Let’s find you a home, Pt. 2

In my last blog, I spoke about how there were three things that your professional realtor® should do for you to make sure that you get more of what you want: 1. Know the inventory; 2. Ask Questions; 3. Negotiate

Earlier this week I wrote about inventory knowledge. In case you missed it, it’s important. Today, I very briefly would like to focus on asking questions. As professional realtors®, we spend a lot of time talking. However, as any good therapist will tell you, half of helping people is asking the right questions and listening to the answers.

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That’s why it’s so important for you to go on the Grand Tour with your Realtor®. It’s the first opportunity for your agent to hear what you like and don’t like. You also shouldn’t be afraid to dream big. That’s one of the first thing that they teach you in coaching: tell me your biggest, baddest goals so that we can make them happen. You should be able to tell build your dream house and tell your agent. The more that you tell them what you want the more than your agent can find for you. No one should force you to do anything that you want to do so there’s no need to settle. The good, professional agents that I know work tirelessly to match the right home for the right buyer.

Tell us everything that you want in a home that you don’t have now. We know about homes that aren’t even on the market yet. So go ahead…build your dream house. We’ll help you find it.

 

Are we in for another housing burst?

I get that question at least once or twice every single open house. Short answer is I don’t think so. The longer answer is always a little more complex. No, we aren’t in for another housing collapse but we are headed straight for another housing crisis…or as one editorial put it: “housing catastrophe.”

It is possible – especially here in the Bay Area where there are myriad high paying jobs in a variety of professions – that home prices will continue to rise. It is possible that agents…good agents…in an attempt to win every possible advantage for their client will continue to write offers without appraisal contingencies or without inspection contingencies. It is possible that we will continue to see 8-10 offers on beautiful homes under $400,000 until there are no more homes under $400,000.

The money and solid loans are there for the market to continue to shoulder the craziness that is this year’s spring market…but in no way, shape, or form is this a healthy market. American Canyon home prices were up 17% year-over-year. It is on the slow march to pre-recession prices.

The Vallejo real estate market is also on the rise. Realtor.com has it as the hottest market in the country for the 4th month in a row.  It deserves it too! Vallejo is slowly re-imagining itself with it’s second Friday art walk and as a foodie’s delight with pop-up dinners on the second Saturday of every month(expect for this one, of course).

So no, I don’t think that we’re in a bubble but there are real concerns about the price of housing. Individuals whose families have lived in the American Canyon-Vallejo area for generations can no longer afford to live here. It says as much about stagnant wages as it does about desirability of the area. My sincere hope is that housing prices even out so that we can keep a diversity of families in the area.

1/30/17 Napa-Solano Inventory

Solano inventory dropped for the second straight week last week while Napa County remained relatively static. Anecdotally, the housing market is still moving at a brisk pace throughout the region. Sales are down in American Canyon but prices are way up.  This appears to be the case throughout the rest of the region. After the first 30 days it appears as though the 2017 forecasters are going to be right on.

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1/26/17 Inventory Update

Inventory dropped in Solano County this week while Napa County remained relatively stagnant. At the same time, mortgage rates continued to tick up. The big real estate news this week, however, came on Friday as the new administration decided not to cut the insurance premium on FHA loans. It’s too early to say exactly what this means but it will definitely hurt affordability for first time home buyers.

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American Canyon Market & Tour 1/13/17

The American Canyon market is starting to heat up already. After a torrid December, January looks like it is going to be extremely busy as well.  21 homes are in contract, 10 of which are pending (although I’m hearing that one of them is off the market today!) make it look like it will be another strong month.

In my monthly newsletter to American Canyon residents, I said that Rancho del Mar will be a bell-weather subdivision. For most of last year, these older homes sold in the mid-$330,000 range and were just starting to creep up. With two homes coming on the market on Carmel – one at $398,000 and the other at $413,000 – it looks like prices are ready to jump.

Without a doubt, one of my favorite homes on the market right now is 200 Carmel Dr, at the corner of Carmel and Rio Grande. It’s listed by fellow BHHS Drysdale office-mate Kasama Lee and offered at $413,000. A converted garage adds much needed extra living space. For photos and more information about the listing, click here.

 

It’s easy to show so if you’re even a little bit interested, go ahead and give me a call @ (707) 853-0797. I expect this one to go fast!

RE Market Update 12/19

The big real estate news coming out of last week was the Fed’s decision to raise the short term interest rate .25%. Interest rates rose sharply. The current whispers in the real estate world is how an increase in mortgage rates will effect home affordability – some estimates say that a rise of just 0.5% will prevent over 100,000 potential consumers from making a purchase. Stay tuned…

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