Market Conditions in 94599>Question Details

Louise, Both Buyer and Seller in Yountville, CA

Should I put my home on the market now?

Asked by Louise, Yountville, CA Tue Sep 25, 2007

I live in Yountville California and I am looking to sell my home and move up to a larger property with some acreage. When will prices stabilize here? Will they keep coming down and for how long?

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Louise, I suggest taking a look at these statistics. The St. Helena/Up Valley market (Angwin, Calistoga, Deer Park, Rutherford, St. Helena and Yountville) remains one of only two Wine Country markets (Healdsburg is the other) where inventory is lower on a year over year basis. 150 homes are for sale as of August 31, ’07 compared with 162 in August, ’06. Closings were up higher in August ’07 over a year ago (14 compared to 12) but new sales fell to 9 compared to 16 in August, ’06. An interesting pattern has developed in viewing average asking prices versus average sold prices in the Up Valley area. In 12/06, the spread between average asking price ($2,166,000) and average sold price ($1,055,000) was $1,111,000. It has varied since that time and was the narrowest last month at $379,000 ($1,779,000 asking price and $1,400,000 sold price). There may still be some price reductions in our market in order for sales volume to pick up. What these stats tell us is the buyers are present and ready to purchase so long as the property is priced right at or slightly below market. Also this is high season for Napa Valley since we are in the midst of "Crush". I would look hard at your pricing strategy and then make a move to market the home immediately to catch the crush season.
3 votes Thank Flag Link Tue Sep 25, 2007
Hi
I realize this response is way too late but decided I should do so anyway. I live and work in Yountville and have sold real estate here for the last 20+ years. This is a unique time for selling property up valley. Year to date, there have been 16 sales within the Town limits with the median price being $670,000. The vast majority of these sales, 13, under $700,000. In a normal year, what ever this was, sales are approximately 25 per year and in the height of the bubble sales reached nearly 30 per year.
Thus if your property is under the $700,000, you stand a very good chance of selling. However, you also must consider that the average days on market for these sales is still rather long, 159 days. If your home is much higher priced than this, unfortunately this is one of the slowest segments of the up valley market and often the price has to be preceived as a steal to generate a sale.
Please feel free to call me at my office and we can discuss this. God luck on whatever you decide.
0 votes Thank Flag Link Wed Dec 16, 2009
Hi Louise,

My first question is do you need to sell your home right now or do you want to sell your home now? Those are two very different things. If you need to sell your home in order to put your plan to move up into effect, then you might want to consult with a Realtor in your area (and if you don't know anyone there, I would be happy to offer you some referrals) to see what would need to be done to make your home as desirable a prospect as it can be.

If you are in the position to be able to hold on to your present home as a possible rental/investment property and would still be able to purchase a larger home, you might consider doing that if it would be financially comfortable for you.

My best advice would be to consider your own situation carefully and then make your decision based upon what works for you and your family, but if you are able to keep the home you own and still pursue purchasing another property as well, then I would always suggest considering that option since the best way to truly build wealth is to own Real Estate.

Again, if I can be of any assistance, please feel free to give me a call (909) 837-8922.

Take care,

Tisza Major-Posner, Realtor, Keller Williams Professional Group
Web Reference: http://Route66Living.com
0 votes Thank Flag Link Tue Sep 25, 2007
Louise. It is so hard to predict what the market will do. I am not from your area so my answer is very broad. If you want to put your home on the market you should do it now or wait until just before Spring. When we move into the holiday season things will slow and people will be looking for a bargain. If you wait for Spring then we are getting into a busier time of the year. Pricing is of utmost importance. If your home is overpriced it will sit on the market for a very long time.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Tue Sep 25, 2007
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