The “New York Fed” has this great series of maps showing the housing surge, decline and THEN surging redeux. Interesting aside is the map for 2011 which shows strengthening home values only to have them disappear by 2012. June 2013 resembles CLOSELY the height of the market. Here we go again? Tune in to the Real Estate Hour and find out the real information behind these maps!
What a Big SWING–from -20% to +20% all in 5 years. Yes–one heckuva roller coaster ride. Are we done? Will we keep on accelerating our ascent? Remember, the fuel of the last boom/bust market was “DUMB” money where if you could fog a mirror–“Boy, have we got a loan for you!”. That has been replaced with a full PHYSCIAL checkup (Financially speaking) to get anywhere NEAR a loan approval. “Pendulum swings like a pendulum do”
Location,location…Great opportunity in desirable Lomitas Heights. Solid mid-century home with tons of potential. 10,000+ sqft lot with terraced garden area,fruit trees,gazebo & large patio + storage shed/workshop. Newer dual pane windows, New furnace last year, Garage door replaced 2 yrs ago,Roof approx 10 yrs ago. Central vacuum system, plantation blinds in the bedrooms. Ready for your updates to make this well cared for home shine again.
Sonoma County, California was the Agricultural star at this years SR Chamber of Commerce 41st Annual Agri-Business BBQ. Honored was Dan Benedetti, past President and current Chairman of the Board of Clover Stornetta Farms. He was honored with the “Leadership in Agriculture Award”. This prestigious award recognizes Mr. Benedetti’s contributions to the dairy industry and his leadership of one of Sonoma County’s most recognizable and iconic brands, Clover Stornetta Farms.
Mr. Benedetti is proud of Clover Stornetta Farm’s sustainable agricultural practices, humane treatment of their dairy herds, their commitment to family farming and the fact that Clover milk comes from cows not treated with the growth hormone rBST. In 1994, Clover Stornetta Farms became the first dairy processor to elevate milk from a commodity to a specialty food by establishing the North Coast Excellence Certified (NCEC) program. The program not only set standards that are the strictest in the dairy industry, far surpassing those of the state and federal government, but paid a premium to dairy producers that met these rigorous standards. Continue reading 41st Agri-Business BBQ at Richardson’s Grove–Alli and I sponsored a booth→
That’s the headline–Monthly Sales DOWN–market must be cooling? Sluggish? But look closer–break out the sales by price point and it is a dramatically DIFFERENT STORY! See the following graphs:
As you can see by the above graph OVERALL Sales for Sonoma County -5%. BUT–let’s dig deeper and drill down on the price segments:
Here’s $500,000 to $750,000–UP BIG TIME Year over Year. UP +87%! The “Equity Seller/Buyer” is back. This was one of the hardest price points hit during the big heyday of the “Distressed Marketplace”. We had plenty of sellers (the banks) but they NEVER bought when they SOLD. So the “move-up” buyer disappeared and sales sagged. They have ROARED BACK.
$750,000 to $1,000,000 UP a remarkable 95%. Remember, all real estate is local and the “overall’ market number, though a good indicator does NOT reflect YOUR home and the price segment of which your home represents.
As we well know, Sonoma County, is considered a “destination” county–meaning tourists and prospective relocating companies, buyers, KNOW that this county offers a wealth of attractions, amentias NOT found in other bay area counties–consider this–we have a gorgeous, rugged Coast, Old growth Redwood Trees, some of the BEST wine appellations in the world, how about “Foodie” heaven. PLUS we are an hour away from one of the most exciting cities in the world–San Francisco with international air service, World Series Champs Giants, and the iconic Golden Gate Bridge. So this $1 Million PLUS graph shouldn’t SURPRISE anyone. Solds are up a staggering 187% over last year.
Be very CAREFUL about “waiting” for the Interest Rates to come down. Think you’ll see 3.5% again? I think those days are gone. However, how about 4.5%–could be another “endangered species”!Here’s a tool which shows you the COST of waiting for rates to come down. Factor in the interest rate hike (some are predicting 6% by the end of next year) and the price changes (are appreciation this past year has been in the double digits–I’m using a safe and sane 8%. Check out the home payment difference. CLICK HERE to insert your OWN numbers, home price, etc.
Listen to Mike and Allison on "The Real Estate Hour", Sundays, 9 to 10am PST, KSRO, 1350AM or 103.5 FM and www.KSRO.com