Napa Valley Real Estate.
Have We Hit Bottom?
Here is the question that is on everyone’s mind… has the Napa Valley real estate market bottomed out? The answer is…probably not, but we are probably getting close. REO’s are still happening which are still having a negative effect on prices. Click Here for more information.
Napa Valley Real Estate – Some Good News
The good news is that this year we had 7 sales over $4,000,000 for Napa County as opposed to none in 2009. At least we are moving in the right direction. The overall number of closed transactions is up 5 percent but the sales volume is down by the same amount. The interest rates have remained in the 4 to 4.5 percent range making home ownership affordable but fears of job security is keeping many buyers in Napa Valley real estate market on the sideline.
The Napa Valley rental market is very strong as foreclosed home owners are moving into rentals. Rents have increased about 5 percent over the last 6 months and the vacancy rate is around 3 percent. The only area that is not moving well is the over $2200 per month price range, which seems to be the ceiling for what most renters are willing to pay.
Napa Valley Real Estate
It’s Time To Buy!
It is hard to tell if the Napa Valley real estate market has hit bottom. Calling a bottom is very hard to do but there is a definite leveling going on and some of the high end buyers in Napa have become active again. With interest rates at an all time low and prices stabilizing, there has never been a better time to buy a home and take advantage of the amazing discounts available in the Napa Valley real estate market.