Starting in late Spring and continuing through the Summer we have seen signs of the market beginning to soften for certain properties in Lamorinda. We thought it would be useful to share our observations on this new trend and what buyers are prioritizing in today’s market. This is particularly useful information if you are considering selling your home in the near future.
The predominate trend is that buyers are willing to pay a premium for homes that were just completely remodeled or new construction. Most buyers moving into Lamorinda are two income earners or work tons to be able to afford to buy. The idea of remodeling seems time consuming and daunting and buyers today value time more than ever.
Along the same lines buyers are picking convenience and are increasingly less concerned about picking the “right” neighborhood. They want easy access to transportation, shopping and restaurants and are extremely commute conscience.
Flat yard space remains consistently important. For many buyers the yard does not have to be huge, but it must feel usable. Despite how environmentally unfriendly grass can be, especially in drought years, buyers still want grass and an area that they can see their kids, dog or friends recreating outdoors.
Location is impossible to alter and yard space is hard to change (although often there are creative ways to make your yard more user friendly). Also, remodeling may not be an option or something that sellers want to take on given the expense and inconvenience of a large remodel project. As the market changes it is important to understand that after eight years of market growth we are possibly shifting towards a buyer’s market unless a property checks every box in terms of location, yard space and updates. See the Market Update section of our website for further details and market insights.
We look forward to hearing from you with your real estate questions. Erin at 925.951.3817; Darrick at 925.900.8218