That’s an excellent question. Home sales in American Canyon dropped by almost 50% in March compared to last year. But the median sales price rebounded to over $600,000 after a fairly precipitous four month decline beginning in October, 2018.
At first glance this appears to be a rather significant market correction. Home prices in the city rose too rapidly (overall) last spring and now they are retreating. But statistics can be misleading. I don’t believe that we are seeing a market correction. The big homes are still selling for a lot – there just aren’t as many big homes going up for sale as there have been (although that’s changing as I write this).
Almost half of all the homes sold since August 1, 2018 have been in the Rancho del Mar Subdivision. Owners are starting to cash in on the profits. However, buyers have become discriminating in what and how much they are willing to put down. I think that I said this back in August. Buyers want quality since they lack quantity. That’s what the ever increasing days on market is telling me.
As a seller, what does this mean for you? You are going to have to put some time and effort into your home. And hey, that’s ok, pride of ownership is important, right? A little bit of elbow grease never hurt anyone (too much). Mow the lawn, trim down the bushes along a walk-way, pressure wash the front of the house, re-paint the trim. These are all things that a seller can do to improve the curb appeal without breaking the bank.
Make sure that the inside sparkles. Mop the floors, get the carpet cleaned, make your bed, do the dishes and know that most buyers will peak into your closets – even messy linen closets can leave a negative, lasting impression.