Oakland, California

7.6 percent is the amount the value of homes has increased in Oakland for 2018. A forecast has been made that in the following year, the home value will increase 7.5 percent. In Oakland, CA $747,100 is the house worth median.

In Oakland, CA $508 is the per square foot list cost median. The Metro Area of San Francisco-Oakland-Hayward has a lower per square foot list cost median of $488.

For homes listed presently in the city of Oakland, $679,000 is the cost median. $710,500 is the cost median for houses that have been sold.

In Oakland, the rent cost median is $3,200. The Metro Area of San Francisco-Oakland-Hayward has a higher rent cost median of $3,400.

When it comes to the real estate economy, the foreclosure rate is an important factor. For any particular location, the lower the foreclosure rate, the higher the value of houses for that location.

If the foreclosure rate is exceedingly high for a location, the home value for that area could go down appreciably. If there is a trend in the nation that a lot of locations are experiencing very high foreclosure rates, then the whole US economy could be adversely effected, and there could be a possible recession.

For every 10,000 houses in Oakland, CA 1.6 houses go through foreclosure. The Metro Area of San Francisco-Oakland-Hayward has a considerably lower foreclosure rate of 0.5. The United States has a foreclosure rate of 1.6.

When a homeowner goes through foreclosure on their home, there was a first step that helped cause the foreclosure. That first step is called mortgage delinquency.

How is mortgage delinquency defined? An owner of a house becomes delinquent on their mortgage when they do not make good on a mortgage payment.

Oakland has 0.7 percent of home owners who are delinquent on their mortgages. The United States has quite a bit of a higher mortgage delinquency rate of 1.6 percent.

The recession of 2008 had very negative effects on the real estate economy and the US economy as a whole. One effect was that in the United States the value of houses dropped more than 20%.

The drop of real estate prices in the 2008 recession had such a negative effect, that many homeowners in the US are presently underwater on their mortgages.

What does it mean to be underwater on a home mortgage? It means that the homeowner owes a greater amount of money on their mortgage than the value of their house.

4.0 percent of homeowners in Oakland, CA are underwater regarding their mortgages. The Metro Area of San Francisco-Oakland-Hayward has a lower underwater rate of 3.6 percent.

Being underwater on a mortgage can be a very serious matter. Why? For one thing, for people who are very low on savings, they may not be able to sell their home. This is because they could owe the bank money in order to sell their home.

Let’s look at an example. A homeowner wants to sell their home. The value of their home is $250,000. But the homeowner’s mortgage debt is $280,000. Fees to sell their home (real estate commission, title, legal, repairs, etc. are $20,000. So when they sell their home, they will have to put out of pocket $30,000 to the bank, plus $20,000 for fees. $30,000 + $20,000 = $50,000. Thus, it will cost them $50,000 to sell their home. Not a good outcome.

It is best to put down a healthy down payment and pay down the mortgage (not borrow against it), in order to avoid as much as possible being underwater on a mortgage. The ultimate protection against being underwater on a mortgage is to pay cash for your home, but most people do not have the money to do so.

The other thing you can do is your best to not buy at the top of the market. For example, if homes have increased in the last 20 years from $100,000 to $250,000, you might be close to the top of the market.

The household annual median income In Oakland, California is $68,060.

Moving on to commercial real estate in Oakland, CA, there is a 155,000-square-foot storage facility being built. It will hold 1,087 storage units and it’s 4 stories high. It’s address is 10 Hegenberger Ct, located near the Oakland International Airport and the Oakland Coliseum. The storage facility is being constructed by Platinum Storage Group.

Genevieve Sigmund, who is the president of Platinum Storage Group, believes that her coming into the Oakland market is at a time that the city is experiencing tremendous growth in population along with the building of big apartment and office properties.

Platinum Storage owns or manages a huge amount of storage in storage facilities in the country - 2.5 million square feet. And get this – they have 1 million more square feet of storage in the works to be built. Platinum Storage Group is based in Orange county.

Apartment Loan Store is proud to serve the entire Greater Oakland area:

• Piedmont
• Alameda
• Berkeley
• Albany
• Orinda
• Moraga
• San Leandro
• San Francisco
• Richmond
• Lafayette
• Tiburon
• Ashland
• San Pablo
• San Lorenzo
• El Sobrante

​