How to Buy a House: Challenges to Buying a Home in OAKLAND, moving to Oakland

How to Buy a House: Challenges to Buying a Home in OAKLAND, moving to Oakland

today I’m gonna be talking about the

challenges to buying a home in Oakland

and the surrounding East Bay area this

can be a challenging market to buy in we

have a lot of issues that are really

specific to our area that make it hard

like for example the culture of our real

estate market with regard to pricing we

also have a lot of non-traditional

practices that out here there are also a

lot of old homes with a huge variability

and condition and it can be very

competitive market sometimes also there

is a lot of media hype that can

contribute negatively to the perception

of the process so let’s talk about it hi

my name is Tanja Odzak-Goppold

 I’m a top realtor with Keller Williams and I work

Oakland and surrounding East Bay area so

the first challenge is a culture of our

real estate market with regard to

pricing I mean simply said we don’t

price at what the seller wants or

expects the house to sell at we don’t

price at what the house content either

this is just how it is and it’s much

larger than one person it’s not

something that also seems like it’s

going to be changing anytime soon

the other challenge that’s related to

this is that there’s no consistency in

list price oftentimes buyers here and

they latch on to statistics like Oakland

sells at 20% above the list price or

whatever that I have which happens to me

that month but again this is an average

and there’s no consistency to it and

also some agents list 20% under some 30

some maybe 40% under with the expected

sales price is going to be and the other

thing to keep in mind is this is not

something that is true across the board

either it’s never gonna be always 20%

are always 30%

listed this is something that varies

between neighborhoods it varies between

the local agents and the not so local

agents and even within the local agents

themselves there’s a lot of variability

some are a little bit more aggressive

with how under however much under that

they list also the condition of the

house is factored into this as well the

location the street there is no

consistent percentage at which the

difference between list price and sales

prices nothing consistent about that at

all so to take that a step further that

basically means that list price is

meaningless and I often tell my buyers

like look the list price should be

viewed as an opening bid and that like

it maze will start at $1 because it’s

generally that meaningless so buying a

house here is truly much more like an

auction due to the culture of the

pricing which basically is you list low

to sell high and you know I’m not gonna

lie when Joey and I sell homes we employ

these same techniques when we work with

our sellers to list and sell their homes

if we didn’t we would be doing our

sellers a disservice so list low to sell

high as our mantra and that’s how the

game works and in order to be successful

and to sell within it that’s how we work

it so I want to give you an example this

was a house that we sold at five eight

eight one bomber ah it was just a

gorgeous gorgeous and a super unique

Oakland Hills home and as you can see we

listed at nine hundred and eighty nine

thousand two just shy of a million

dollars and we sold it for one point

four eight million dollars we got

seventeen offers and it sold for you

know thirty three percent above the list

price so that’s just one example

another one is this other house that we

sold this was a super-cute two-bedroom

two-bathroom house and the super hip and

very desirable diamond district 355 for

Lincoln Avenue and this one wasn’t as

aggressively under listed but it was a

set of 799 thousand and we sold it we

got 10 offers on and we sold it for nine

hundred and ninety thousand dollars so I

just wanted to show you that just to

give you some perspective of how how

houses are sold out here so what does

that mean when you are searching for a

home right that’s the question so what

you need to know is you cannot search by

price point regardless of whatever app

you’re using to to look up property you

cannot expect to for this area input a

certain price range and expect to get

back homes that are going to be

affordable for you pricing to use a

colloquial expression out here is a HELLA DUMB

you still need to use an app but

you have to have a different approach

which by the way I wanted to bring out

the new Keller Williams app it is

amazing it was released a few weeks ago

it is by far hands down the best app out

there to use to search for properties

keller williams a tunnel research all

this all this you know focus groups and

testing and you can do things with this

app that you can’t do on their other

apps furthermore keller williams does

not sell your data period other you know

companies like Zillow or red fin what

they do is the data that they collect

from you they get it and they sell it to

the highest bidder

so you know however that works but

keller williams they don’t sell your

information your data period if you are

interested in using it or checking it

out shoot me a text I’m happy to send it

to you

the other challenge out here is we have

a ton of old homes Oakland and many of

the surrounding areas including Berkeley

Albany, San Leandro… have tons of old

homes I also own a very old home my

house is 106 years old it was built in

1914 and buying an old home is very very

different than buying a newer or new

home oftentimes they’ve had several

owners who have taken care of them in

very different ways and in different

ways so condition is a huge factor and

I’m talking about foundations roofs and

especially so important actually one of

my favorite topics is drainage on and

about the property because that really

is gonna affect the condition of a home

we are also a competitive market out

here Oakland and the surrounding areas

are definitely competitive we are

centrally located in the Bay Area and

despite what you might hear we are still

reasonably priced for our location and

proximity to San Francisco actually

downtown Oakland is like the center of

the Bay Area and on top of that Oakland

is still much cheaper than San Francisco

Berkeley and some of the other

surrounding areas the other thing that

also greatly influences buying out here

and is also a challenge to overcome is a

media hype do not buy into the media

hype that houses sell for crazy amounts

over asking when the standard practice

out here is to list under the valued

price in the auction type sale of course

they are always gonna go for over asking

and this makes for

lines and people eat it up houses

actually sell for close to what’s

expected and but you know this media

hype it can affect one’s perception of

the market and for buyers sometimes it

can be discouraging so the question that

you’re probably asking yourself is will

I ever be able to buy a house out here

and the answer to that is yes a loud

resounding yes you will you just need to

work with an agent that has a finger on

the pulse of the market someone that

works with both buyers and sellers and

has a thorough understanding of how it

works out here and with that being said

there are still deals to be found and

bargains to be had and you just need to

work with someone who knows how to look

for these if you have any questions I’m

always here to help you whether it’s

giving you advice for your long term

real estate goals selling your home

buying a home or investing in real

estate I’d love to help thank you so

much for taking the time to watch my

video if you do find these helpful

please subscribe to our channel for more

again my name is Tanja Odzak-Goppold,

I’m a top-producing realtor with Keller Williams and I

work Oakland and the surrounding Greater

East Bay area I wish you the best and a

very happy and healthy day

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