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4lexis
Posts: 4
Registered: ‎02-28-2012
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Where is all the inventory? (West & North Oakland)

We have been watching the market for about a year and a half now, and this lack of houses on the market seems unprecedented! We've heard about organizations being funded to buy up properties and can't help but wonder if that, or something nefarious, is going on behind the scenes. Previous to this bottom of the lull, we noticed several properties that came onto the market 'Pending". So frustrating.

 

Anyone have any insight? 

 

Thanks.

Regular Contributor
ChrisS
Posts: 79
Registered: ‎10-13-2010
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Re: Where is all the inventory? (West & North Oakland)

For Sale signs starting to pop up around Colby Park - near college ave, rockridge area.  Prices ranging from 500's to over 1m.  Sellers waiting for spring?  I've seen 3 new listings in the last few weeks.  Some selling really fast, so not showing as "inventory" for long.  

What are you "watching"?  There is stuff out there, but you've got to react fast.  Really fast.  I offered on one on Dover and there were 11 offers total.  So, very competitive.  Buyers snapping up everything to houses that are done, done, done, and total pieces of crap. 

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4lexis
Posts: 4
Registered: ‎02-28-2012
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Re: Where is all the inventory? (West & North Oakland)

[ Edited ]

That's a little rich for us. We're looking for a fixer-upper, but not a do-over, under $450. We abhore granite counter-tops. There's nothing on the market currently that is of interest enough to even watch unfortunately. 

 

I hope it's simply the pre-spring rut, but it's so bad, compared to times past, that we can't help but at least wonder if there's more to the story.

Visitor
Jemaho
Posts: 1
Registered: ‎02-29-2012

Re: Where is all the inventory? (West & North Oakland)

Sorry to go off topic, but I love that  'Abhor granite countertops'  line. I get it.

Gold Contributor
mediaguru
Posts: 1,815
Registered: ‎03-03-2011
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Re: Where is all the inventory? (West & North Oakland)


4lexis wrote:

That's a little rich for us. We're looking for a fixer-upper, but not a do-over, under $450.


I will beat the RBA bulls to the punch:

 

"How dare you expect to buy a house for 5x median salary or less!"

 

"If you can't afford $500k+, you're a peasant. You should just just continue to rent."

 

"Flippers are good for you, because you wouldn't buy the fixer-uppers otherwise!"

 

 

(maybe not on FHA, but I'm right there with you... we wanted to be able to get our foot in the door with something nice, but that would have been simply impossible for us to do if it was in tip-top shape, but we'd be okay with something in livable condition and needing some cosmetic work, updates, or minor repairs.  Fortunately, we were able to find that. Unfortunately, it took a full year to find, and it's a short sale, but we're in contract anyway.)

Regular Visitor
waiting_2_buy
Posts: 3
Registered: ‎04-29-2011

Re: Where is all the inventory? (West & North Oakland)

I love your post. We are not looking in the same area, but in about the same price range and I feel exactly the way you do about fixer uppers and flips. I'd rather fix it up myself, thanks.

Regular Contributor
ChrisS
Posts: 79
Registered: ‎10-13-2010
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Re: Where is all the inventory? (West & North Oakland)

look at 5514 dover.  listed at 365K.  All original, no gratnite to abhor.  If you want a project this could be a good one.  If you are wiling to put in money and effort over time this could be a nice house.   They are out there.

 

Visitor
4lexis
Posts: 4
Registered: ‎02-28-2012
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Re: Where is all the inventory? (West & North Oakland)

Thanks, Chris. I do have that in my list of places to take a second look at. 

Platinum Super Contributor
buyinghouse
Posts: 5,878
Registered: ‎04-23-2011
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Re: Where is all the inventory? (West & North Oakland)

  I would suggest you to think and think twice before offering. Either you are in the start of the season or you are starting to create a bubble by war bidding. I've heard banks are going to start releasing properties but I don't know if many or some to not create panic. I guess they know how to control the market, don't they?

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4lexis
Posts: 4
Registered: ‎02-28-2012
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Re: Where is all the inventory? (West & North Oakland)

@buyinghouse: Sigh. They certainly seem to.