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Nevada County Market Observations, November 2020

Nevada County Housing Market Observations

November 2020

Lack of inventory in Nevada County continues.

Numbers are consistent with previous months, 520 houses for sale October 2019 vs 286 houses for sale October 2020, 45% lower year to year. Houses sold are up 25%, 157 Oct last year, 157 houses sold this October. 

Inventory reduction is from 4.2 months of inventory last October to 1.8 months of inventory this October.

A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities, and media outlets have taken notice.

Average SOLD price per square foot is up 13.7% year to year ($234 vs $266. Average price sold is up 14.6%, from $435,000 to $570,000. Higher list prices are prevailing.

Nevada County continues to be strongly attractive to buyers looking for safer havens.

Especially coupled with the myriad lifestyle opportunities and community connections the foothills offer. Days on market has fallen 48%, from 75 days last year in October to 39 days in October this year. Buyers are energized to jump on good, well-priced houses especially given our current low inventory environment.

We continue to see a slight slowing of the market in our own area, likely due to national elections coupled with the coming holidays. That said, good houses are still commanding significant attention from buyers and garnering strong offers. While prices are climbing, appraisals tend to lag the market a bit, so some circumspection in pricing is smart.

Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have an interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

johnson's Sierra Lifestyle Team logo

Johnson’s Sierra Lifestyle Team Adds Instagram expertise to support client listings!

Social Media has many benefits, especially for businesses.

It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive. Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.

The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers on Facebook.

We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson. Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.   

Brought to you by Johnson’s Sierra Lifestyle Team! 

johnson's Sierra Lifestyle Team logo

 

Market Observations

Market Observations

Market Observations, October 2020

October 2020

The lack of inventory in Nevada County continues.

The numbers are consistent with previous months. 548 houses for sale September 2019 vs 148 houses for sale September 2020. That’s a reduction from 4.4 months of inventory to 1.5 months of inventory. A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities.

Average SOLD price per square foot is up 17% year to year ($224 vs $264). Average price sold is up 16%, from $434,000 to $569,000. Higher list prices are prevailing.

Nevada County continues to be strongly attractive to buyers looking for safer havens, especially coupled with the myriad lifestyle opportunities and community connections the foothills offer.

We are seeing a slight slowing of the market in our own area, likely due to national elections looming coupled with the coming holidays. That said, good houses are still commanding significant attention from buyers and garnering strong offers. While prices are climbing, appraisals tend to lag the market a bit, so some circumspection in pricing is smart.

Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have interest in. We are here for you, and Alisa (almost) always answers her cell phone, 530-559-4871.

A MARKET perspective from CA Association of Realtors – Covid 19 colors a strong housing recovery.

October 13, 2020

C.A.R. releases its 2021 California Housing Market Forecast

California housing market recovery hinges on widespread availability and usage of effective coronavirus vaccine in early 2021. 

 

LOS ANGELES (Oct. 13) –

Low mortgage interest rates and pent-up demand from a desire for homeownership will bolster California home sales in 2021, but economic uncertainty caused by the coronavirus pandemic and continued supply shortage will limit sales growth, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)

The baseline scenario of C.A.R.’s “2021 California Housing Market Forecast” sees a modest increase in existing single-family home sales of 3.3 percent next year to reach 392,510 units, up from the projected 2020 sales figure of 380,060. The 2020 figure is 4.5 percent lower compared with the pace of 397,960 homes sold in 2019.

The California median home price is forecast to edge up 1.3 percent to $648,760 in 2021, following a projected 8.1 percent increase to $640,330 in 2020 from $592,450 in 2019.

“An extremely favorable lending environment and a strong interest in homeownership will continue to motivate financially eligible buyers to enter the market,” said C.A.R. President Jeanne Radsick, a second-generation REALTOR® from Bakersfield, Calif. “While the economy is expected to improve and interest rates will stay near historical lows, housing supply constraints will continue to be an issue next year and may put a cap on sales growth in 2021.”

C.A.R.’s forecast projects growth in the U.S. gross domestic product of 4.2 percent in 2021, after a projected loss of 5.0 percent in 2020. With California’s 2021 nonfarm job growth rate at 0.5 percent, up from a projected loss of 12.7 percent in 2020, the state’s unemployment rate will dip to 9.0 percent in 2021 from 2020’s projected rate of 10.8 percent.

The average for 30-year, fixed mortgage interest rates will dip to 3.1 percent in 2021, down negligibly from 3.2 percent in 2020 and down from 3.9 percent in 2019, remaining low by historical standards.

“While home prices rose sharply in 2020, driven by strong sales of higher-priced properties and a limited inventory of homes for sale, the pace of price growth will be more moderate in the coming year,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “The uncertainty about the pandemic, sluggish economic growth, a rise in foreclosures, and the volatility of the stock market are all unknown factors that could keep prices in check and prevent the statewide median price from rising too fast in the upcoming year,” Appleton-Young continued.

2021 CALIFORNIA HOUSING FORECAST

 

201520162017201820192020p2021f
SFH Resales (000s)409.4417.7424.9402.6398.0380.1392.5
% Change7.0%2.0%1.7%-5.2%-1.2%-4.5%3.3%
Median Price ($000s)$476.3 $502.3 $537.9 $569.5 $592.4 $640.3 $648.8 
% Change6.6%5.4%7.1%5.9%4.0%8.1%1.3%
Housing Affordability Index31%31%29%28%31%32%31%
30-Yr FRM3.9%3.6%4.0%4.5%3.9%3.2%3.1%

p = projected
f = forecast

* = % of households who can afford median-priced home

 

 

Buying, Selling at the Same Time

Buying, Selling at the Same Time

Nearly a Third of Home Sellers’ Top Stressor is Buying, Selling at the Same Time

Written by CRISSINDA PONDER 

Edited by DEBORAH KEARNS

Published on: July 27th, 2020 

For many home sellers, the most anxiety-inducing part of the home-selling process is trying to simultaneously sell their current place while buying their next dream home.

That’s according to findings from a new survey commissioned by LendingTree, which also found that sellers are planning to spend an average of more than $10,000 on repairs and upgrades to sell their home.

Key findings

The No. 1 stressor for nearly one-third (29%) of home sellers is buying and selling a home at the same time.

Another 16% of sellers report that costly repairs and upgrades are the most stressful part of selling a home, and 15% stress most about failing to sell their home.

More than 1 in 5 (22%) of home sellers have felt pressure from their agent to accept a lower-priced offer.

Another 22% felt their real estate agent pressured them to spend a significant amount of money on repairs and upgrades before selling their home. Still, 31% of sellers reported not feeling any pressure at all.

When broken down by age group, millennials (70%) were more likely to feel some sort of selling-related pressure than older generations such as Gen X (49%) or baby boomers (14%).

More than 4 in 10 (43%) strongly agree that the home-selling process is more expensive than they anticipated.

Another 43% of home sellers somewhat agree that they’re spending more than expected on their home sale. Meanwhile, more than half (51%) of millennials strongly agree with that sentiment, compared with just 28% of baby boomers.

Other takeaways

Nearly 1 in 5 (18%) millennials said the top stressor of selling a home is deciding on an asking price, compared to just 10% of Gen Xers and 6% of baby boomers.

More than 1 in 5 (21%) baby boomers are most stressed about making costly home repairs and upgrades to sell their home. Another 22% of baby boomers fear that their home won’t sell, compared with 15% of Gen Xers and 10% of millennials.

When asked how long they think their home will stay on the market before it’s sold, more than 4 in 10 (44%) sellers said one to three months. More than 1 in 4 (27%) think it will take four to five months to sell their home.

Home sellers expect to spend more than $10,000 on average for repairs and upgrades in order to sell their home. Millennial sellers anticipate spending $13,727 on average, which is the highest amount of all age groups.

After removing decorations and decluttering, the top three repairs and upgrades home sellers have made are:

  • Fresh interior paint (48%)
  • Bathroom upgrades (45%)
  • New kitchen appliances (45%)

4 factors to consider when selling your home

The cost to sell a home can reach more than $20,000, depending on your home’s sales price. Keep the following factors in mind as you prep for a home sale:

  1. Be mindful of your timeline. If you’re buying a home while selling your current one, it’s important to bake in enough time to find your new home. The average time close on a home purchase is 47 days, according to Ellie Mae’s June Origination Insight Report.
  2. Get a home inspection. Before you list your home for sale, pay for a home inspection to identify issues with your home’s condition that may need to be addressed right away. If the buyers discover the issue during their inspection, negotiating repairs could postpone or derail the sale.
  3. Negotiate your selling costs. You’ll have to pay several closing costs, including commissions for both your and the buyer’s real estate agent. It’s in your best interest to negotiate these fees, as they can cost several thousand dollars.
  4. Reduce your mortgage debt. Your mortgage will need to be paid off first before you receive any sales proceeds. In the months before you begin the home-selling process, consider dedicating any bonuses, refunds or windfalls to paying down your outstanding loan balance.

Methodology

For this survey, LendingTree commissioned Qualtrics, an experience management firm, to gather responses from 964 home sellers, with the sample base proportioned to represent the overall population. The survey was conducted April 24-30, 2020.

Generations were defined by the following age ranges:

  • Millennials are ages 24-39
  • Generation X are ages 40-54
  • Baby boomers are ages 55-74

Our survey also included responses from members of Generation Z (ages 18-23) and the silent generation (ages 75 and older). Their responses were factored into the overall percentages but excluded from the generational breakdowns, due to the low sample size among both age groups.

Sierra Lifestyle Team Note: A good Real Estate Team on your side is essential to reducing your stressors as you prepare to sell your house and go through the process. Your agent(s) should be prepared to discuss their value proposition to assist you in selling your home, maximize your offer price, and minimize the time frame for selling.

*JUST LISTED* Alta Sierra Home For Sale! 16492 Patricia Way

*JUST LISTED* Alta Sierra Home For Sale! 16492 Patricia Way

Gorgeous Alta Sierra Home For Sale!

 

As you pull in the driveway, the 2 story home greets you with a traditional feel. The breeze-way is extra large with space for dining or pets. Mud room offers kids and hobbyist access to a bathroom and laundry when they return from playing in the large back yard. Lots of room for gardening. Inside this updated home you will find the Master Bedroom off the living room on the main level. Two additional bedrooms, 1 bath and a bonus area upstairs. Large back deck great for grilling and entertaining. Home has recent paint and nice updates.

This Alta Sierra Home for sale is 3 bedrooms, 2.5 bathrooms and sits on .57+/- Acres. Be sure to contact us if you would like to view this home, or any other Nevada County homes for sale.