We help lots of clients who want to purchase a home in Oakland, a popular destination for people relocating to the Bay Area. The process of purchasing a house can be a challenging one. Educating out clients on what they can expect during the process, helps them to understand the competition they will face. By reminding them that they should expect to pay several thousand dollars above their initial budget price, helps them to be more prepared.
As an example, one of our clients made a bid on a house that sold for $175,000 over the asking price. This was too much for them. An offer was made on another house, but it sold for $375,000 over the asking price! As they continued viewing more houses, they found a lovely townhouse by Lake Merritt. They put in an offer of $200,000 over the asking price. They finally got their house!
Most of the houses they were interested in had an initial asking price of around $600,000 . . . but they sold for close to or over one million dollars! They were competing with people who made all-cash offers on houses that were either too small or had lots of conditions to be addressed.