be about fairiness and justice in housing Fairfield CA, housing market, appreciation rate trends and housing

FAIRFIELD CA, HOUSING MARKET APPRECIATION RATE TRENDS AND HOUSING MARKET DATA FAIRFIELD CA, HOUSING MARKET APPRECIATION RATE TRENDS AND HOUSING MARKET DATA

ROBERT LANGSTON

The Vallejo-Fairfield, California Housing market is located between San Francisco and Sacramento metropolitan areas and consists of Solano County. This Housing Market Area (HMA) has two submarkets, the city of Vallejo and the cities of Fairfield and Vacaville. The remainder of this HMA consists mainly of unincorporated areas of Solano County and some other several smaller cities, including Rio Vista, Dixon, Suisun City, and Benicia.

About Vallejo-Fairfield Housing Market Area

One thing you should note about this area is that it has a diverse economic base, and proximity to the San Francisco and Sacramento metros has contributed to the relatively steady development and employment and population growth in the region.

In the recent past, significant nonfarm employment growth has been in the retail trade, educational and health services, leisure and hospitality and construction sectors. More so, there has been a steady job growth in industries of biotechnology, which has increased the economic diversity of the HMA. New residents have been drawn to this area mainly because of the employment growth and the relatively

Since the 2000s, population growth in the area has increased at an average annual rate of 1.5 percent, 40 percent, which has been linked to the net in-migration of commuters working in the San Francisco and Sacramento metropolitan areas.

Fairfield Housing Market Information

As data from the United States Census Bureau, Fairfield has a population of 116,266 people and 35,772 housing units (homes and apartments) and median house value of $372,908. The real estate costs in Fairfield are among some of the highest in the nation; however, the house prices in the area cannot be compared to the real estate prices in some of the most expensive cities in California.

Among the most common types of homes in Fairfield are the single-family detached homes, which account for about 67.34% of the cities housing units. Other types of homes in the area are; large apartments, complexes or high-rise apartments accounting for about 17.7%, row houses and other attached homes accounting for about 6.47% and a few duplexes, homes converted to apartments or other small apartment buildings accounting for 6.19%.

The most common building size and type in Fairfield Ca, are the three- and four-bedroom homes, mainly found in single-family detached homes. The city has a mixture of owners and renters, accounting for 55.02% and 44.98%, respectively.

Appreciation rates

In the last ten years, Fairfield has experienced some of the highest home appreciation rates in the nation. The real estate market in the VallejoFairfield HMA appreciated 110.30% over the last ten years, which is an average annual home appreciation rate of 7.72%. This puts Fairfield among the top 10% nationally for real estate appreciation. If you are looking to invest in Fairfield or Vallejo, you can be sure to reap good gains. Going by the percentages or real investment appreciation, you can see that this HMA has a proven track record of being one of the best long-term real estate investments in America.

It is, however, important to note that the appreciation rates that are given here apply to the city alone. Individual neighborhoods within Fairfield differ in their investment potential.

My Take

Fairfield housing market is relatively warm during this time of the year. We don’t expect much real estate activity to go on during this season, given the coronavirus pandemic. Usually, the market is very competitive due to the competitive nature of markets surrounding the Vallejo-Fairfield HMA. Homes in the region typically receive one offer and sell for about 1% below the list price and go pending for around 44 days. Overall, if you are an investor, this is the place to go to. The average sales price of a home in Fairfield was $489K, up 10.7% since the same period last year. While this may not favor the buyers, real estate in Fairfield has appreciated steadily.

If you are looking to enter the Fairfield real estate market, get in touch with me today at bobbyreinc@gmail.com. With a strong desire to help buyers and sellers in all types of situations, I will help you as a real estate broker in and around the surrounding areas of Fairfield and Sacramento. I welcome opportunities to work with anyone ready to make their next move in real estate. For more information, click here.

Sources & Works Cited https://www.neighborhoodscout.com/ca/fairfield/realestate https://www.zillow.com/fairfield-ca/home-values/ https://www.redfin.com/city/5980/CA/Fairfield/housingmarket https://www.movoto.com/fairfield-ca/market-trends/ https://www.trulia.com/CA/Fairfield/

With only eight hours in a day, every second counts. Let’s save you time.

What makes our mortgage program so unique? We know you’re a busy professional. Because of your respected occupation, we’re able to offer you this exclusive benefit. With First Bank’s Professionals Mortgage Program, we’re able to offer you this convenient, no-hassle mortgage loan product.

Why did we choose to start this program? First Bank has recognized the need for a program that allows CPAs, PhDs and professionals in the legal and medical fields the opportunity to close loans based on current and/ or contracted guaranteed employment and income levels. We realize your desire to secure a home for you and your family prior to a career change, move or re-location. What would be better than having your home established prior to starting new employment? Talk about taking the stress out of your move!

Why Choose First Bank? Peace-of-Mind! With First Bank’s Professionals Program, you’re able to secure a home for you and your family – without the worry of providing past earnings history*.

Personal Touch! One point of contact. You’ll never wonder who you should call with questions. Great Rates! It’s not too late to get a great rate on your mortgage. Contact a local First Bank Mortgage Loan Consultant today for our current low rates.

Let the highly-trained professionals at First Bank walk you through the process, so you can focus on what you do best.

Business Banking Mortgage Wealth Management Mobile Solutions

* Program Guidelines: • Bank Portfolio, ARM and fixed loans • Attached/Detached SFR’s and PUD’s. • Low down payments available. No Private Mortgage Insurance. • 700 minimum FICO score. No derogatory credit in the prior 12 months. • Available in footprint states only. • Owner-occupied residence only. No second homes are eligible. • Borrowers must establish First Bank Checking account as well as set up automatic payment withdrawal prior to closing. • Borrower must start employment within 30 days of closing. • Employment must be verified with fully executed, accepted, non-revocable contract. • Two-year history in line of work must be verified and documented. Education in field of employment for prior two years acceptable provided it was in the field of employment.

Vice President & Mortgage Advisor (714) 475-8629 eric.frazier@fbol.com 104 E Ontario Ave Corona, CA 92879 NMLSID: 461807 Eric Lawrence Frazier