Serving the North Bay community for over 20 years
The downtown Napa post office, closed after being damaged in the August 2014 earthquake, is to be developed as a hotel.
Watching other projects debut in downtown is encouraging, he said.
“It’s good to have some new traction on First Street,” such as at First Street Napa next to the Archer hotel.
“This project is going to help that retail too. It’s going to put a lot more heads in beds that then frequent First Street Napa and the overall downtown.”
According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.
Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,
“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”This is great news for homeowners who have gained nearly $25,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes. As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.
Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.
In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.
CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.
“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price. This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market. Realtor.com gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
Christine was very professional not only did I find a wonderful broker I feel I made a life time friend. I had bids soon after my open house and before I new it I was in escrow. Christine was always easy to reach when I had questions and if she did not know the answer she would find out and get back to me in a timely manner. Once my car was not working and there were papers that needed signing and she went above and beyond by driving me herself. Now she is helping me to buy a home and she has my best interest at heart. I would recommend Christine as a really good professional and knowledgeable real e
state broker.
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Christine Hannah
Realtor/Broker
707-257-6000
CRS, SRES
Homes of the Napa Valley
CAL BRE# 01278037