Home • June 20, 2022

The Oakmont 55+Community, Sonoma Valley

by Susan Campbell

JUST SOLD! This 2 bedroom and 2 bath, 1401 sq ft home overlooking the golf course in the 55+ community of Oakmont sold over the asking price to close at $845,000 after only one day on the market! The buyers made a pre-emptive offer the seller couldn’t refuse. The views of mountains and skies are unbeatable and one-of-a-kind from this home! The strong seller’s market continues in Sonoma County, CA. There are rumors at this writing ( 6/20/22) that the housing bubble will burst with inflation looming in the future and higher interest rates (5.87%) are keeping buyers out of the market.

Not so, in my opinion. The laws of supply & demand and the low-housing inventory are keeping the real estate market alive. There continues to be over bidding with all cash offers winning! Especially, in the specialized retirement sector of the Sonoma Valley. Oakmont is experiencing a shortage of inventory,(supply & demand) which makes for multiple offers.. It’s a true seller’s market! Will it last?! Who knows? Many experts predict a crash coming.

But there will always be market fluctuations, ups and downs, the market is cyclical and right now, the market is up. And so are the interest rates. Many buyers in the 55+ second home market are flush with cash and so unaffected by the mortgage rates. This drives the retirement sector. But higher interest rates shouldn’t stop a buyer. I remember buying my first home when the interest rates were $11% (1986)..seems absurd, doesn’t it? So really, the current interest rates are historically, not that bad. Those buyers who still want to own a home will drive this strong market. It’s the “American Dream” to own a home. ..and it makes good economic sense. Real Estate continues to be the best investment over stocks and other investment vehicles over the long haul.

It’s been over thirty-five years now since I bought my first/only home…I’ve weathered the bubbles, the refinancing ups and downs of interest rates, home improvements and disasters (2017 Wildfires) and I’m ahead investment-wise. It’s the American Dream!

Home • June 8, 2022

Just Sold!

by Susan Campbell

JUST SOLD in Oakmont, the 55+Community in the Sonoma Valley Wine Country. This home sold in one day with an over-asking price! It continues to be a hot seller’s market. Oakmont is an active adult community and offers one of the best values in this area. Located in the northern end of the Sonoma Valley, surrounded by three state and regional parks, ( Annadel, Hood Mt, Sugar Loaf) this community offers gorgeous mountain views, golf course vistas, recreational centers, swimming pools, tennis, pickle ball and more. The Oakmont real estate market is booming! Buyers are coming from out of the area to chase home prices that compared to the rest of the Bay Area, seem very reasonable and affordable. . Buyers from out of the area are mesmerized by the affordable prices and are offering over asking listed price to get a chance of owning in the Wine Country!

If you live in Oakmont and are thinking of selling, now is the time! If you are new to this area, please contact me for a tour of the available properties. Let me show you the best kept secret in home values in the Sonoma Valley.

– Susan Campbell, Realtor

Home • June 3, 2022

How Homeownership Impacts You

by Susan Campbell

How Homeownership Impacts You

June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.

If you’re thinking about buying a home this year, here are some of the benefits you’ll experience when you do.

The Emotional Benefits of Homeownership

Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.

Your Home Can Reflect Your Tastes and Personality

Investopedia puts it like this:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”

That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:

“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “

And that can create a greater sense of ownership, pride, and connection with your home and your community.

It Can Enhance Your Neighborhood and Civic Engagement

Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:

“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”

The Financial Benefits of Homeownership

When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.

It Can Help You Feel Financially Stable

Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

It Can Grow Your Wealth

Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.

According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.

Home • May 5, 2022

Tips for FirstTime Home Buyers

by Susan Campbell

Three Tips for First-Time Homebuyers

Buying your first home is a major decision and an exciting milestone. Even though it can feel daunting at times, it has the power to change your life for the better. If you’re looking to purchase your first home, you may be wondering what’s happening in the housing market today, how much you need to save, and where to start.

Here are three things that can help give you the information you need to confidently pursue your dream of homeownership.

1. Consider All Options When the Number of Homes for Sale Is Low

Today, there are far more buyers in the market than there are homes available for sale. When that happens, it’s a good idea to do what you can to increase your pool of options. That could mean expanding your search to include additional housing types. For first-time buyers, considering condominiums (condos) and townhomes can be an excellent way to increase your choices. According to Bankrate:

“Townhomes often cost less than single-family homes of a similar size in the same location.”

In another article, Bankrate also says:

“Buying a condo can be a great way to dive into homeownership without worrying about the upkeep that comes with single-family homes and townhouses.”

Condos and townhomes are both great entryways into homeownership. When you buy either one, you can start building equity which increases your net worth and can fuel a future move.

2. Know Your Down Payment Could Be More Within Reach Than You Think

Saving for a down payment can feel like one of the biggest obstacles for homebuyers, but that doesn’t have to be the case. As the National Association of Realtors (NAR) says:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”

Data from NAR shows the median down payment hasn’t been over 20% since 2005. The graph below breaks down the median down payment by age group for recent homebuyers according to the 2022 Home Buyers and Sellers Generational Trends Report from NAR (see graph below):

Based on the data above, the median down payment for all homebuyers is only 13%. That’s well below the common misconception of 20%, and it’s even lower for younger buyers. This could mean you may not need to save as much for a down payment as you initially thought.

There are also down payment assistance programs available for many buyers. Not to mention, some loan options require as little as 3.5% (or even 0%) down for buyers who qualify. While there are advantages to putting 20% down, especially in today’s competitive market, know that you have options. To get more information on how much you may need to save and the help that’s available, talk with a professional.

3. Work with a Trusted Real Estate Advisor Throughout the Process

Finally, no matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional.

If you’re just starting out, they can help you with the initial steps, like educating you on the process and connecting you with a trusted lender to get pre-approved. Once you’re ready to begin your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help your offer stand out above the rest.

Bottom Line

Knowledge is key to succeeding on your homebuying journey. Knowing market trends, what you need for a down payment, and what options you have as a buyer today can give you the confidence you need to buy a home. Let’s connect so you have an expert on your side who can help you navigate the homebuying process.

Home • May 3, 2022

Are You Ready to Buy a Home?

by Susan Campbell

I found this photo on the internet, titled “Millennials Finally Buy a House!” It’s a funny picture of proud owners of a cardboard house….it’s almost funny, if it wasn’t so true! It’s a spoof on the current marketplace. The point being is it takes a lot of money to buy a house in today’s market. What you want sometimes doesn’t translate into what you can afford! The current “hot” market in residential real estate has buyers competing over very low housing inventory and pushing prices up over the asking price. (Supply and Demand) Its a great market for sellers. Not so great for buyers. Especially if you are not prepared to present the best offer. How can first-time home buyers navigate this frenzied marketplace? Be prepared!

Follow these simple steps to homeownership:

Be credit ready BEFORE shopping-choose the right mortgage lender to help you get there (Guaranteed Rate Affinity).
Choose a Realtor with local knowledge and experience- Call me!
Forget the new car and SAVE, SAVE, SAVE for a down payment.

…and GOOD LUCK! you’re going to need that, too!

Home • May 3, 2022

Make the Winning Offer!

by Susan Campbell

Things That Could Help You Win a Bidding War on a Home

With a limited number of homes for sale today and so many buyers looking to make a purchase before mortgage rates rise further, bidding wars are common. According to the latest report from the National Association of Realtors (NAR), nationwide, homes are getting an average of 4.8 offers per sale. Here’s a look at how that breaks down state-by-state (see map below):

The same report from NAR shows the average buyer made two offers before getting their third offer accepted. In this type of competitive housing market, it’s important to know what levers you can pull to help you beat the competition. While a real estate professional is your ultimate guide to presenting a strong offer, here are a few things you could consider.

Offering over Asking Price

When you think of sweetening the deal for sellers, the first thought you likely have is around the price of the home. In today’s housing market, it’s true more homes are selling for over asking price because there are more buyers than there are homes for sale. You just want to make sure your offer is still within your budget and realistic for the market value in your area – that’s where a local real estate professional can help you through the process. Bankrate says:

“Simply put, being willing to pay more money than other buyers is one of the best ways to get your offer accepted. You may not have to increase it by a lot — it’ll depend on the area and other factors — so look to your real estate agent for guidance.”

Putting Down a Bigger Earnest Money Deposit

You could also consider putting down a larger deposit up front. An earnest money deposit is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase. NerdWallet explains how it works:

“A typical earnest money deposit is 1% to 2% of the home’s purchase price, but the amount varies by location. A higher earnest money deposit may catch a seller’s attention in a hot housing market.”

That’s because it shows the seller you’re seriously interested in their house and have already set aside money that you’re ready to put toward the purchase. Talk to a professional to see if this is something you can do in your area.

Making a Higher Down Payment

Another option is increasing how much of a down payment you’re going to make. The benefit of a higher down payment is you won’t have to finance as much. This helps the seller feel like there’s less risk of the deal or the financing falling through. And if other buyers put less down, it could be what helps your offer stand out from the crowd.

Non-Financial Options To Make a Strong Offer

Realtor.com points out that while increasing these financial portions of the deal can help, they’re not your only options:

“. . . Price is not the only factor sellers weigh when they look at offers. The buyer’s terms and contingencies are also taken into account, as well as pre-approval letters, appraisal requirements, and the closing time the buyer is asking for.”

When it’s time to make an offer, partner with a trusted professional. They have insight into what sellers are looking for in your local market and can give you expert advice on what levers you may or may not want to pull when it’s time to write an offer.

From a non-financial perspective, this can include things like flexible move-in dates or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). For example, you could make an offer that’s not contingent on the sale of your current home. Just remember, there are certain contingencies you don’t want to forego, like your home inspection. Ultimately, the options you have can vary state-to-state, so it’s best to lean on an expert real estate professional for guidance.

Bottom Line

In today’s hot housing market, you need a partner who can serve as your guide, especially when it comes to making a strong offer. Let’s connect so you have a trusted resource and coach on how to make the strongest offer possible for your specific situation.

Susan

Home • April 27, 2022

Home Ownership

by Susan Campbell

f you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a recent survey from Bankrate shows homeownership is so powerful that:

“Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again.”

That means the results – owning a home and the benefits that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome.

Homeownership Contributes Significantly to Your Financial Well-Being

The National Association of Realtors (NAR) lists several motivations to consider if you’re thinking about buying a home. One of the top financial reasons is the equity you build. As NAR says:

“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . Building equity in your home is a ready-made savings plan.”

Your equity is a powerful tool you can leverage in a number of ways. And with recent home price appreciation, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a great investment and a top indicator of financial well-being. As the survey from Bankrate mentioned above shows:

“. . . Americans place a higher value on homeownership than on any other indicator of economic stability, . . .”

Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. That indicates just how impactful the financial benefits of homeownership truly are.

The Emotional Benefits of Owning a Home Are Powerful

Of course, homeownership is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, non-financial aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:

“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”

Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships.

What Does That Mean for You?

The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, says:

“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, the value of homeownership is indisputable.”

Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it.

Bottom Line

If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.

Home • April 13, 2022

Love Where You Live!

by Susan Campbell

I love living in the Valley… the northern Sonoma Valley, that is, the “Wine Country” near Kenwood and Glen Ellen. This area is known for many famous wineries; St Francis Winery, Landmark, St Jean and Kenwood Winery, just to name a few. And towering over this end of the valley are the majestic Hood and Sugarloaf mountains on the east and Trione-Annadel State Park on the west.. this has been my home for more than 35 years. I love where I live. It’s a country setting, close to nature, yet close to town. I hike the park trails, and have a garden. I enjoy the colorful change of seasons of the vineyards from bright green bud-break in early spring to the golden leaves of harvest in late fall. Sonoma Valley is “where the roots run deep” they say.

I’m lucky to have found my country home. Proud to own a “piece of the pie”. In California, real estate has consistently appreciated over the years. If you had bought a home in the 1980’s (as I did) your home or land has certainly increased in value. Now, is the time to jump in and get a “piece of the pie” for yourself! Why not explore a country property? Land is not getting any cheaper. What did Mark Twain say?.. “Buy land. They’re not making it anymore!” And that’s the truth.

Get your’s today. I can help you find your Sonoma Valley home and you too, can love where you live!

Home • April 6, 2022

Prepare Your Home For Sale!

by Susan Campbell

Have you been thinking of selling your home? Now is the season! Did you know most homes are listed and sold between the months of May to July before vacations and holidays interfere with time of looking buyers. The preparing a home for sale can be an overwhelming process with many factors to consider. The best way to begin is to have your Realtor of choice assess the home for marketability What does that mean?! First have a CMA (comparative market analysis) to find the value of your home in your current market and neighborhood. Then you can decide the costs of improvements, if any need to be factored into the sale. The next step is to have your Realtor make a list of things that need improvement that will help make your home stand out from the rest. Top of the list? A first impression! Do you know it takes a buyer when viewing your home through pictures on the interest or when entering your home only 10 seconds to decide if they like your home? Making that first impression is key! So, here is a DIY list to start making your home more attractive to buyers:

DO THESE PRE-SALE TIPS:

Curbside appeal- clean and tidy yard? – does landscape need trimming, new lawn, remove debris?
Clean Fresh Paint- does house need new paint, a power wash, have clean gutters, clean roof ?
Inviting Entry- add flowers, new door mats, painted front door, need new hardware, entry lights ?
Clean, Clear & Declutter- remove excess furniture, clear counter tops, clean carpets, need interior paint, order-free?

The biggest BEFORE and AFTER transformations are in the kitchen! Make it inviting. Declutter, declutter, declutter! Check out the above kitchen transformation clients, Mark and Janis did before putting their home at 195 Richards Blvd, Sonoma on the market. What a difference new paint can make! This translates into better photos published to the internet and better appeal brings more buyers.

Contact me for more information about how to prepare your home for sale!

Home • March 13, 2022

The Road Home…

by Susan Campbell

The road home. We all want a place to call home, to grow roots. I look at this road I’ve followed home for over 35 years and I’m still grateful for my home in the Wine Country of Sonoma, CA. Looking back, while shopping for my first home purchase, before I was in real estate, I stopped by an open house on a whim. I struck up a conversation with the attending realtor, listed my “wishlist” for a home: must have 2 bedrooms, have a country setting, but be close to town for amenities. I said “if you know of a place” I’m ready to buy!” The agent responded with, “Yes, I have clients who are thinking of selling. They have a home that matches your requirements. Let me ask them? “…this was the beginning of my journey down the road of home ownership. The rest is history and memories.

The point of this story is to illustrate the incredible value of local knowledge the agent who was able to put together an off market deal to satisfy both the buyer’s and seller’s real estate needs. I’m of similar passion when it comes to knowing the local market in Sonoma County…and like the rest of California, the real estate is experiencing a fast-paced market at this writing (3/10/22) with low inventory causing many homes to receive multiple offers and selling over the asking price! It takes a local realtor to know what’s for sale on and off the market. Thinking of selling? This may be the best time to sell. And who knows? There is probably an anxious buyer in the waiting. Its time to take the road next home…