Sellers

Just Sold $1,300,000 – 23% Over List Price!

  This gorgeous country property on Joy Road was popular the day it hit the market late May. With 20 showings over 6 days we asked for offers by Day 7. With 4 strong offers in hand we accepted one at $1.3 million, well over what the comp sales showed! The seller had a generous rentback to allow for a smooth transition and the sale closed with a minimum of fuss. We were able to take advantage of a very hot market for country properties, which seems to be continuing.  However, the market is constantly evolving so it is important your strategy evolves along with it!   The successful sale of your home starts with preparation and development of a marketing strategy appropriate to your home and current market conditions.    Please reach out by email or phone, we are happy to discuss your unique needs and circumstances! And don't forget to watch our unique drone listing video below!  It really showcases this special spot and helped attract potential buyers to see the property! Property Website   ...

Sonoma County Housing Market Breaks Records in 2020!

After the coronavirus pandemic sent Sonoma County homebuying into a tailspin last spring, the local housing market rebounded to have a banner year, posting a record annual median home price and the most houses and condos sold in seven years! As we embark on a new year (we can’t believe it’s already February), let’s take a look at some of the important real estate highlights from 2020 and what experts are forecasting for the spring season. [caption id="attachment_21108" align="aligncenter" width="408"] *Note: The median price for single family homes in Sonoma County is $700,000, slightly higher than $675,000 mentioned in this report which includes condominiums.[/caption]   What This Means For Buyers & Sellers: Low inventory, high buyer demand and increasing home prices have resulted in a seller’s market as we enter 2021. Historic low interest rates are drawing more buyers, especially millennials, into the marketplace. Buyers are flocking to Sonoma County from the Bay Area due to changing household needs and work-from-home flexibility. Despite home prices increasing, Sonoma County is still considered an affordable option compared to the Bay Area with a median single family home price of $700,000 vs $1.06 million.     What To Expect As We Look Ahead to Spring 2021...

Attention Home Sellers: It is Still a Seller's Market in Sonoma County

In the last two years the median home price in Sonoma County has increased a combined 36-38%. Each individual home has not appreciated at the same rate but home are selling more quickly and for more money than they did two years ago. Inventory continues to be low. At the current rate of sales through December, 2014, all the existing homes on the market would be gone in less than TWO MONTHS. Historically the market would be considered balanced if there were 4 to 6 months of inventory. A market favoring buyers would have more than six months of inventory--we have not seen that condition since 2009 to 2011. Here is a look at the Month's Supply of Inventory for the last year. This graph looks at the inventory supply for "Pended" homes--that is, newly opened escrows. That is a more current view of activity than "Closed" sales which looks at sales that were new escrows a month or so ago. If I look at Months Supply of Inventory for Closed Sales then supply would be 1.2 months. So if you are a buyer the more current view might be slightly more encouraging. What does this mean for me if I am a seller? It is safe to say that now may be a very good time for you to put your home on the market at a strategic, enticing price and have it showing in top condition. You may attract multiple offers, sell quickly and for more than your asking price. Great news for sellers, right? What does it mean if you are a buyer? Should you fold your tent and go hide somewhere? NO! My buyers who won out in multiple offer situations last year set a limit as to how high to go over asking and stuck to it. This year those houses are worth on average 12 percent more. Prices are rising. List prices are not an indication of value but if chosen wisely will get the seller maximum exposure and the best true indication of market value--that is determined by the actual number a willing buyer and a willing seller will meet on. More buyer advice in my next post...

Holiday Greetings from the Sonoma County Wine Country

Happy Holidays everyone! 2013 has been a great year--a return to "normal" (whatever that is) in the real estate market for 2013. If December's activity is any judge, I suspect that early 2014 is going to be a very strong market. My gut tells me we will see more appreciation again this year, with many moveup buyers within the county and many continuing to relocate or buy second homes here in 2014. We will see more "chains" of linked transactions as a seller sells and becomes a buyer on the next transaction and so on along the tree of real estate life. I hope you take advantage of the holidays to be with your loved ones and to have a respite from our busy world. We will be taking a short break and will be back in the office on Monday January 6, 2014! See you then! [caption id="attachment_2139" align="alignleft" width="300"] Cold weather makes for a dramatic sunset at the old Saitone Vineyard, Russian River Valley.[/caption]...

Signs of a Shift in the Tides of Sonoma County Real Estate Continue

Five Years Later A Shift of the Tides in Sonoma County Real Estate In case you are wondering why I have a video of the San Francisco Bay Model embedded here--it is a throwback nod to my first blog post in 2007, when I used the Bay Model as an analogy to explain Sonoma County's relationship to the Bay Area Real Estate Market. Well, just as our market seems to have a fresh start--so does the Bay Model--which completed a two year refurbishment earlier this year--you can take a look above! As I said in that earlier post, the Bay Area real estate tide eventually floats Sonoma County's real estate market boat. We used to say that our market was about 18 months behind the Bay Area market but I believe that is changing for certain marquis properties--country estates in Healdsburg and Sonoma for example, or very stylish homes in walking distance to the Plazas of either of those towns. That is where the Facebook effect is being felt here, as multimillion dollar homes or vineyard and equestrian properties are being snatched up by cash buyers. What does this mean for you as a home buyer today? You must have your ducks in a row to be competitive in this market. There are multiple offers at most price points and thirty percent of buyers (also at most price ranges up to millions of dollars) are cash buyers. That means full pre-approval if you are applying for a mortgage. Proof of funds if you are paying cash. If you need a referral to a good lender, I know some great lenders that I trust who can work with you to understand your options. Let me know if I can refer you. You cannot write a serious offer to buy a property without pre-approval from a lender and proof of the funds needed to close. What does this mean for you as a possible seller? The market for your home may be stronger than you think. While prices are not what they once were, you will find a much more active market to sell in to, and you will find great values for the next home you wish to purchase. We are seeing significant overbids for strategically price properties and prices may be coming up a few percent. Activity is strong at all price points. Million dollar plus properties...

Begin with the End in Mind: How to find your Dream Wine Country Home

Over the last year we have seen a broader range of quality wine country properties for sale in Sonoma County, with sellers who are more realistic about pricing. That combination, and ultra low interest rates, have brought out of the area buyers out in force. In 2011 and 2012 alone I have worked with people from the East Bay, San Francisco, France, the UK, Idaho and Texas for a start. There is a lot of competition for the best properties, and as a smart buyer you will want to do your homework to find the best spot and country package for you! That said, it is possible to find a special property within an hour's drive of the Golden Gate Bridge (more or less) that can give you years of pleasure and rejuvenation. So where do you begin in your search for a wine country home?...

25% Home Sales Drop in Sonoma County this October

A winter chill seemed to come early to Sonoma County's real estate market. Sales were at their lowest level for October since 2007. Sales also dropped from September of 2010, which makes me wonder if the news of robo-signing of foreclosure documents just put a huge wet blanket on already skittish buyers. Inventory was up only slightly, and newly pending sales maintained a very good pace, belying the drop in closed sales. It is possible that all the concern about the possible risk of buying foreclosed properties put a damper on sales. In that case short sales might be marginally more attractive to buyers.  (Editor's Comment: it is hard to make a short sale (they are anything but short) attractive to a potential buyer, but if it is the only game in town then I guess they look better, more about that in another post.) The median home price dropped about 9% to $342,500. It has been bouncing around in the mid-$300,000 range for over a year. I have been tracking home sales on this blog since mid-2007. This is the first big (non seasonal) drop in sales volume since late 2008. One month does not a trend make however.  It will be interesting to see if is a temporary reaction to the headlines, or represents a more sustained trend. What does this mean for you if you are a Buyer? If your income situation is stable (a big if for a lot of people), then this winter could present an excellent buying opportunity. Rates have dropped even since the summer to a decades low. Bottom line if you are a buyer now and the numbers work for you, this may be a great chance to buy with less competition at very low cost. If you are a Seller? Without a doubt the drop in sales has got to give you pause if you are a seller. However, to whatever degree there is uncertainty about foreclosure inventory, your "normal" home is going to look a lot more attractive, but not if you overprice it. I can think of any number of "normal" homes that are not priced in line with the competition and are just sitting, getting stale. If you are considering selling within the next two to three years, then you will want to be aggressive and pro-active about how you approach your sale,...

Lunch break

I stepped away from the office to admire the sun streaming through a very large Japanese maple in the back yard. It is brilliant red orange sorrounde by the lemon yellow leaves of two adjacent mulberry trees. This was shot with my iPhone. Posted via email from pambuda's posterous ...

Happy Thanksgiving, and Thank you!!

[caption id="attachment_533" align="alignnone" width="387" caption="A thanksgiving turkey in all his glory"][/caption] As I head off to Thanksgiving dinner in Sebastopol, I want to say how much I appreciate all of you who visit this blog, and of course I want to thank all my clients for entrusting me with the important business of selling or buying your homes, as well as your referrals to your friends and family. I am privileged to work with some wondeful people--thank you so much!...

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