neighborhoods: Laurel, Redwood Heights, Maxwell Park, Leona Heights, and Allendale.

The most consistent result is the reduction in the number of closed transactions:24 in Jan. 2006, but only 14 in 2007. Average marketing time also reflects what we see in 940602: 28 days in 2006, but 53 days in Jan. 2007. Interestingly, however, the number of home sales as just reported nationally seems to be headed up.
Existing Home Sales Improve in January
Not all commentators agree that these figures represent a real improvement in the housing market.
This is an improvement?
In a reversal of the results we saw in 94602 the average sold price increased slightly in 2007. Closed prices, which slightly exceeded list prices in 2006, were slightly less than more than list prices in 2007. Click on the picture for a larger view of the report.
2006 Report

2007 Report

This information is based on reported sales in the local MLS database.
It is believed to be generally reliable, but there are no guarantees. Please contact me directly for a report on a more narrowly defined area or a specific evaluation of your home’s market value

Average Sales Price Comparison January 2006 vs. 2007 (94602)

Yes, I know it's hard to believe, but the average sales price appears to be rising, not falling. Also suprising is the fact that the average closed price was higher than list for Jan. 2007, but lower in Jan. 2006. Sales volume is drastically down compared to a year ago: 22 homes sold in Jan. 2006, but less than half that amount sold in Jan. 2007. The average marketing time (DOM) for properties also lengthened significantly from 38 days of the market to 56 days; a 47% increase. What's going on? I have some ideas and will explore them in other articles, but I welcome your insight as well.

Average sales price for single family homes in Oakland’s 94602 zip code including parts of the following neighborhoods: Dimond (sometimes mistakenly called Diamond), Laurel, Glen View, Oakmore, Temple Hill, Lincoln Heights, and Redwood Heights.

CLICK ON THE PHOTO FOR A LARGER VIEW:

2006 Report

2007 Report:

This information is based on reported sales in the local MLS database. It is believed to be generally reliable, but there are no guarantees. Please contact me directly for a report on a more narrowly defined area or a specific evaluation of your home’s market value.

Fasten your virtual seatbelt . . .

. . . the next few decades are going to be a high speed ride.

SHIFT HAPPENS

Cat du jour

It was a cold afternoon with a chilly wind coming off the bay. The cats were wisely tucked in somewhere and this was all I could find.