Price? Location? Terms? Condition? Interest Rates, Market Trends, The Fed, Lender Underwriting, Bad Offers, Who buys your Home? The Kelly-Norman Team of Keller Williams Real Estate is asked these questions almost daily. And for good reason; these are the things which will ultimately decide HOW much you get for your House, When it will Sell, and HOW it will Sell?
Sonoma County, California–Note that the “Pre-foreclosure” market place, those 90 days late or “in-default” has fallen dramatically, almost 70% from the previous year, same is true of the “Auction” properties with a BIGGER decline of over 75%. However, the actual “Foreclosed” upon homes is NOT that dramatic year over year, 45% decline but note the “month” it is actually dead EVEN over last year. Hmmmmmmm?
Sonoma County, California–June of 2013 has seen the ever accelerating decline of the “distressed” real estate market place. The new “Equity” Seller, or what we affectionately now call-“move arounders” because they go up, laterally and down with a new purchase, are NOW the dominate player in our real estate market. The “dark” days of the foreclosure frenzy are behind. A market of 60% “Distressed” homes (Bank Foreclosures–REO and Short-sales) has now shrunk to a paltry 17% of all sales per month in Sonoma County. Equity sellers are a sign of a healthy real estate market. However, with this increase come pricing which is a tad higher than what the market will bear. Hence Days on the Market, though at a super low, is starting to inch up as is the existing inventory. All in all a very healthy and welcomed change in the marketplace. Here’s a look at the latest Foreclosure Activity:
Call for Action: Tax Reform Should Do No Harm
Tax Reform is underway on Capitol Hill. The Senate has adopted a “Blank Slate” approach that initially eliminates every provision in the tax code, including those that encourage real estate ownership and investment.
Senators must submit their tax reform priorities to Senate leaders by July 26th. REALTORS® , homeowners, concerned citizens, need to make their voices heard now so real estate provisions are on the top of the Senators’ lists.
When approaching tax reform, Congress needs to be careful not to adversely affect the unique legacy of homeownership and real estate investment. It is precisely this legacy that has contributed to our country’s historical prosperity and the revitalization of today’s economy.
We must stand united that tax reform should above all “Do No Harm” and encourage Congress to retain tax provisions vital to real estate.
Here is an editable letter to make it easy.
Please contact your Senators today.
Here’s the full report
Television executives seized the idea long ago: American families value where they plant their roots. Continue reading Santa Rosa makes another list; #10 of 100 best places to raise a family
The “Wine Country” real estate market has many “micro” areas from the blistering hot demand and sales town of Sonoma with its idyllic town square, to the SW area of Santa Rosa which is seeing price recovery slower than any area in Sonoma County. I’ve taken the first six months of this year and compared it to last years first six months. The spreadsheet below demonstrates what’s going on. We broke up the Sonoma County real estate market into categories or “types” of sales. These are the usual “food-groups” from our Multiple Listing Service (MLS). Across the TOP of the sheet it show “All” which means the entire Sonoma County Real Estate market: Single family homes, Condos and Ranches/Farms. I’ve then broken them out to “Current Monthly” numbers (June). So the REO category shows the “Actives”, “Continue to show” (CTS), “Pending” and then the “Sold” is for the ENTIRE first six months. I also broke out the June “Solds” category which shows total sales of 529. You can follow this category and note the sales where MORE last year for the first 6 months and also for the Month of June. Median price shot up from $332,000 last year to $420,000 this year or 21%. Not bad. What’s striking is the REO and SS (Real Estate owned and Short-Sales) columns which show substantial declines in the distressed marketplace. This is GOOD news! Many who where under water two years ago are now “land-lubbers”. Note that “Cash” sales are identical for both years at 31% of ALL sales. What does all this mean? Cash buyers are still strong and a detriment to the first time homebuyer who maybe a VET or FHA buyer with a small down payment. More equity sellers (real homeowners and sellers) indicates folks are on the move as there is big demand and little supply pushing median up. Plunging “Distressed” homes indicate stabilizing of the default homeowner OR banks just working with folks longer with loan mods, longer default times and short-sale approvals.