A Guide for First Time Home Buyer
featuring Guidance from Rebecca Preece
Welcome to East Bay
The major cities in the East Bay include Berkeley, Alameda, and Oakland. Each of these cities has a different vibe and many neighborhoods that are worth exploring to understand your specific preference. The East Bay has close proximity to San Francisco downtown with multiple public transit lines that take you directly into the city.
Valuable Guidance For Home Buyers
Trends in the East Bay Real Estate Market*
As the market is shifting, we are seeing the houses are sitting a lot longer than they used to. In fact, we are no longer seeing 10-14 offers and houses are not going $500K over asking. Buyers are able to be more particular in what they are looking for and can negotiate a bit more. However we can’t characterize the current market as either a buyers or sellers market.
*Last Updated October 2022
Tips for First Time Home Buyers in East Bay
- Know your end goal. It is important to understand if you are looking for a home you will live in for a couple years or for a longer time. If you think it’s a home that you will spend 2-5 years in, then buy a place where the value will stay strong so when you go to sell there will be a large pool of buyers and appreciation in the price. If you plan to stay in a home for a longer time, then optimize for long term comfort and requirements.
- Homes are older. Many homes will require a lot of work because they are older homes. No home is going to be perfect and will require maintenance and on going work. It is important to look at the inspections and lean on your real estate agent to advise you on where are normal items to fix for a house vs. things that might be more intensive.
- Be Prepared. Homes in this area go pretty quickly so it is in your best interest to be prepared. Start your home search process early so that you have time to look at a variety of homes and understand disclosures. If you are fully prepared and start your search early, you’ll be in a better place when you find your dream home that you want to put an offer on. Being prepared means you will be ready for a quick turnaround.