After dropping my son off at his 5th grade classroom, my wife and I went to the “Coffee Connection” held by the parents club at Wagner Ranch. It was nice to see the parents we hadn’t seen over the summer. We actually see most of the people we know over the summer, if not planned, just out and about around this small town. The number one question I am constantly asked is “How is the market?” My answer to “Joe’s” question this morning was, “It’s quiet time right now for a couple of weeks. Once everybody gets settled into school and past Labor Day, the market will heat up again.”
I answered “Tony” by telling him that Lamorinda has about the same inventory as it did this time last year. Your “Standard 4/2” homes or even 3/2’s on nice lots are still attracting multiple, over asking offers if they are priced right. The fact is, Orinda is one of the most desirable places to live in the Bay Area. Moraga and Lafayette can be lumped in that category as well. I then drew imaginary rings around Lamorinda, and said that the further out you go, the worse it gets. Antioch, for example, is a disaster. Of course, this is where a lot of the sub-prime lending took place. Now there are desperate sellers flooding the market, along with a glut of foreclosures.
Once again, further proof that real estate is local. Sure you can get a national or statewide picture of “The market” in the papers every morning (doom & gloom), but realize that each local market differs. Talk to an agent that is familiar with the area you are curious about. Or, talk to an agent you trust can get you the correct information on the area in question. Personally, I have worked far beyond the Lamorinda area very successfully.
Yes, it is still exciting, that first day of school. Even the parents had that little extra energy the first morning. I can’t wait to hear about the first day with the new teachers.
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