…and a lot has changed in the American Canyon Real Estate Market. Without a doubt the market has shifted from a hot sellers market to a more normalized market. We aren’t quite in a buyer’s market just quite yet, but we certainly headed there.
As of Sunday, there were 26 homes on the market. Last December there was only 15. Quite an astounding increase in inventory – this is a good thing. I predicted earlier this fall that the inventory would continue to increase and that sellers would need to start working harder. You can’t just throw a sign up in the yard and expect the buyers to come flocking. Good news is that home prices are slightly higher then last year at this time with the average sales price in the low $500,000’s.
Higher interest rates (hovering around 5%) and higher home prices mean slightly fewer buyers…and they are more discerning. They are taking their time to find the right home, rather than just any home. Staging is more important than ever now. I don’t mean that you necessarily have to go out and get all new furniture. I do mean that you have to de-clutter, de-personalize and clean.
As a buyer the good news is that you have a lot to choose from. The right home is out there to make your own. There are a lot of beautiful homes on the market right now and they seem to be lingering and there is a great opportunity to get them at below market…510 Chaucer, listed by Marcia Hadeler with Coldwell Banker and offered at $529,000 is one such home.
I will be honest though…right now my heart is set on 416 Bettona Way listed by good friend Nelia Medeiros and her partner Loreto Stribling with Eagle Vines. It’s currently listed at $657,000 and is a huge steal. Homes in that area were going for $680,000’s earlier this year. This is what I mean about the market softening. It’s been on for a over a month. Had it come on this past spring it would have garnered multiple offers and been off in a week.
If you have any questions about the real estate market I’d love to hear from you. Call me at (707) 853-0797 or email: firstname.lastname@example.org