Mandy’s Fall Market Prediction
Fall and the 4th quarter are upon us, now what is the Fall Prediction for our Market here in?
The market, nationally, differs from California and this differs from Sonoma County market. We had an, already, low inventory market trying to rebuild from the Big Recession that hit us hard. But, just when we started to see our area improve we had a catastrophic event: The 2017 Tubbs Fire. This wiped out a large amount of our homes which meant even lower inventory. This caused home prices to soar. I have seen a settle down of “those” prices. In fact, I am seeing home sit longer on the market. I would not say we are dropping in price, but we are getting back to “normal,” sort of. This Fall is still a good time to sell and a great time to buy! We are seeing a large group of home owners sell and leave the state, but another large group of Baby Boomers selling their homes in the Bay Area and moving to Sonoma County. This will help keep our prices stable. In turn, this will allow “our local” buyers an opportunity to afford a home.
Fall Market Prediction for me is that we will see the Millennial’s dominating the market, they are ready to buy! Inventory will improve slightly. Home prices are still headed up, a smidge. Mortgage rates will stay low.
It is tough to make a Fall Market Prediction in Real Estate. Most importantly, I base this off my experience, past and recent date and sales, and just being out there with Buyers & Sellers every day. As a result of this, I am your “Local” expert in Real Estate. So far, my predictions have been on point!
I am really noticing the attention Sonoma County is getting from residents from San Francisco and Silicon Valley. I relate this to our “affordable market” and the Technology Careers. Working remotely from home allows people to live further from their Employing Headquarters, in turn allows them to buy out of the area where it is less expensive. Our new Smart Train has made the commute to Marin county a lot easier and less frustrating.
Again, my Fall Market Prediction is Millennial’s Dominating the Market.
More Millennial’s, in San Francisco, are moving back home with parents….so…next move is some place where they can afford. We are just over that bridge and have good Public Transportation to get them to their weekly meetings.
Broker Associate W Real Estate
What is happening with the Windsor Real Estate Market?
Windsor….how does it hold up to the other cities it borders?
Our market has been very interesting, especially with the late winter we had. I put a listing on at the beginning of the year and got some real good action, but it all came to a halt when we got our first rain…uh….storm. We had so much rain we flooded in a lot of areas around us. And with rain comes house problems: roof leaks, blown down fences, leaking windows, etc. No one was looking at houses. We had a couple of open houses and we basically had neighbors stopping by. But, then we got some great weather….for about a week! Next storm came rolling in, and another and another. Spring Break got our market moving again, along with the Sun!! Sold that home within a week. People were motivated to get out of their homes and start the search. Also, spring break, gets those motivated to Sell knowing school gets out in less than 2 months! Families like to sell homes and moving during the summer so their is no disruption with school. This trend I have seen in my 19 years in the business and it still holds strong today. SO…how are we doing? Well, we are doing great. Average days on market is less than 30 days, since May 1. And if your home is “turn key” reading to just unpack your belongings, those are on market even shorter. I have, also, seen homes going quick with entertaining backyards: lights, grass, fire pits, out door stoves, established flowers & trees. Welcome to 95492, where the medium price range goes quick. If you are looking to Sell, it’s not too late to put your home on market. If you are looking to buy, be sure you are pre-approved and ready to ponce as soon as that house hits the market!! Not much time to “think about it.” My take is that even with all the inventory out there, we still just don’t have enough Medium Priced homes for the active buyers out there. -Mandy Corriea, W Real Estate
Thank you for the advice but I need to talk to the Professional:
Outdated Advice may be given to you by family and friends. Let me give you advice with today’s market trends.
You are ready to buy or sell your first home and your friends and family, who have been through the process have all this advice for you….But, most of it MAY BE Outdated Advice.
Market’s change so often, especially here in Sonoma County. We have had some chain of events that have kept us very volatile. Low inventory, high rates and then a ton of over priced inventory after fires. Now inventory is picking up but then we had a very long, wet Winter/Spring that slowed that process….and now, School it out!! One of the busiest open house weekends I have seen in awhile. And, still, more homes coming to market. However, I am still seeing deals being made and homes falling out of escrow. Rates play a big part in the process and I have seen those go up and down often this season. I always tell my friends and family: “You won’t know when the housing market has hit bottom until it has passed us.” Don’t settle for Out Dated Advice when making one of the toughest decisions in life.
I am Your Professional Advice Giver When it Comes to Buying & Selling Homes. Mandy’s Happenings in Real Estate
Not all Home Improvements are Created Equal
This list I agree with, but I would add an updated kitchen and bathrooms really seal the deal. One thing I recommend is having the work done by a professional, or in a professional manner. Buyers and their inspectors can see through any fluff. Don’t put lipstick on the pig. Make sure when you remodel or replace/repair that you do not cut corners. Be prepared when creating your budget that you have a cushion for those unseen problems hiding behind those walls. And, if you are fortunate enough to not find any issues when remodeling, then you get to use the “cushion fund” for more improvements! Good “bones” in a home is way more attractive then a janky flip home any day!
If you are not in a position to remodel a home to improve the ROI, then I suggest going through the home and making sure the home is in tip top shape. Perform maintenance on furnace, clean out dryer vents & gutters, check for leaks under the house, etc. These are all items that a home inspection report can address. For a fee of around $450 you can get a report on your home as a guide to help with those repairs. It is worth it so you know of any active issues that you can take care of or watch to prevent a bigger issue. When it is time to sell your home you will be prepared to price it with the lack of improvements. But can be confident the homes “bones” are in tact. No hidden surprises for you or your pocket book.
I would combine the Survey Fee and Application fee and round up to about $900 for admin/lender fee. There could be added costs if you choose to impound your taxes & insurance. Lenders require a few months of each to set that account up. I say budget about $8,000-$10,000 in closing costs depending on price of home. There are some great programs that can help with down payment and closing costs. Let me get you in touch with those lenders. With rents as high as they have been, you might be better off Owning…I know you will!!