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?”
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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
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