“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.
“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price. This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market. Realtor.com gives this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
Bottom LineIn Napa without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our Napa Valley. Call Christine Hannah, Broker, Realtor at 707-257-6000 to find what is selling or who is buying the Napa Valley.
Elegant Historic Homes in Downtown Napa
Enjoy a stroll through historic downtown Napa. You’ll find streets lined with old historic trees, some as old as 150 years. You’ll see beautiful mansions surrounded by picturesque gardens, something you might find on the cover of a Home & Garden Magazine. You’ll find gorgeous craftsman homes, dating back before there were smart phones, computers, and yes, even cars! These homes were built with the finest materials, the best craftsmanship, and with the blood sweat and tears of the locals. The streets of Napa tell a story; they tell of the people, places and historic events that occurred here over the last 150 years. Napa is a place of great historic significance coupled with an elegant modern lifestyle. Simply put, Napa is a wonderful place to live!
76,915 citizens, Napa is the 100th biggest town by population in California. Source: Wikipedia September 2, 2013.
Because of the slow and steady growth of Napa it has become a place for the wealthy. Not only has Napa tremendous charm and has also perfect location. The city of Napa is also nestled in California’s North Bay and stands as the doorway to the beautiful and world-renowned Napa Valley. It’s not a surprise that Napa is on the list of best places to live. Here one finds everything in close proximity. San Francisco, Bay Area, Pacific Ocean, Sacrament, and even Lake Tahoe are perfect targets for day trips.
Napa has culture. According to local historian Lauren Coodley, Napa has roots deep in California history. Napa’s history reaches back to the Bear Flag Rebellion and earlier, indeed to the first contact between Spanish explorers and the Wappo Indians.
George Yount, originally from North Carolina first ventured into the Napa Valley in 1831. in regards to encounters with Grizzly Bears, he claims, they were everywhere upon the plain, in the Napa Valley and in the mountains, venturing even within the camping grounds, they provided a rich and satisfying meal. George Yount, according to Coodley, played a significant role in the rescue of Donner Pass event. It is said, Yount had a dream ans was therefore able to lead the rescue team to find the Donner Pass survivors.
In the early 1840s, the primary land uses in the Napa Valley were agriculture, then orchard, including timber production, grazing and field crops. It may be a surprise that much later the best use was as we know today is the wine industry. One of the best grapes in the word is know to grow here.
Napa has charm. Napa’s downtown is filled with Heritage Homes. Old Redwoods and other mature trees that characterize this unique, old world town in the North Bay.