Northern California Real Estate

Northern California real estate is as varied as the cities and the communities that make up the area. From San Francisco to Sacramento, each community has a population that is as diverse the real estate needs of each of these communities. Starting just across the Golden Gate Bridge is Marin, then north is Sonoma, and then to the east is Napa, and then Solano; these counties are as different as can be. They say real estate is local and the differences in the real estate markets prove this.

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Home Sales Data from Four Northern California Counties Depict Local Trends

Marin County: The Marin County real estate market has probably fared the best in the last few years and this could be attributed to many factors. The Luxury and Prestige Homes in Belvedere and Tiburon have seen light to modest value adjustments in this current Northern California real estate market.. These two highly exclusive neighborhoods of Marin County luxury homes are confined by the topography and have million dollar views of the San Francisco skylines. These are some of the most expensive homes for sale on the Northern California real estate market. The City of Sausalito homes had modest value changes, along with home prices in Mill Valley and Larkspur. The San Rafael real estate prices probably have seen the biggest decline in the area; and compared to neighboring counties, property values have dropped sharply. The inventory of distressed Marin county homes has dropped significantly. Novato home prices were also down, and had the second highest amount of distressed properties. Novato foreclosures and short sales make up a much smaller amount of the total listings and sales than in any of the other counties in Northern California. List prices of Marin homes begin at just above $100,000, and in some parts of San Rafael to over $20,000,000 in Belvedere.
Sonoma County: Some areas of the Sonoma, California real estate market were hit vary hard by the economic conditions and others that did much better. Petaluma, Cotati, Rohnert Park and Santa Rosa have been hit hard. Values on Sonoma homes have declined by over 20% in the last 3 years, on average, and this has created a large MLS inventory of distressed homes. If you are looking for great buys on lender-mediated Northern California real estate listings, Sonoma County homes should be on the top of your shopping itinerary. Sonoma also has a large number of wineries and vineyards with multi-million dollar ranches and this part of the Northern California real estate market has seen a moderate decline. Overall the entire Sonoma real estate market has seen a decline in values and some of the hardest hit areas will continue to have a decline in values. Values for Sonoma homes range for $75,000 for a foreclosure in one part of Santa Rosa to over $1,000,000 in another part, and everything in between.
Napa County: Some parts of the Napa real estate market and are continuing to struggle. Yet there is a large difference in the home values in American Canyon and Napa to those of Yountville, Oakville, Calistoga and St. Helena. South Napa, including the cities of American Canyon and Napa, is the hardest hit in terms of property value declines. In some areas, South Napa real estate values have declined by over 40%, and for some American Canyon homes, property some values have declined by over 60%. From Yountville north thru Oakville, Rutherford, Saint Helena and Calistoga, which is called “Up-Valley, there are far fewer distressed properties, and values have not declined that significantly. House values range from $60,000 in American Canyon to over $1,000,000 throughout Napa Valley.
Solano County: Solano home prices were hit harder by the mortgage meltdown than other parts of Northern California Values have dropped by over 60% in the last few years in the cities of Valljeo, Fairfield, Suisun City, Vacaville and Dixon, and every segment of the market has been affected. This market is driven by Distressed Properties and between the short sales and the foreclosures, or REOs, they average over 85% of the available properties and those sold. Solano real estate prices range from $40000 for Vallejo condos to over $700,000 for luxury homes in the Green Valley area of Fairfield.

Why Should Someone Buy Northern California Real Estate?

Northern California has always been a desirable place to live and this has driven the housing market for decades. From Silicon Valley to Sacramento the diversity, climate and business evnvoirnment have been a magnet for residents, and have create an enduring buyer demand for Northern California real estate. As Northern California adds new residents daily, it is growing at a faster pace than all other states. Whether they are immigrants from overseas, Mexico, or neighboring states, the population will continue to grow steadily. Despite all the issues for the local economies the long term benefits of owning Northern California real estate will rebound. Here is why: Bay Area economies are not as hard hit as some of their neighboring communities and San Francisco, in particular, has not suffered value loss like a lot of other major cities. This plus the wealth of technology, medicine, banking, stocks and commerce in general the bay area has created a mecca for opportunities. In addition, Northern California real estate prices and mortgage interest rates are as low as anyone can remember and these two will begin to rise again shortly. In some areas, housing prices are at levels not seen for over 20 years. Never in the last 20 years in Northern California have housing prices been so affordable, for either residence or investments.

Northern California Home Sales Trends

Trends right now are split. There is a modest push for owner occupants and move up buyers in most all markets and the larger trend is for the lower priced homes in general. Whether it is home owners or investors, distressed properties, including foreclosures, are accounting for almost half of all Northern California home sales.

Hottest Northern California Real Estate Listings

There is no doubt that the cheapest foreclosures available in all counties are the hottest tickets in town. Using primarily FHA loans for 1st time homebuyers, or all cash investors if these homes are in good shape then they sell quickly. The housing inventory affordability index in counties such as Solano and Napa, for instance, allows more people to qualify for home loans than 2 years ago. This is definitely due to the slide in values over the past 2-3 years. This trend, incedently, is expected to continue well into this year but it is a moot point because in some communities housing prices are so cheap, that investors can have positive cash flow from renters immediately, and in some cases mortgages on Northern California homes can be even cheaper than rents. When was the last time you can remember this in California? With more foreclosures and troubled homeowners on the horizon this is one trend you can bet on!

55+ and Older Communities

The Northern California real estate market has a few older adult communities. Trilogy in Rio Vista and Leisure Town in Vacaville are the two main communities. Leisure Town is much older and is less expensive with no new homes at all. Trilogy on the other hand is a new community with both houses for sale and new houses as well. As for amenities, Trilogy has got Leisure Town beat, but Leisure Town is much more centrally located in northern Vacaville. The only drawback of Trilogy is the location is somewhat remote in the tiny town of Rio Vista.

What Sets Me Apart from Other Northern California Real Estate Agents?

Experience, Experience, Experience. Let’s face it; in today’s Northern California real estate market buyers need someone who can truly help them through all the obstacles. The days of the part time REALTOR are gone due to conditions in the local markets. Who is certified? What is HAFA? What is a short sale? Who can qualify for a loan modification? Is this a good time to buy? These and many more questions are asked by home buyers every day and we post the answers to questions with daily real estate articles.
Nobody provides more daily information to home buyers and sellers than I do. I couldn’t do this if I did not have extensive experience working in these challenging Northern California real estate markets.
Most of Northern California home sales in some areas are foreclosures or short sales , and let’s face it, banks are not interested in doing the right thing for homeowners. Experience in negotiating with these banks is critical or you will pay more. I am certified by the default industry as a listing broker to help them sell these properties. I personally have sold hundreds of REOs and Short Sales. I know how the banks think and this is extremely important in buying your home for not only the best price but also getting done efficiently.
I also have a Buy for a Cause program. This is a program where I will donate a portion of my commission to a non-profit cause of buyer choosing. Terms and conditions apply here so ask me for more information.
The Power of Remax. Nobody sells more real estate than RE/MAX. Nobody!

Thanks for stopping by to visit my site. If I can serve you in any way, please call me. I am here to help.

Very Truly Yours,

Mark Mazotti