Open House Alert – 712 Daniels Ave

I will be holding open 712 Daniels Ave in Vallejo today from 1-3pm

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Exclusively listed by Richard Peterson and offered at $350,000

Awesome opportunity for an investor or first time home buyer! Two blocks from the water, parks and schools. Near the ferry, Mare Island, 37 & I-80. Spacious kitchen and family room with a formal dining/living room combo.

712 Daniels Ave, Vallejo – Just Listed

Quaint, 4 bed & 2 bath town home close to Mare Island and the Ferry Building. Boasting over 1500±sf, this 2 story condo has it all. Spacious kitchen opening up into one of two living areas. There is a large, combined formal living and dining room off to the left as you walk through the door. Creep up the stairs to 4, ample-size rooms with a master suite off to your right. This home is perfect for the first time home buyer.

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There will be an open house on Sunday from 1 – 3pm.

Vallejo January Market Roundup

Vallejo continues to be one of the hottest markets in the country and why not. Investors are going in and rehabilitating older homes so that the sparkle once again. It continues to be an appealing destination for Millenial first time home buyers working in San Francisco or the East Bay.

Inventory continues to be a problem but it isn’t falling which is good news. Median sold price is up 17% from last January.

Vallejo median sold

It remains to be seen whether or not the current stock market correction will have unexpected ripple effects on the lower price points. My biggest concern is that the correction will make move-up buyers even more wary as there are fewer and fewer homes on the market in the upper end.

There’s a lot to be excited about the future of Vallejo and that message is starting to kick up additional interest. Large swaths of the areas West of I-80 are architecturally interesting, particularly in the Heritage District, St. Vincent’s Hill and downtown.

The city is continuing to transform itself with a burgeoning art scene (check out the 2nd Friday Art Walk each month!) and food scene – if you haven’t checked out the League of Chefs shame on you. All of these add up to a bright future and continue strong increase in housing prices.

6302 Pebble Beach Dr – Open House 1/21 – 1-4pm

I’ll be holding 6302 Pebble Beach Drive, Vallejo open from 1-4pm today. Nestled up against the Blue Rock Springs Golf Course at the top of Vallejo, this 4 bedroom, 3 bathroom, 2400± square foot home has views across the golf course from the master bedroom. It has 3 full bathrooms, including one across from the downstairs bedroom. The home is offered at $589,000.

Exclusively listed by Lisa Minczeski with our office at BHHS Green Valley. Can’t make it to the open house? Contact me to make an appointment today: (707) 853-0797 | rich@napasolanohomesforsale.com

A Wrinkle in Time…

One of my all time favorite books. If you haven’t read it, make the time. It’s well worth it…but today’s blog isn’t about that. Today I want to talk about time wishing the offer process. There is often a lot of confusion surrounding what happens – in fact, I just went through a similar process where the time for the other party to respond expired…twice! There are a few key points to keep in mind. Some may sound rudimentary but you would be surprised at how the pressure of the situation can affect an individual’s sound judgment. But that’s what you have us there for, right?

  1. Just because you submitted an offer, doesn’t mean that it has been accepted: Simple, right? People generally only get confused about this part a little later into the counter offer process but I’ve seen it start at the very beginning. Buyer rights an offer and asks, “So what’s the next step? When and where do I give my deposit too?” Unfortunately, next step is to wait until we see what the seller says. Boiler plate language on the contract states that the seller has three days to respond.pexels-photo-280254.jpeg
  2. Three days starting…now? Yes, but this can get a little confusing…but it’s still better than it used to be. The day you submit an offer (or counter offer) is day zero. You then have three additional days to wait for a response. For example, if you submit an offer on Monday at 3:30pm, the seller has until Thursday at 5pm (close of business) to respond. Feels like four days, right? The waiting can be interminable. If your agent knows that offers are due on a certain day, you can always ask them to shorten the time frame to respond.
  3. What happens when time runs out? You’ve blown past day three and still haven’t received a response from the seller or buyer. Hopefully your agent is in contact with the other side so that you know what’s going on. But if they aren’t…what now? Officially your offer has expired. If the other side wants to accept it they can but you are no longer bound by it. You do have a couple of options. You have the right to leave your offer open and go into contract. You also have the right to walk away. Your offer has expired and it is no longer valid. Just because the other side wants it now doesn’t mean that you still do. Make sure, however, that your agent communicates to the other side your intention.

Real estate is not a zero sum game. It is meant to be a win-win situation for all parties involved. There are times when it is difficult to get all parties on the same page because of distance; some times parties aren’t as technologically savvy as others and so you still need a “wet” signature rather than a digital one. Just make sure that your agent is talking to the other side as well as you. Communication the most important assets in real estate.

A meeting of minds…

In real estate when we speak of a meeting of the minds we are talking about the buyer and the seller coming together on price and terms. This may also include any needed repairs after inspections and prior to the physical inspection contingency removal. However, some times the meeting of minds has to be between multiple buyers. There are three primary components that need to be agreed upon to get to that meeting of the minds: price, location, and needs vs. wants.keys-in-door

There are two basic steps to price: the pre-approval process & deciding what is a comfortable monthly payment. The first step is relatively easy. You go to your preferred lender (if you don’t have one your agent will) and get pre-approved. However, just because you can get a $600,000 loan with $0 down does mean that you should. Walk through the monthly payments with your lender making sure that you are considering property taxes and any potential Mello Roos or HOA fees that are involved.

I will admit that – for the most part – I haven’t had buyers diverge on location too much. In a situation where both buyers have to commute, both sides are generally amenable to compromise and try to split the difference. Unless an investor, I’ve found that buyers are looking for a quieter spot in an area that feels right to them.poolside

The needs vs. wants, however, is where things can get tricky. It can be hard to distinguish between the two in the heat of the moment – especially in hot markets like American Canyon or Vallejo. Few buyers can get everything, but if their agent is willing to take the time to listen, most buyers can get more of what they want. My recommendation is to focus on the want at first; once a master list has been created it will be easier to cull the list into needs. Once you – as a buyer – have come to an understanding about each other’s needs it will become easier to focus on the wants.

One concept to keep in mind is compromise…sometimes this is with yourself. You might have to give up on a location to get more house; you might have to choose between turn-key and a home that needs a little bit of work; the community pool down the street might just have to be good enough instead of the infinity pool with a view overlooking the Carquinez Straits.

The most important thing throughout the process is to be honest with yourself. Too many home buyers are unhappy with their purchase and have buyer’s remorse. Don’t let this happen to you. Go for as much as you can and – unless there is a compelling reason to move faster – take your time. Yes, it sucks to pay someone else’s mortgage but why pay your own on a home you don’t even like? I can assure you that you will find the right home at the right price in the right location.

To find your next forever home, contact me today.

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.

 

Let’s Find you a Home, Pt. 1

Every day we hear about how owning a home is the American Dream. Unfortunately, the Dream feels like it’s slipping away. Low inventory & rising prices make the process feel too difficult.

row of homes

But!!! all is not lost.

Like many things in life, perseverance is key…and having the right agent. An agent’s job is to get you more of what you want. We do this by knowing the inventory available, asking questions and through negotiations. Today, I’m just going to focus on inventory.

 

 

With the advent of Zillow, Realtor.com, and other third party home buying sites you – the buyer – have access to as much, if not more, real time data as Realtors® do. However, even with instant alerts to your phone, agents should still take the time to review their hotlist (inventory changes) at least once a day, preferably in the morning. There isn’t anything worse than talking to an agent who has no idea about the current inventory.

But knowing big data isn’t enough. Good agents preview homes…and lots of them. One of my real estate coaches once told me that good agents preview 5-10 homes per day. This not only helps me to have a thorough grasp of the inventory, but it means that I can eliminate homes from your search that doesn’t meet your criteria. There’s no need to waste your time looking at a home that you don’t want.

Knowing what homes are available in what areas is also important when it comes to time management. Your time is valuable and agents shouldn’t show you a home in an area that doesn’t work for you. In the very beginning, you and your agent should drive through the general area (e.g. American Canyon/Vallejo, etc.) in order to pick out specific subdivisions (e.g. Vintage Ranch, Stefan Manor, etc.) that work best for you. That way, you and your agent can formulate a plan to find the right home at the right price for you in the neighborhood that you want…

 

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.