Napa Newsletter

This Week In Real Estate - Predictions for home prices over next 4 years

This Week In Real Estate - Predictions for home prices over next 4 years
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<<First Name>>,
 
What Is the Probability That Home Values Sink?

With the current uncertainty about the economy triggered by a potential trade war, some people are waiting to purchase their first home or move-up to their dream house because they think or hope home prices will drop over the next few years. However, the experts disagree with this perspective.

Here is a table showing the predicted levels of appreciation from six major housing sources:

As we can see, every source believes home prices will continue to appreciate (albeit at lower levels than we have seen over the last several years). But, not one source is calling for residential real estate values to depreciate.

Additionally, ARCH Mortgage Insurance Company in their current Housing and Mortgage Market Review revealed their latest ARCH Risk Index, which estimates the probability of home prices being lower in two years.

There was not one state that even had a moderate probability of home prices lowering. In fact, 34 of the 50 states had a minimal probability.

Bottom Line

Those waiting for prices to fall before purchasing a home should realize that the probability of that happening anytime soon is very low. With mortgage rates already at near historic lows, now may be the time to act.

Thank you,

-Kris

Home sales in your area:
 
Street Full Address Listing Price Selling Price
1134-1136 Sylvia Ct, Napa, CA 94559-4203 575,000 590,000
2256 Eva St, Napa, CA 94559-4634 483,900 475,000
1224 Cayetano Dr, Napa, CA 94559-4263 625,000 585,000
3260 Redwood Rd, Napa, CA 94558-9706 2,000,000 2,000,000
161 Canyon Pl, Napa, CA 94558-1264 2,395,000 2,150,000
1072 Terrace Dr, Napa, CA 94559-3507 625,000 615,000
2040 Redwood Rd, Napa, CA 94558-3214 749,500 726,525
1651 Mitchell Dr, St. Helena, CA 94574-2097 1,395,000 1,313,000
59 Summerbrooke Cir, Napa, CA 94558-7019 735,000 720,000
2754 Pine St, Napa, CA 94558-5828 585,000 550,000
2075 Seville Dr, Napa, CA 94559-4314 599,000 599,000
2595 Wine Country Ave, Napa, CA 94558-2553 829,900 780,000
3252 Atherton Cir, Napa, CA 94558-5407 1,499,000 1,480,000
3612 Idlewild Ave, Napa, CA 94558-2819 825,000 790,000
3657 Harkness St, Napa, CA 94558-2814 550,000 560,000
1628 Hillview Pl, St. Helena, CA 94574-1757 1,139,000 1,089,000
1182 4th Ave, Napa, CA 94559-3615 1,275,000 14,000,000
1611 Tainter St, St. Helena, CA 94574-1933 1,595,000 1,595,000
3760 Cano Ct, Napa, CA 94558-2609 950,000 905,000
1876 Silverado Trl, Napa, CA 94558-3736 1,550,000 1,270,000
657 Balboa Way, Napa, CA 94559-4734 824,888 830,000
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Sell your home for 100% of list price GUARANTEED or we will pay you the difference!*



Kristofer Chun, CDPE & SFR
Broker Owner
1560 Silverado Trail
Napa, CA 94559
P: 707.853.5747
F: 707.645.5747
Cal BRE# 01870237

We are proud to support Teens Connect. This life saving organization helps the youth of our community face mental health issues to prevent violence, suicide and other at risk behaviors. Teens Connect supports, engages, and empowers teens through programs centered around art and wellness, peer support and volunteer projects. We provide positive opportunities for youth to discover their self-identity, express their voice and create lasting social impact in their communities.


 

"Infuse your life with action. Don't wait for it to happen. Make it happen. Make your own future. Make your own hope. Make your own love. And whatever your beliefs, honor your creator, not by passively waiting for grace to come down from upon high, but by doing what you can to make grace happen... yourself, right now, right down here on Earth."

-Bradley Whitford
 

*Call or details and conditions 
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This Week In Real Estate - Don't get frustrated looking. Have a strategy that works

This Week In Real Estate - Don't get frustrated looking. Have a strategy that works
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<<First Name>>,
 
2 Open Houses This Week!!
2065 W. Pueblo Ave, Napa, CA
3 bedrooms 2 baths 1380 sqft on .26 acre lot List Price $685,000
Open Sunday 9/8 from 1-3p

Welcome to this delightful Mid-Century modern home!  Distinguishing features include open beamed ceilings, understated clean lines and the juxtaposition of different materials.  This lovingly maintained single story home is on a quarter acre in West Napa.  In the front you will find drought resistant landscaping while the backyard includes an irrigated lawn and raised beds.  The backyard also includes a gardening/storage shed and still has plenty of room for outdoor entertaining.  Recent updates to the home include updated electrical system, fresh paint and new blinds.  The kitchen has been updated with all new appliances, counter tops, cabinets and tile.
 
1166 Monticello Rd. Napa, CA
2 dwellings on 4.22 Acres List Price $1,699,000
Open Sunday 9/8 from 12-2p

This is the perfect Napa Valley oasis.  The private driveway leads to a gated entrance that welcomes you to this 4+ acre estate located along Milliken Creek. This stunning property includes 5 structures, a pond, a gentleman's vineyard, gardens with raised beds, and a fruit and olive tree orchard. The main house has been extensively updated with luxury bathrooms and a gourmet kitchen. Above the storage barn that features a wine making area/cellar is the guest studio has a full bath with steam shower and is plumbed for a kitchen. Entertaining is a dream in the outdoor kitchen featuring a pizza oven, gas fireplace, lounge area with patio heaters, and a large island. This truly exceptional estate also has potential to add guest house. Did I mention you will find this property perfectly located amongst some of Napa's first-class vineyards where you will feel as if you are miles away from anyone, yet you are just minutes to Downtown Napa, shopping, wineries, and schools.
 
Finding a home is hard work.
 
According to a new survey from the National Association of Home Builders, 55% of prospective home buyers who were actively searching for a property to purchase in the second quarter of this year say their house hunts were unfruitful for three months or longer.
 
The good news Kristofer Chun Real Estate home buyers are usually in contract on a home within 60 days of looking with our specific strategies and tactics. Find out why our method has helped hundreds of people find their own piece of the American Dream.
 
The survey respondents cite numerous reasons for their failed home searches, including being unable to find a home at a price they can afford (50%); not being able to find a home in their neighborhood of choice (43%); and not finding a home with the features they want (40%). The share of buyers who consider high prices their biggest barrier to homeownership has increased 5 percentage points from a year ago.
 
The good news is the majority of prospective buyers who report an unsuccessful home search say they plan to keep looking until they find their dream home, according to the NAHB survey.
 
62% say they will continue looking for the “right” home in their preferred location.
36% say they are expanding their search area.
21% are willing to accept a smaller or older home.
16% say they might consider buying a more expensive home.
Only 16% of respondents say they are putting off their house hunt until next year or later.
 
Call us if you are running into road blocks, frustrate, or about to give up on your home search process.
 
-Kris
 
 
Home sales in your area:
 
Street Full Address Listing Price Selling Price
68 Black Walnut Ln, Napa, CA 94559-4254 859,500 848,500
2564 Rollingwood Dr, Napa, CA 94558-4321 798,000 785,000
103 Knoll Cir, St. Helena, CA 94574-9404 1,850,000 1,795,000
2891 Kilburn Ave, Napa, CA 94558-5646 509,000 510,000
3256 Ehlers Ln, St. Helena, CA 94574-9657 4,999,000 4,550,000
112 Griffen Ln, Napa, CA 94558-7024 1,017,000 1,000,000
6235 Dry Creek Rd, Napa, CA 94558-9382 799,000 800,000
2075 Seville Dr, Napa, CA 94559-4314 599,000 599,000
3000 Hagen Rd, Napa, CA 94558-3817 911,000 890,000
2578 Wine Country Ave, Napa, CA 94558-2534 715,900 715,000
2716 Elm St, Napa, CA 94558-6033 519,000 519,000
2725 Laurel St, Napa, CA 94558-5726 699,000 699,000
3627 Baxter Ave, Napa, CA 94558-2805 619,900 617,900
125 Sage Way, Napa, CA 94559-3575 849,900 840,000
2436 Yajome St, Napa, CA 94558-5037 599,000 593,000
491 Seymour St, Napa, CA 94559-3113 639,000 595,000
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Sell your home for 100% of list price GUARANTEED or we will pay you the difference!*



Kristofer Chun, CDPE & SFR
Broker Owner
1560 Silverado Trail
Napa, CA 94559
P: 707.853.5747
F: 707.645.5747
Cal BRE# 01870237

We are proud to support Teens Connect. This life saving organization helps the youth of our community face mental health issues to prevent violence, suicide and other at risk behaviors. Teens Connect supports, engages, and empowers teens through programs centered around art and wellness, peer support and volunteer projects. We provide positive opportunities for youth to discover their self-identity, express their voice and create lasting social impact in their communities.


 

"Infuse your life with action. Don't wait for it to happen. Make it happen. Make your own future. Make your own hope. Make your own love. And whatever your beliefs, honor your creator, not by passively waiting for grace to come down from upon high, but by doing what you can to make grace happen... yourself, right now, right down here on Earth."

-Bradley Whitford
 

*Call or details and conditions 
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This Week In Real Estate - Mortgages are healthy

This Week In Real Estate - Mortgages are healthy
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<<First Name>>,
 
A healthy report for Nation’s Mortgages.
 
CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May. The nation's serious delinquency rate this May tied with April as the lowest for any month in nearly 14 years. No state posted an annual gain in its foreclosure, overall or serious delinquency rate.
 
The report shows that nationally only 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%

“Growth in family income and home prices continues to support low delinquency rates,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year’s hurricanes and wildfires, and this spring’s severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities.”
 
In California we are significantly better than the national average. Only 2.2% of mortgages are delinquent. In the Bay area (SF, OAK, SJ Metros) we are the lowest in the nation’s large metros at only 1.2%.

Why are these figures so important right now?
  • Low delinquencies show the health of the real estate market.
  • People searching for the Bank Owned bargain need to know that they are going to be waiting for a long time.
  • If/When the recession hits, people are not over their heads in mortgage debt. A housing decline is unlikely.
 
-Kris
 
 
Home sales in your area:
 
Street Full Address Listing Price Selling Price
651 Montecito Blvd, Napa, CA 94559-1515 2,399,000 2,100,000
128 Kreuzer Ln, Napa, CA 94559-3606 1,349,000 1,349,000
2835 Saint Helena Hwy N, St. Helena, CA 94574-9655 4,800,000 4,450,000
1883 Mulberry St, Yountville, CA 94599-1256 1,150,000 1,015,000
1737 N Oak St, Calistoga, CA 94515-1118 995,000 995,000
4064 Escuela Dr, Napa, CA 94558-1606 789,000 750,000
1090 Cayetano Dr, Napa, CA 94559-4136 585,000 575,000
9 Musante Ln, Napa, CA 94558-1967 849,000 818,000
4488 Moffitt Dr, Napa, CA 94558-1742 560,000 565,000
3121 Piedmont Ave, Napa, CA 94558-3464 595,000 610,000
1234 Arroyo Sarco Dr, Napa, CA 94558-2167 1,699,000 1,735,000
540 Foothill Blvd, Napa, CA 94559-5848 585,000 600,000
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Sell your home for 100% of list price GUARANTEED or we will pay you the difference!*



Kristofer Chun, CDPE & SFR
Broker Owner
1560 Silverado Trail
Napa, CA 94559
P: 707.853.5747
F: 707.645.5747
Cal BRE# 01870237

We are proud to support Teens Connect. This life saving organization helps the youth of our community face mental health issues to prevent violence, suicide and other at risk behaviors. Teens Connect supports, engages, and empowers teens through programs centered around art and wellness, peer support and volunteer projects. We provide positive opportunities for youth to discover their self-identity, express their voice and create lasting social impact in their communities.


 

"Infuse your life with action. Don't wait for it to happen. Make it happen. Make your own future. Make your own hope. Make your own love. And whatever your beliefs, honor your creator, not by passively waiting for grace to come down from upon high, but by doing what you can to make grace happen... yourself, right now, right down here on Earth."

-Bradley Whitford
 

*Call or details and conditions 
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CONTACT INFO

Kris Chun, REALTOR®

2015 President North Bay Association of REALTORS – Napa Chapter

Direct: (844) 4MY-NAPA
1560 Silverado Trail, Napa, CA 94559
DRE# 01870237

 

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