October 2023
Copyright by KW Advisors 2023
What’s your home really worth in today’s market? That's the question you should be asking yourself. Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home. So, do you know what your home is worth in today's market?
I can help... Contact me for a confidential, no obligation assessment of your home's value.
Understanding the Benefits of Owning Your First Home
Are you considering buying your first home? If so, it can be helpful to know what led other people to make that decision. According to a recent survey of first-time homebuyers by PulteGroup: “When asked why they purchased their first home recently, the answer was simple: because they wanted to. Either the desire to stop renting or recognition that homeownership is a smart financial investment was the main motivator for 72% of respondents.” While that survey looked specifically at first-time homebuyers buying newly built homes, the same sentiment is true for just about anyone buying their first home. Here’s a bit more information to help you think about those two benefits of homeownership to see if they’re a key factor for you, too. When You Buy a Home, You Have More Stability than When You Rent You might want to stop renting because rents keep going up. If you’re a renter, that means there’s a chance your payment will increase each time you sign a new rental agreement or renew your current one.
On the other hand, when you buy your home with a fixed-rate mortgage, your monthly housing payment is predictable over the length of that loan. This stability can give you peace of mind that renting just can’t provide. Jeff Ostrowski, real estate journalist, breaks it down: “With a fixed-rate mortgage, your monthly principal and interest payment is set for as long as you keep the loan. Sign a rental lease, however, and you could see your rent rise the following year, the year after that, and so on.” When You Buy a Home, You Grow Your Wealth as Home Values Climb Beyond that, owning a home can also be a great long-term investment. While renting may be the more affordable option right now, it doesn’t provide an avenue for you to grow your wealth over time. Mark Fleming, Chief Economist at First American, explains that’s an important distinction to consider: “Given current dynamics, more young households may choose to rent in the near term as the cost to own, excluding house price appreciation, has unequivocally increased. Yet, accounting for house price appreciation in that cost of homeownership, whether to rent or buy will depend on where, and if, a home is likely to cost more or less in the near future.” Basically, renting doesn’t allow you to build equity. In contrast, homeownership can help you grow your net worth as your home’s value appreciates. That’s a significant perk you can’t get if you keep renting. When you take that into account, it may make better financial sense to buy. Most experts project home prices will continue to appreciate over the next few years at a pace that’s more normal for the market. That means when you buy a home, not only are you investing in a place to live, but you’re also investing in your financial future.
Source: Keeping Current Matters
Judy Bickell Branch Manager/Mortgage Advisor NMLS 251412 O: 707.317.6478 M: 707.492.2497 F: 707.317.6478 judy.bickell@ccm.com judybickell.com 2001 Jefferson Street Napa, CA 94559
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC NMLS3029 (www.nmlsconsumeraccess.org). 2394971 04858577
WHY YOU NEED A HOME WARRANTY There are many compelling reasons to join American Home Shield. Simply put — a home warranty protects your budget and provides peace of mind.
HOME WARRANTY BENEFITS Here are just a few of the advantages of having coverage:
1
Budget protection when systems and appliances like your A/C and fridge inevitably stop working.
2
Peace of mind because you have a plan in place and know exactly who to call when something goes wrong.
3
The time-saving convenience of not having to search for someone to get the job done. We do that for you.
4
With our 30-day workmanship guarantee, if you have an issue with your completed repair within 30 days of service, we’ll send a contractor back out for free.
READY TO GET STARTED? Contact me, your Real Estate Expert, for support and to learn more about AHS. CLICK HERE TO LEARN MORE
F FOUR Essential E Tips T Considering living in your house during a remodel?
Opting to stay in your home during a remodel can feel like a stressful and cramped arrangement. It can be frustrating to live amidst subcontractors coming and going, noise levels, dust and debris, and rotating schedules.
If you’re considering staying in your home during a remodel, we have a handful of tips that will help you master your planning (and muster your patience):
Four Essentia Tips! Protect kids, elderly, and pets
Be sure to contain and clean the areas that you
Move any food, supplies, and belongings
Identifying essential items that you’ll need
Designate your work, living, and play areas
Temporary barriers, substitute facilities, and
Get a kitchen and bathroom strategy in place
Strategize renovating one bathroom at a time
will be using to ensure that your children,
seniors, and pets are out of harm's way and breathing clean air
throughout the project and moving them to a room that will remain utilized throughout the
process. Organize boxes of items by category so that they’re easy to locate and keep tidy.
alternate routes can be set up to help keep you and your family clear of dust, noise, and any dangers from the active worksite.
so others can stay in use throughout the process. Planning a daily schedule helps
everyone get their needs met without creating a traffic jam and thereby minimize stress.
Want to know how Home Concierge can help with your listing? Contact me today! CLICK HERE TO LEARN MORE
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Solano County What's in the Solano County data? There were 513 single-family homes for sale, providing 1.7 months of inventory. There were 311 new listings, and 241 homes sold at a median price of $585k. The median overbid percentage was 100%, with an average of 29 days on the market. There were 60 condo and townhome units for sale, providing 2.6 months of inventory. There were 36 new listings and 23 units sold at a median price of $405k. The median overbid percentage was 100%, with an average of 27 days on the market.
SFH
Single-Family Homes
311
241
New Listings
Sold Listings
1.7
$585K
Months of Inventory
Median Sale Price
100%
29
Median Sale vs List
Avg Days on Market
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from September 2022 to September 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
CONDO
Condo & Townhomes
36
23
New Listings
Sold Listings
2.6
$405K
Months of Inventory
Median Sale Price
100%
27
Median Sale vs List
Avg Days on Market
Solano SEPTEMBER 2022 - SEPTEMBER 2023
L I S T INGS FOR S A L E
S O L D LISTINGS
1,250
1,000
750
500
250
20 23 Se p
Au g
Au g
20 23
Ju l2 02 3
Ju l2 02 3
20 23 Ju n
M ay
M ay
20 23
Ap r2 02 3
Ap r2 02 3
M ar 20 23
20 23 Fe b
20 23 Ja n
20 22 De c
20 22 N ov
O ct 20 22
Se p
20 22
0
Single-Family Homes Last 12 months, year-over-year. 75
50
25
Condos & Townhomes Last 12 months, year-over-year.
20 23 Se p
20 23
20 23 Ju n
20 23
M ar 20 23
20 23 Fe b
20 23 Ja n
20 22 De c
20 22 N ov
O ct 20 22
Se p
20 22
0
Median Sales Price
$750,000
$500,000
Single-Family Homes The median sales price has decreased from $590k last September 2022, to $585k as of September 2023.
$250,000
Condos & Townhomes 20 23
Se p
Au g
20 23
Ju l2 02 3
Ap r2 02 3 M ay 20 23 Ju n 20 23
M ar 20 23
Fe b
20 23
20 23
20 22
Ja n
N ov
De c
O ct 20 22
20 22 Se p
20 22
$0
The median sales price has increased from $385k last September 2022, to $405k as of September 2023.
AVG Days On the Market
75
50
Single-Family Homes The average time spent on the market went down from 40 days last September 2022, to 29 days as of September 2023.
25
Condos & Townhomes
Se p
20 23
20 23 20 23
Au g
Ju l2 02 3 20 22
20 23 Ju n
M ay
20 23
Se p
20 23
Au g
Ju l2 02 3
20 23 Ju n
20 23
Ap r2 02 3
M ay
20 23
M ar 20 23
Se p
Fe b
0%
De c
The overbid percentage has remained at 100% since September 2022.
20 22
25%
Ja n
50%
Condos & Townhomes
Back to Table of Contents
20 23
Ap r2 02 3
75%
20 22
The overbid percentage has remained at 100% since September 2022.
100%
N ov
Single-Family Homes
The average time spent on the market went down from 44 days last September 2022, to 27 days as of September 2023.
125%
O ct 20 22
Overbids
M ar 20 23
20 23
Fe b
20 23 Ja n
20 22
De c
20 22
N ov
O ct 20 22
Se p
20 22
0
Napa Valley 951 California Boulevard, Napa, CA 94559
San Francisco 1624 California Street, San Francisco CA 94109 2207 Lombard Street, San Francisco, CA 94123
Peninsula Estates 1430 Howard Avenue, Burlingame, CA 94010 16 E 3rd Avenue, San Mateo, CA 94401
Palo Alto 505 Hamilton Ave Suite #100, Palo Alto, CA 94301
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