Here in Sonoma County, California, “The Wine Country” our market is HOT! Multiple offers are happening again!
“Sellers are getting multiple offers? I thought the market cooled off?” Yes, we are seeing multiple offers. Not 10, 15 or 20 like when the market was super wacky but more tempered, 3, 5, 7 offers. Why? Let’s analyze the current real estate marketplace in Sonoma County. The inventory of homes is not only at a “Winter” low but a historic low. Our MLS (Multiple Listing Service) has only 575 “Active” listings on the market for a countywide population of over 490,000. This is the lowest it has been in over 3 years. A scarcity of homes, historic low interest rates and strong demand is fertile ground for “multiple offers”.
Savvy Realtors know this. They study existing pricing of the “competition” (other active listings) setting an attractive price BELOW overpriced homes languishing on the market creating BIG excitement and MANY OFFERS.
In the “hot” market we experienced in 2012 and part of 2013, properties were being snatched up with big multiple offer prices sometimes $25,000, $50,000, $75,000 over asking. A seller taking the “first” offer left BIG bucks on the table. The seller would accept the first offer only to find higher offers in the wings. Sellers sought comfort in the knowledge, “I got my price.” But at what cost? Continue reading Multiple Offers coming again? Sellers-How to avoid leaving $$$ on the table!→
The Kelly-Norman Team are proud to be sponsoring this great event in Santa Rosa on January 16th 1:30-5:00pm. A large portion of our Real Estate business involves working with seniors and their families when the time comes for them to move on, either into assisted living, to a child’s home, or when they pass on and their estate is liquidated. We understand the probate and trust process, and we specialize in taking the real estate burden off the family’s plate.
We look forward to meeting you there.~ Mike and Allison
Flood Maps Revised for Sonoma County Effective February 19th
The Federal Emergency Management Agency (FEMA) has issued revised Flood Insurance Rate Maps (FIRMs) for Sonoma County that will become effective on Wednesday, February 19, 2014. These maps show areas that are considered to be in a floodplain, and therefore may require homeowners to obtain flood insurance. Flood zone disclosure is a statutory requirement in California real estate transactions.
The last countywide update of FEMA flood zone maps for Sonoma County was in December 2008. In the maps that will be effective on February 19th, some parcels have been added to 100-yr flood zones (or removed from them), primarily in Petaluma.
Prospective home buyers may wish to check with their insurance agent to see if the property’s flood zone, and insurance requirements, will be affected by the map changes.
For more information about…
– the flood map changes and how they may affect your clients
– insurance requirements which these changes may trigger
– opportunities that may benefit your clients with lowered flood insurance costs
– disclosure compliance
– how to view the new FEMA maps online
If you’ve decided that a Short Sale or Deed in Lieu of Foreclosure is right for you, This new program may help you, financially, through that transition with additional funds to help. See if you qualify by following the link below.
Mike Kelly has been selected as a “Featured Columnist” in the new pull-out Real Estate section of our local Press Democrat newspaper. Look for his featured articles twice monthly. Click here to view Press Democrat Columns
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