2024 Q3 Market Update
Fall is possibly the most magical season in the Inner East Bay (after the heatwaves, of course). The scent in the air changes, the kids are back in school… and the real estate market roars back to life.
New listings flood the market in the fall, and this year was no exception: in the one week after Labor Day, the number of new listings increased by more than 150%. This creates an unusual dynamic where, suddenly, buyers have many more properties to choose from. And with higher supply - and relatively unchanged demand - key metrics can change, and quickly.
As a result, homes listed in September are more likely to cancel than any other time of the year. We are seeing that trend reveal itself now, and it should likely continue through October and November. It may be particularly exacerbated this year since the Fed cut interest rates at the beginning of the month, but mortgage rates have changed little. Buyers may be waiting for further declines.
Given these factors, sellers and buyers face unique opportunities - and challenges - through the end of the year.
- In many cases, sellers are facing higher levels of competition, so it is more important than ever for a home to look great and feel move-in ready for buyers. A critical marketing tool is the list price: It must be attractive to buyers, too. (As they say, there are no bad properties, only bad prices.)
- Buyers have an increasing amount of power in the real estate transaction, with a high level of inventory to choose from. However, not all homes are made equal, and different buyers’ attention can cluster around the most attractive homes, in the most attractive areas, with the most attractive list prices. Given these dynamics, a buyer should work with their agent to find opportunities in this complex market. Opportunities are still out there!
Want more information? Red Oak’s 75+ page presentation on the current state of the market is very informative. It focuses on the Inner East Bay but includes data throughout the Bay Area. If you’d like a copy, please reach out.
Dev Heyrana: A Celebration of Art and Community
"Inspired by my roots, the people who walk beside me and the ones I'm raising."
Dev Heyrana
Our DEI Action Committee is proud to announce a new exhibit by Bay Area artist Dev Heyrana, an evocative creator known for her vibrant exploration of identity, heritage, and community. Dev is a Bay Area based artist known for her vibrant and evocative works that celebrate the beauty and diversity of the human experience.
Dev's art is deeply rooted in her personal journey and her commitment to social justice. Her pieces often explore themes of identity, resilience, and community, drawing inspiration from her Filipino heritage and her experiences as a woman of color. Through her art, Dev aims to create a space for dialogue and reflection, encouraging viewers to engage with the world around them in a more empathetic and inclusive way. Parents and educators will love the Art Kits, a collaboration with Kehinde Wiley.
Red Oak Realty is committed to community outreach and creating a welcoming environment for all. By hosting this exhibit, we hope to not only showcase Dev's incredible talent but also to inspire our clients and colleagues to embrace the values of diversity, equity, inclusion, and belonging. We believe that art has the power to bring people together and spark meaningful conversations.
We invite you to visit the exhibit at our El Cerrito office and experience the transformative power of Dev Hayana's art. We hope this exhibit will leave a lasting impression and encourage you to join us in our ongoing efforts to create a more inclusive and equitable community.
We welcome other artists who might be interested in showing their work in one of our offices. If you or someone you know would like to share art with us, or if you want to be notified about upcoming exhibitions, please reach out. We are eager to support and highlight diverse voices and talents in our community.
Fall Maintenance for Your East Bay Home
Autumn in the East Bay brings some of the best weather of the year. It’s a perfect time to assess your home’s condition and prepare for the cooler months ahead.
Clean gutters, downspouts and roof scuppers: Clearing out leaves and debris from the roof’s drainage system prevents water from pooling and causing damage. Compost the organic waste to keep your cleanup eco-friendly.
Inspect the roof ridge and vents: Check for any damage or blockages in these areas. Repairing them early helps maintain your home's insulation, increasing efficiency.
Inspect siding, trim, soffits, and fascia boards: Look for holes or gaps and seal them. This not only prevents pests from entering, it also cuts your home’s energy use by reducing drafts.
Check windows and doors for proper sealing: Ensure that windows and doors are properly sealed to maintain indoor temperatures. Opt for weatherstripping made from recycled materials.
Clean up garden debris: Remove fallen leaves and branches to deter pests and insects. Use this organic matter to create mulch or compost, enriching your garden sustainably.
Check storm drains near the property: Report any blockages to your city to prevent flooding. Keeping storm drains clear helps local water systems function properly, benefiting the community and the environment.
Test the sump pump: Ensure your sump pump is working properly to prevent basement flooding. Regular maintenance extends its life and ensures efficient operation.
Inspect HVAC system and change air filters: A well-maintained HVAC system runs more efficiently, consuming less energy. Replace filters annually with high-efficiency options to improve indoor air quality.
Flush water heater: Removing sediment from your water heater improves its efficiency and longevity, saving energy and reducing your carbon footprint.
Test smoke and carbon monoxide detectors: Replace batteries and use the test button to confirm these essential devices are working properly.
Check fire extinguishers: The yellow tag attached to your fire extinguishers will tell you the last date of inspection. Make sure they are professionally checked annually and re-charged if needed.
Vacuum the vent hose and check for lint buildup in clothes dryer: Cleaning the dryer vent reduces fire risk and improves energy efficiency. While you’re in the laundry area, clean the washing machine filter too.
Schedule a chimney inspection: If you plan to use your fireplace, make sure it’s safe and efficient. A clean chimney burns more efficiently, reducing your home’s overall environmental impact.
Check for pests and look for possible entry points: Seal any gaps to keep pests out and maintain a comfortable, energy-efficient home. Use natural pest deterrents whenever possible.
Vacuum refrigerator coils: This task helps your refrigerator run more efficiently, conserving energy and extending its lifespan.
Set ceiling fans to rotate clockwise: This will move the warm air downward and keep the living areas more comfortable.
By following these home maintenance tips, you’ll be well-prepared for the cozy season. If you’d like help with any of these tasks, Red Oak has great resources and we’re happy to share. Just reach out.
How to Help Protect Your Home from Earthquakes in the East Bay
This month marks the 35th anniversary of the Loma Prieta earthquake. This 6.9 magnitude earthquake on the San Andreas Fault was a violent one, killing 63 people and injuring almost 4,000. Damage was close to $6 billion (equivalent to about $14 billion in today’s economy). It serves as an eerie reminder to those who experienced it firsthand, and a good reminder to all Bay Area residents to be, and stay prepared.
Living in the East Bay, earthquake preparedness is essential due to the region’s proximity to another major fault line, the Hayward Fault. Here's how to help protect your home and stay safe.
- Secure Heavy Furniture: Anchor bookshelves, cabinets, and large appliances to walls using straps or brackets. This prevents them from toppling over during an earthquake.
- Reinforce Your Home’s Structure: If you live in an older home, consider retrofitting to improve its earthquake resistance. This may include bolting your house to the foundation and reinforcing or bracing walls. Reach out for recommendations on local companies that specialize in earthquake retrofitting.
- Retrofit Your Chimney: If you have a fireplace, and therefore a chimney, it’s important to secure your chimney in the case of an earthquake. An unsecured chimney can cause significant damage both during and after an earthquake. Some homeowners in the East Bay elect to remove their chimneys (and fireplaces) altogether as both a safety and an environmental decision.
- Install Flexible Gas Lines: Earthquakes can cause gas leaks, which may lead to fires. Flexible gas lines are less likely to break during shaking, providing an added layer of safety. If your home has standard gas lines, make sure you know how and where to shut the gas off in case of a large earthquake.
- Secure Water Heaters: Strapping your water heater to the wall helps prevent it from tipping over, which could cause leaks or fires. It’s always a good idea to ensure that straps remain intact over time.
- Secure Overhead Fixtures: Often forgotten, large or heavy light fixtures should be braced for safety.
- Create an Emergency Kit: Stock essentials like food, water, and first aid supplies for at least three days. Include flashlights, batteries, and a battery-powered radio for staying informed.
By taking these precautions, you can help safeguard your home and loved ones from the impact of earthquakes. If you have questions or need suggestions for local vendors, please reach out - we’d love to help.
Home Inspections in the East Bay - Why They Matter and What They Tell You
When considering buying a home in the East Bay, questions about the property’s condition are inevitable. Is that strange rattle coming from the furnace a red flag? Will the insurance company provide a policy? Are there hidden issues that could lead to costly repairs down the road?
A professional home inspection is one of the most important steps in the buying process. It provides critical insight into a home's condition, helping you make informed decisions and avoid surprises down the road. It may even give your agent negotiating leverage.
California doesn’t require inspectors to hold a license, but they are regulated under the California Trade Practice Act. When choosing a home inspector, look for one affiliated with a reputable organization like the American Society of Home Inspectors (ASHI), which holds its members to high standards of practice and offers important protections like education opportunities and errors and omissions insurance. Your agent should also recommend trusted inspectors they’ve worked with.
What is the best type of home inspection?
Your agent will probably suggest a general home inspection. This is a thorough, visual evaluation of a property conducted by a certified inspector. It gives buyers a clear picture of the home’s overall condition, identifying any potential issues, from structural concerns to system functionality.
A professional inspection equips buyers with a comprehensive understanding of the property’s condition. In a region like the East Bay, where the market can be fast-paced and competitive, an inspection could help you negotiate for repairs, request seller credits, or even adjust your offer based on the findings.
It may be tempting to rely on the inspection(s) provided by the seller with the disclosures. By investing in your own inspection, you’ll receive an up-to-date report prioritizing your own interests.
What’s typically covered in a general inspection?
- Structural components: Foundation, walls, and the overall integrity of the structure.
- Exterior components and systems: Siding, windows, doors, gutters, and drainage.
- Interior components and systems: Walls, ceilings, floors, windows, doors, plus electrical, plumbing, and HVAC systems.
- Roofing: Condition of the roof, any structural defects, signs of damage, or potential leaks.
It’s important to note that the inspector can only comment on what they see. If a space is inaccessible, further investigation is usually a good idea. You may want to also engage an inspector who specializes in roofing or chimney systems for example.
Get involved in the process
The inspection is a great way to get better acquainted with the house. What maintenance issues are most likely to come up and when should you plan for them? Like all long-term relationships, it’s important to understand what you’re getting into and let those spontaneous questions arise,
- Schedule early: Plan your inspection well in advance of the closing date to allow time for any necessary repairs or negotiations.
- Be present: If possible, accompany the inspector during the inspection to ask questions and better understand any issues that are identified.
- Review the report carefully: Take the time to review the inspection report thoroughly. If you have any questions, don't hesitate to contact the inspector for clarification.
Understanding the Report
Your inspector’s report will differentiate between major repairs and routine maintenance. Serious concerns, such as foundation damage, a failing roof, or outdated electrical systems, could have a significant impact on the home’s value, insurability, and the sale negotiations. On the other hand, smaller issues like minor leaks or cosmetic flaws are often simple to fix and shouldn’t derail the transaction.
Home inspections are essential for gaining peace of mind and a full understanding of the home you’re buying. Here in the East Bay, there are plenty of qualified local inspectors. Your Realtor has relationships with the best in the business, and is happy to provide a recommendation. If you have more questions, just ask - we’d love to help.
Red Oak Opens New Office in San Leandro!
On Thursday, September 12th, the Red Oak community gathered with clients, neighbors, colleagues, and friends to celebrate the opening of Red Oak’s new office in San Leandro. Located at 1031 MacArthur Boulevard, Red Oak recently partnered with Varos Real Estate to better position ourselves in a market where both our agent and client bases are rapidly growing.
Serving the communities of San Leandro, Castro Valley, Hayward, and beyond, our new office not only gives Red Oak agents who live in the area a closer home-base, it also positions us to provide even greater services and expertise in the adjacent communities.
We are grateful for the warm welcome by both neighbors and adjoining businesses, and look forward to being an active member of the community. Be sure to stop by the next time you’re in the area!
Red Oak now has offices in El Cerrito, Berkeley, Oakland and San Leandro. Reach out with any real estate related questions or needs; we’d be more than happy to help you. Need an agent? Reach out! We’d be happy to match you with someone who is best equipped to meet your needs.
Two Community Events Sponsored by Red Oak Realty
Movie Night in Montclair – This Saturday!
Get ready for a fun-filled evening! Join us this Saturday, September 14, 2024, for Movie Night in Montclair, featuring the family-friendly movie IF starring Ryan Reynolds, Steve Carell, Emily Blunt, and John Krasinski.
Event Details:
DJ Bukue One will kick off the night, spinning classic funk and hip-hop at 7:00 PM.
The movie starts at dark (around 8:15 PM).
Location: Enter the lot on Medau at Moraga.
What to Bring: Lawn chairs, sweaters, blankets, and beverages. CRUFit is providing free popcorn!
Sponsored by: Red Oak Realty, the FMZ Team at CrossCountry Mortgage, and the Montclair Village Association.
Red Oak Community Blood Drive – Next Wednesday!
Make a difference by joining us for the Annual Red Oak Community Blood Drive on Wednesday, September 18, 2024, from 9:00 AM to 1:00 PM.
Why Donate?
One donation can help save up to three lives.
Every two seconds, someone in the U.S. needs blood—more than 4.5 million Americans every year.
A single accident victim may need up to 100 pints of blood.
Blood donations can't be manufactured—human donors are the only source. Your donation truly SAVES LIVES!
Plus, as of October 2023, the Stanford Blood Center (SBC) has updated FDA blood donation guidelines, removing restrictions based on sexual orientation. This means more people are eligible to donate than ever before!
Sign Up Now:
Red Oak, 1575 Hopkins Street, Berkeley: rore.me/hopkinsblooddrive-9-2024
Red Oak, 6450 Moraga Avenue, Oakland: rore.me/montclairblooddrive-9-2024
Both events offer a great opportunity to engage with the community, whether you're looking for a fun movie night or a way to make a positive impact by donating blood.
Questions? Reach out to your agent, or contact us. We’d love to have you join us!
Home Buyer Trends in the East Bay this Fall
The East Bay housing market continues to evolve, and homebuyers are seeking properties that align with their specific needs and preferences. Market activity typically increases this time of year, and with the continued decline in interest rates, this trend is likely to escalate. Sellers should expect some of these key factors to surface this season:
Insurability: A major factor that influences the affordability of a home is the cost of insurance premiums. Proximity to fire breaks, earthquake-resistant construction, or flood mitigation measures are driving buyer selection more than in the past. For sellers, it may be crucial to take a hard look at the construction of their home and make an effort to head off any issues before coming to market. Proactively removing insurance concerns, like knob and tube wiring for example, can make or break the sale of a home. Be sure to work with an agent who can share the most recent changes to homeowners insurance in the East Bay.
Proximity & Commute: Proximity to public transportation, restaurants, shops, and green spaces is something buyers are considering more. It can be a treat to leave the car behind when heading to the local coffee bar. Walk Score will give you an idea of what’s accessible and how.
Outdoor Living: Well after the pandemic, people continue to place importance on personal space and well-being. Well-designed outdoor areas such as patios, decks, and landscaped yards are central. Drought-tolerant and low-maintenance landscaping is especially well-suited to the East Bay. Buyers are attracted to homes that extend living spaces to the outdoors, whether for relaxation, entertainment, gardening or play.
Green & Eco-friendly: Sustainability continues to be a significant, and growing trend. Buyers are looking for homes with energy-efficient appliances, solar panels, and water-saving fixtures. Homes that incorporate these green features are not only appealing for their environmental benefits but also for the long-term cost savings they offer. Energy-efficient windows, insulation, and smart home technology are also in high demand.
Interior Design: Buyers are interested in functionality and thoughtful design that maximizes the use of space. Open floor plans, multi-functional spaces, and home offices are particularly desirable, especially with the ongoing popularity of remote and hybrid work.
Health-conscious Features: Some buyers focus on homes that prioritize health and wellness. This includes homes with air filtration systems, non-toxic materials, and access to natural light.
Whether you’re looking to buy or sell a home in the East Bay, understanding specific preferences and local market trends will help you reach your goals. Red Oak has extensive resources, accurate data and well-developed strategies to help you get there. Reach out, we’d love to help.
Fall Fun in the East Bay: It’s Time to Spice up the Season!
Fall in the East Bay brings marvelous weather and an array of festivals and events. Enjoy the unique spirit of the local culture as summer winds down.
Castro Valley - Eden Area Fall Fest
September 7 & 8, Castro Valley Boulevard at Redwood Road
Enjoy live entertainment, arts and crafts, food and classic cars while learning about local businesses and community service organizations.
Solano Stroll
September 8, 10am - 5pm, Solano Avenue in Berkeley and Albany
This mile-long annual street fair features over 400 vendors, live entertainment, and a parade. It’s a great way to explore local businesses and enjoy community spirit.
Oakland Pride Festival and Parade
September 8, downtown Oakland
From films at the Grand Lake Theatre to live music and a bar crawl, celebrate the LBGTQ+ community.
El Sobrante Stroll
September 15, 11am - 4pm, San Pablo Dam Rd, between El Portal Dr and Appian Way
Join the community street fair with a parade, live music, food vendors, and local crafts.
Okdroberfest
September 14, 11am - 5pm, W Juana Ave & E 14th St, San Leandro
Beer, brats and live music, you can pre-order your stein and pours at the link above by August 30 for an early bird discount.
Red Oak Realty Movie Night
September 14, 7pm - 10pm, 6450 Moraga Avenue, Montclair (Oakland)
Join the fun at the parking lot screening of “IF,” doors and DJ at 7:00, film starts at dusk (around 8:15). Bring your lawn chairs, sweaters, blankets and beverages.
Berkeley Old Time Music Convention
September 18 - 22, various Berkeley locations
This renowned gathering of local and national old-time music players, features concerts, Cajun and square dancing, workshops, a string band contest and many jamming opportunities throughout Berkeley.
Oakland Black Cowboy Parade and Festival
October 7 at DeFremery Park, parade at 10am, festival opens at noon
Celebrate the contributions of Black cowboys in the settling of the West, with a parade, rodeo demonstrations, and cultural exhibits.
Oakland Style Festival
October 9 - 13
This cultural celebration features culinary treats, musical performances, art, fashion, vintage shopping and more, spread throughout The Town.
Indigenous Peoples Day
October 12, 10am - 6pm, Civic Center Park in Berkeley
Celebrate Native culture with traditional dance, crafts and food at this powwow and market.
Autumn Lights Festival
Oct 17 - 19, The Gardens at Lake Merritt
Three luminous nights at the Lake to fundraise for The Gardens - tickets go on sale September 1st (purchase early as they sell out every year).
Kensington Community Center Fall Picnic
Oct 20, 12pm - 3pm, Kensington Community Center
This 60+ year tradition has evolved over time to include local live music, a blessing of animals, great food and friends.
Need more ideas for autumn entertainment? Have something to share? Let us know, we’d love to hear about it!