Periodically C.A.R., the California Association of Realtors, publishes newsletters, e mags and other useful information which I find interesting and helpful. One such email I get from them is called “One Cool Thing”. Last month’s graphic was titled “5 Reasons for Buying”, “Why did most Californians purchase their home in 2013?”.
I found it very interesting that price reductions at 38% were the leading reason. I know all real estate markets are local and even though I now call the current Napa Valley conditions as fickle, anyone who reads this knows I like to compare what is happening locally to such statistics.
I took a look at all residential properties in escrow including single family homes and condos/townhomes up to $600,000. In escrow means the properties have an accepted purchase contract and are still in the initial investigation phase or they are pending, getting ready to close thus sold to a new buyer. There were 189 such properties here in the Napa Valley and of these, 37 had price reductions, 20.6%. In the majority of these, the reductions were $5,000 to $25,000 with the range being $1,000 to $100,000. Besides the reductions, there were 8 which had price increases.
All I can say, we are known to have a fairly stable real estate market and when looking for a home here, Let me put my nearly 30 years experience to work for you and help you find the perfect Napa Valley property, please contact me