In Alameda County, the average Sales Price is $621,257 with the average Days on Market at 32 days. Rents in the Bay Area are well above the national average of 3.7%. In fact, rents in San Jose jumped 12.3% over last year! Investment properties have been very active, due to the low interest rates & strong rental income generated.
The property I mentioned last time, 1535 D St., had 2 homes on 1 lot and was listed at $599,000. This asking price was carefully considered after reviewing comps, condition, zoning, & amenities. We had the property professionally staged and had extensive online & offline marketing done to it. The result? 7 offers and a sale WAY OVER the list price! The Buyer came in with over 50% down & minimal contingencies. It will be closing early July.
Even though this is still a Seller’s Market, the proper List Price is critical, as well as how the property shows. Staging is becoming very prevalent in today’s market. The above property had a “partial staging” treatment done for $1,400 and I figured we got an extra $10,000 – $15,000 for this! Now that’s a great return on investment!