Sonoma Napa Homes Undressed

Good News For California Home Buyers

Here’s some good news for California home buyers and sellers from the California Department of Real Estate- California may be the first real estate market to hit bottom and start back to recovery.  Recent economic developments indicate that California may be the first state to find the bottom, based on the increase in sales volume in the previous three months. In June, home sales rose for the third consecutive month, following a 30-month decline. Although approximately 40 percent of the transactions were foreclosure sales, the increase is allowing the market to stabilize by depleting some of the excess inventory. Some experts believe that once a neighborhood’s median home price declines to 50 percent from the peak value that the homes in that neighborhood will no longer depreciate.

What does this mean to the real estate consumer, it may just mean a quicker rebound here than elsewhere, happy news to most of the people I’m working with, both on buying sides and seller sides. The concern for most buyers is, will the property they buy today, be worth what they paid for it next month, and I think the answer is looking much more positivly like YES! 

Although California leads the nation in foreclosures, the state’s foreclosure process is more efficient than other states. Foreclosed properties are receiving multiple bids and financial institutions are selling these homes quicker than the market would typically allow. Which means for sellers there will be less compition from this other inventory. The Unsold Inventory Index in June decreased to 7.7 months from 10.2 months a year earlier, demonstrating that the market is improving.

I’m asked almost everyday,”Is it a good time to buy?” and that answer in my opinion has been yes for a very long time. But now I think it’s starting to look like it may also be  becoming a good time to sell. 

I.E. and I. V. Appeal

The weather this past weekend here in Sonoma, overcast with a little sun, typified the market. I was at an open house on the Jazz Festival week end that should have been packed with people, but had just a drizzel.  Open house traffic, according to Avram Goldman in his Goldman report, slowed from previous weeks, but could have been affected by the reporting period’s warm weather and graduations. The buyers that were out there are eager to find the right home.  The homes that are receiving the most attention are those that have IEA and IVA.IEA is “immediate emotional appeal” and IVA is “immediate value appeal”. A home that has both will end up in the 15% of the transactions that are garnering multiple offers. If a home has neither the chance of selling is zero.   What I mean by IEA is that when you enter a newly listed home you are overcome with the feeling that I could live here—just move in and set up for the house warming party. On Broker’s tour last week I saw two homes in the $1.1-1.6 mil price range. Both homes were attractive from the street, but once you entered they were profoundly different. The first one you entered and right away were hit with canine odors. The house had many traditional features, but all you could focus on is the smell. The rooms were ok, but felt ordinary as the beddings were rather sparse and unattractive. The upper deck had weathered paint and plants that looked as weathered as the deck.  Inviting backyard, but the landscaping unimpressive. Nice spacious home, but didn’t sparkle. The second home you entered and you were greeted with that wonderful smell of fresh paint. It has that clean as whistle feeling. It was professionally staged. The landscaping in the backyard was impeccable. The listing agent asked me if I had seen the listing previously. I had not. She shared that the seller invested over $30,000 in creating what I call IEA. Oh by the way, the house had just received an offer. Before the investment no offer.  Sellers must make the investment. It will bring them a significant return and most importantly a sale. In today’s market you need IEA or IVA, but preferably both. You need IVA which is as important, as buyers know the values.  They have done their homework.

350 Patten Street, Or Your Wine Country Retreat!

It is my privledge to introduce onto the market this amazing Wine Country property. 350 Patten Street in Sonoma’s historic downtown is the type of  property people dream of when they imagine what their wine country retreat will be.
This enchanting light filled has all the essential elements for creating relaxing and enjoyable life here in Sonoma- an artistically remodeled kitchen and great room adjacent to the gorgeous, serene rear yard with plenty of spaces for entertaining and relaxing.
At just a little over two blocks from the Plaza, this home has easy access to the incredible eateries and wineries of Sonoma as well as events like the Sonoma Valley Film Festival, Sonoma Jazz and Food, The Vintage Festival, 4th Of July parade, The Cottage Tour and a multitude of non stop events and activities. This is the type of property any Realtor would be proud to represent, show to clients and to sell.