The Solano County 2016 Spring Housing Market - Northern California Real Estate Agent

Here's your Spring 2016 real estate market update for Solano County, California. Hey, everyone, Andrew Lamb here, team leader of the Andrew Lamb team at Keller Williams Realty here in Vacaville, California. And today we're going through a quick market update. It is spring 2016, and if you are a seller in today's market, if you have a home to sell, you are going to love the market report and the numbers that we go through. So we'll start with just a general overview of what the market's doing throughout Solano County. So, first of all, in Vacaville, California, there are fewer than 100 homes on the market, 98 homes on the market. As of right now, the average price is 394,000. That's actually up about 8.5% year over year, and we have less than one month of inventory. And I'll get into what that means in just a second. In Fairfield, California, we have 140 homes on the market, $405,000 average sales price, 1.1 months of inventory, and 9.6% appreciation year over year. In Vallejo, we have 113 homes on the market, an average sales price of 388,000 over the last 12 months and 1.1 month of inventory, 12.2% appreciation year over year. In Benicia, only 33 homes on the market, an average Sales Price of 581,000, 1.4 months of inventory and 7.9% appreciation year over year. In Dixon, California, 10 homes on the market, 353,000 average sales price, 0.6 months of inventory, less than 1 month, and 4.8% appreciation. And in Suisun, 19 homes. Suisun City, California, 19 homes on the market, $315,000 average sales price point, 6 months of inventory again, and 7.3% appreciation year over year. So as you can see from this chart right here, anything less than six months of inventory is a seller's market. So when you get to about one or two months of inventory, you are in an extreme seller's market. And in many cities throughout Solano county, we we're actually under one month of inventory now. That means homes are flying off the market as soon as they become available. They're up one Friday, they're off the next Monday. And that's because multiple offers are coming in over the weekend. There are so few homes and so many buyers out there that every home's getting, on average, seven offers and selling well above asking price. We know firsthand what it takes to get both the buyer into a home this market and what it takes to get your home soldier sold and get the most exposure possible to the buyers out there so that your home can sell with multiple offers in just a matter of days. So for more on that, you can go to sold in17.com that is our guaranteed sale program. You can learn all about it, how we get multiple offers within just one weekend and typically can sell your home in less than 17 days, well above asking price. Now what this means for buyers is that you really have to be working with a real estate agent who knows what they're doing, who can can handle multiple offer situations, and who understands the motivation of the seller. So someone who actually calls the listing agent before writing an offer figures out what's going on and really determining what terms matter maybe more than price. If you can't compete on price, there's a lot of cash and conventional offers out there. If you can't compete on the type of financing or the purchase price, compete on your terms. Sometimes that means offering a rent free rent back. We have sellers right now, our own clients who, you know, they sold their home in April and they are getting a free three months all the way through July to stay in that home while their new home is being built. So those are definitely situations and circumstances you should be talking with your real estate agent about if you're a seller. It's not as simple as putting a sign in the yard and just listing it for sale. You still need to be marketed properly, priced properly. We are still seeing homes that are not marketed properly situation not sell initially. And typically homes that sit longer than 30 days sell for only 93%, sometimes less of their asking price. So in a market like this, if you're seeing a home sit, what that means to our buyers, and we have plenty of them, is that we can go in with a low ball offer and that seller is going to be motivated to sell. So a question I'm getting a lot right now is should I wait to sell my home since appreciation is still happening, or does it make sense to sell right now? And a lot of people will try to err on the side of just waiting it out, seeing what happens. But I would say in a market like this, where, you know, it really is all about supply and demand. So with so few homes on the market, less than one month of inventory, and so many buyers out there, literally 21 offers on a home, come on, like this is the time to sell your home. I've never seen a market like this and it's probably not going to happen again for another 10 years. I really don't see appreciation sustaining where it is right now. We've already dropped off of the double digit appreciation. Now we're down to, you know, 7% areas, 4.8% in Dixon. So we're really going to start to see a downturn again in the next 12 to 18 months. So I'd say sell while you can. It's, it's the right time of year to sell. It's that spring summer time. I believe that once school gets back in this August and September, we're going to start to see that, that tapering off of that appreciation and homes starting to sit longer, more days on the market, lower prices just because the they missed the window. So many people are looking right now, they finally caught on that it's a great time to buy. Plus interest rates are still at historic lows. So if you have any questions or you need to contact me at all, feel free to do so. Andrewamrealestate.com is my email and you can give me a call. All our contact info is right here. Thanks again for joining us and have a great day.