Local Newspaper Page One Headline “IN Short SUPPLY”
Local newspaper, THE UNION, serving Nevada County, including Nevada City, Grass Valley, Penn Valley, and Alta Sierra, writes that “Inventory shortage drives Nevada County’s tight housing market.”
Greg Bulanti, President of Nevada County Board of Realtors was interviewed for the article and was quoted as to the effect on the Real Estate Market. Mr. Bulanti offered the reasons for our low inventory levels in Nevada County and statewide. Read the full article in link below.
Macro forces are at work on the buying and selling of residential homes in most areas. First, the housing crash of 2009 lowered home values by about 40%. Values are rebounding and homes in Nevada City, Grass Valley, Penn Valley and surrounding unincorporated areas have regained significant equity, but are not at peak values. Many home owners are not putting their houses on the market, waiting for values to continue to rise. They are not yet ‘housing mobile’ and easily able, either psychologically or monetarily able to downsize or move to be closer to family from out of the area. Second, as Mr. Bulanti points out, family formation among the Millennials has been delayed by an unwelcoming job market concomitant with heavy student debt. That formation of new families has historically fueled housing booms. The third factor also discussed is the damping effect on new home builders, just now beginning to see the light at the end of the tunnel, but the tunnel is long. While builders are beginning to venture forth, they continue to be conservative.
How’s The Market?
What does this all mean to all of us in Nevada County? In other words, “How’s the (Real Estate) market”. In the first quarter of this year, houses For Sale on the market, at 338 units, were down 20.9% compared with the first quarter a year ago. Houses Sold were down 3.4%, so almost flat. Inventory of residential houses for sale first quarter was equal to 3.3 months of inventory. Most real estate experts recognize 6 months of inventory a normal market. “The article in the Union says we’re in a Sellers Market, so it’s a good time to list?” The answer to that question is yes, it’s a great time to sell a house anytime we’re in a seller’s market, defined by months-of-inventory less than ‘normal’ (six months). You have significantly less competition. And the laws of supply and demand tend to push home prices up.
How do realistically I look at the value of my house? Zillow says……
Real-Estate portals, Zillow and it’s brothers and sisters aggregate data from ‘Zillions’ of data points, and some of that data is simply wrong. They often do not give accurate valuations, so use them as a starting point to get a rough idea of what your house may be worth. It’s not realistic to regard them as the bible of real-estate. Talk to a good local real-estate agent to get a refined valuation. Location, neighborhood, condition of your house, elevation , lot size, landscaping and other factors come into play that a good agent can factor in, especially after seeing your house and talking to you…something a real-estate portal is not designed to do for you. Sellers reading the Union article may respond, “The paper says it’s a sellers market with multiple offers. I can get much more money for my house, yes?” The valuation of your house will still depend on competition. A good agent can do a Comparative Market Analysis to give you a realistic valuation and list price. Average sales in Nevada County over the past 15 months have been in the $400,000 range. Average for-sale listed prices over the same period has been in the $500,000 – $600,000 range. Average price per square foot as of mid March was $195 per square foot in Nevada County. Averages tell us something, but not the value of you own home in Nevada City, Grass Valley, Alta Sierra, Penn Valley or Auburn. There are variances in each city and neighborhood.
All Real Estate Is Local
For you, your family, and your house it hardly matters what the averages are. A good, full-time, hardworking Realtor will be a valuable ally and important team member to assist your decision-making process and to handle the myriad details and negotiations involved in selling your home (or even thinking about it), or purchasing another. Find an agent you trust, who will give you an honest appraisal after looking at the market and recent sales, take into account you home’s amenities and upgrades (or lack of), and help to enable your next adventure. Contact us at the Sierra Lifestyle Team for any questions you have or assistance we can offer.
If you are having difficulties finding rentals in the Auburn area you are not alone! The rental market is slim with hardly any inventory to choose from. Most often there is some conflicting factor that eliminates choices and the options that are left are less than substantial. Whether it’s priced too high, size too small, no yard or not pet friendly. The struggle is real when searching for a decent place to call home in the Auburn area, surrounding Placer County and neighboring Nevada County.
Well here is a quick bit about a new housing development in Auburn, a 64 unit apartment complex, Quartz Ridge. These new apartments are located behind the Raley’s shopping center near the Foresthill Bridge exit off 80. This project begun construction in March and is on a 16 month schedule for completion. Other than home to 64 families the complex will have a community pool and a community building. The complex is designated to be an affordable housing unit for income qualifying parties with specific regulations. The rental prices range from $350 to just over $1000 based on factors such as the size of the unit desired or individual income qualifications. For more information regarding these specific qualifications as well as further inquiry about the project and its developers please visit the Auburn Journal Website.
If you are a part of the rental war I suppose you should weigh out options and see all opportunities that are available to you. This new development at Quartz Ridge could be the answer so many renters have been waiting for. If not, and this sounds like another qualifying obstacle you may not meet consider other possibilities. Becoming a home owner and leaving the rental world in the past could be a great solution. If you are curious as to what the process looks like call us to find out! The first steps are easy.
Visit a known or recommended lender to get qualified. (Don’t know one? Call us we work with them on a daily bases and would be happy to recommend some rockstars!)
Once your approved with a shopping budget we go to work! With the latest house hunting technology, we have access to all that’s available.
Call call us today to find out what the best choice might be for you!
As the weather warms up so do the woodland creatures, some more welcome than others. Snakes are making their seasonal debut as the temperatures rise. With cases of pets being bitten already it is important to take caution and be safe. Many of us are out and about in the yard, getting gardens ready, adding spring landscaping or even beefing up our curb appeal. We are encountering areas that may have not been disturbed or seen activity since before winter. As we reclaim our yards we must be aware of the nature that may have taken up residency.
Friend or Foe?
Snakes are an essential part of our ecosystem with many being beneficial to our yards and gardens. However eminent danger may be lingering in the tall grass. Can you identify venomous snakes? Knowing the difference between a rattlesnake and a king snake could be the difference between life and death between for you or your pet. Here are just a few distinguishing factors between the two. Although their color and patterns are similar here are other visual differences. Rattlesnakes have a triangular shaped head verses the king snake has a round head. The rattling tail of the rattlesnake can be easy to spot however the king snake has been known to imitate a rattler by shaking it’s tail in the surrounding dead dry grass to make a warning noise. Be sure to keep an eye out an scan the ground as you go. They could be tucked in the shade under the deck or behind a flower pot. To keep safe be sure your family is aware it’s snake season and to take precautions.
Building homes in Nevada County and Placer County.
Nevada County and Placer County are in full Spring color. Once vacant lots are showing signs of life with new building occurring around the area.
Grass Valley and Nevada City have a number of gorgeous areas and plenty of available lots and land for creating
This property is ready for your dream home!
your dream home. Whether you’re looking for Lake Front property or a commuter site has it all!
There are many styles of homes available both built and ready to build. Everything from Ranches, to Victorians, to estate style properties are found in Nevada County.
When getting ready to build a home in Nevada County or Placer County there are a number of steps to take.
First you need to decide what style of home you want.
If you are interested in building a home in Nevada County or Placer County, please be sure to contact us. We are experienced in all aspect of real estate and have a full team ready to assist you with all of your real estate needs!
Welcome to our updated web site! We are pleased to present our updated web site viewable on smartphones, tablets and PCs. Please take a look around and if you see anything missing, or would like us to add any information, please let us know. We would love to be your “one stop shop” for all things Nevada County!
In the meantime, if you or anyone you know have real estate needs of any kind, please don’t hesitate to contact us. We’re always here to help!
Helicopters are circling the north side of Alta Sierra tonight. Alta Sierra residents are all in disbelief as CHP helicopters circle over our homes with loud public warnings that they are searching for a man in jean shorts, no shoes, no shirt that for some reason is running from police.
