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Monday, November 14, 2016

What’s Happening in the Northern California Market?

We’d like to break down what’s happening in the Northern California market and give you a few helpful buyer and seller tips in this market update.

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What are the current conditions of the Northern California real estate market?

Home sales are always a little bit slow around this time of year going into the winter, and this year is no exception. With fall in full swing, is it a good idea for home sellers to wait until spring to list their homes on the market? Here are a few reasons why I think that right now is a great time to sell your home and take advantage of our strong market:

1.  Interest rates are still low. The Fed is talking about meeting in December to talk about raising mortgage interest rates, but it’s important to note that they have had this same meeting multiple times and did not end up changing anything. These low rates are keeping homes affordable for home buyers right now.

2. Buyer demand is still high. My office alone has a huge list of buyers that we’re in contact with who are all looking for homes right now.

3. Inventory is low. We need homes to sell, and fewer homes on the market means less competition for you if you decide to list now.

4. Home sale prices are up.

I’d also like to answer a quick question from one of our viewers who asked, “Does installing solar panels help increase the sale price of your house?”

It’s a great time to take advantage of our strong market.

In my experience, I have never seen any buyers pay over the comparable market value on a home just because it utilizes solar technology. I think that solar power is great for the homeowners, but if you’re thinking about selling your house at all in the near future, I would hold off on installing this.

In terms of value, I’d compare solar panels to pools: some appraisers may add $10,000 or $15,000 in extra value when coming up with a price for the home, but the addition will probably cost around $35,000 or more. This is not a great return on investment, especially if you’re thinking about selling in the near future.

One other thing I’d like to mention about the real estate world is about a service that we provide to buyers which most agents don’t. The low inventory levels can leave home buyers frustrated right now, especially when they know exactly the kind of home they want in a specific neighborhood but can’t track it down.

To help people in this situation, we will set up a consultation with these buyers and determine exactly what they are looking for in their next home. Once we nail down all of the specifics, we’ll actually go out and find the home that they’re looking for, whether we have to go door-knocking on houses in the neighborhood or send out mailers. This gives our buyers the option to go out and look at homes that are not yet on the market and make an offer on a property without having to compete with other buyers.

If you have any other questions about our market or you’re looking to buy or sell a Northern California home in the near future, give us a call or send us an email. We’d be happy to help you!