In case you missed it, there is a lack of inventory right now. One of the reasons why may be that the more affluent aren’t so interested in moving right now.
According to the latest infographic from CAR, many affluent individuals are holding off on buying until they find exactly what it is they want…
The California Association of Realtors (C.A.R.) just put out another 
One Cool Thing last night, and to me,
this time, the numbers are staggering.
According to the infographic, the cost of a complete renovation to your home…after purchase! is a little over $263,000. That is almost the median sales price on a single family home for the US in November!
With that type of expense, thankfully 93% of homeowners hired outside, professional, help. I’m assuming that the other 7% had their contractor’s license!
Most home buyers know that it’s difficult to find “the perfect house.” However, with a little extra time talking to your agent before you buy, you can prevent the latest high cost of housing. It’s important to tell your agent everything that you want in a home. In short: Build Your Dream House. The more that you ask for, the more that we can go out and get the home that you want.
According to this week’s infograph from CAR, one of the most hotly debated questions is where do Millennials want to live: City or suburbia?
66% say they prefer the suburbs to the City. Seeking greener pastures, more open space..and larger houses! 81% of the so-called Millennial Generation are fleeing the city to the outer edges. Apparently they didn’t survey any hipsters during this study.
According to the latest infographic put out by the California Association of Realtors(R), 39% of recent buyers regret their purchase.
Whether it’s a different home entirely, or the same home at a different price or a different size, this is an absolutely heartbreaking number.
Last year at the CAR legislative conference, Gov. Brown commended us as real estate agents because we are helping to sell the California Dream; and that because of us, the California Dream is alive and well. But if 2 out of every 5 buyers regrets their purchase, are we really doing our job? Are we selling the right California Dream?
In addition, 56% of recent buyers said that they wish that they had more information about the purchase process. For instance, what really goes into writing an offer? What is in the residential purchase agreement? How do I know if my offer has been delivered to the seller? What are the steps in escrow? What’s going on with my financing?
These are all very basic questions that need to be asked and answered. It is important that your agent communicate with you throughout the process, so that you know what is going on with your transaction. Do you feel like you are offering too much for the home? Don’t just rely on the Zestimate or Trulia’s estimated home value. Ask your agent for comparable home sales in the area and make time to see them, even if you aren’t interested in purchasing them. Local market knowledge is how we distinguish ourselves. It’s as important for you to be a subject matter expert as it is for us.
According to the latest infogaph from CAR’s “One Cool Thing” I think not! 59% say that they won’t sell their home when they retire.
I think that it would be equally interesting to see how many baby boomers actually plan on retiring! Why won’t they sell? 78% of them actually like the homes that they live in. Although over 50% also say that they don’t feel like they’ve saved enough money to retire. That’s a big number. A bigger number is that only 4.7% say that they plan to downsize.
That means there won’t be a significant turnover in housing any time soon. With continued lack of inventory it looks like buyers will continue to compete with each other for the same few properties that are coming onto the market.
According to the latest infograph from the California Association of Realtors, adding on a deck is the remodel of choice among American homeowners so far in 2014.
But what adds the most value to your home? Is it the attic addition or maybe the basement man cave. How about a home office? Either way, we’re continuing to see the remodeling trend as many sellers seek to squeeze every last dollar they can out of their property. But with an average price tag in the tens of thousands, will they see a return on their investment?
Current real estate trends would show otherwise. It appears that we’ve hit our ceiling in Napa County for the time being. Sales prices are leveling out and list prices are starting to drop. If you’re thinking of selling, it’s a good idea to consult a realtor before you make a major remodel because you might not get the return on your investment that you’re hoping for.
The latest “cool thing” infograph released by CAR shows that 81% of buyers believe housing prices will continue to rise over the next 5 years.
This is virtually double the number in 2011 and shows that confidence in the housing market continues to grow. While much of the data that is being released these days shows something of a schizophrenic market, almost all economists agree that the underpinnings of the current real estate market is strong. While some areas within the Bay Area are continuing to see price increases at a stunning pace, much of the rest of the SF Bay Area market has been leveling out, suggesting that we’ve shifted from a seller’s market this past spring to a buyer’s market this fall.
It will be interesting to see how sellers react to a glut of inventory that is just hanging around this fall. Will they pull their homes and wait for the traditional spring selling season or will they stay active and hope for the best?
In CAR’s latest one cool thing, the stats show that 88% of home buyers used a realtor last time around.
While they title it “Negotiating the Deal” the real surprise for me is that 79% of respondents say that a realtor helped them to find a home. We know that 95% of home searches start on line. If this is true, why do so many people still need an agent? Perhaps the answer lies in Pacific Union’s tag line: Local Expertise, Tailored Service. Yes, agents still play a vital role in helping buyers find their home by knowing the local market and by knowing the local agents. It’s great to find a house that you can live in, but it’s even better to find a home that you can thrive in.
The latest from California Association of Realtors shows that the percentage of buyers using social media to find their dream home has gone up dramatically in the last 3 years…I’ll give you a moment to catch your breath!
Now that you’ve been utterly stupefied…
Generally, what this infograph is telling us is what we already know: referrals and research on social media is becoming more and more prevalent. Looking for home buying tips? Do a keyword or tag search on WordPress, Facebook or even Pinterest (don’t forget to pin by blog, btw!!) Want to know more about a potential agent? Ask a friend on Facebook. Need an agent? Change your status message and ask for help.
In no way am I attempting to denigrate this cultural metamorphasis. I am absolutely part of it. I love that the definition of community continues to evolve and change. My hope is merely that as social media continues to increase in influence we use it wisely and responsibly. It’s great to use it as one source of information but it is by no means that only source of information available to potential home buyers or sellers.
According to the latest “Cool Thing” by CAR, 1 in 5 new home owners renovated their home last year. Of those, 70% were likely to have remodeled their kitchen! 
Almost half, chose to put on an addition. My question is, does this include the overwhelming number of investors coming into South Napa County who completely gutted and then renovated, and then flipped or rented out the home?
What about you? Have you ever moved into a home and just went to town? What’s your favorite remodeling project that you have done on your home?
Your Napa Valley Home 