Some good news with home sales for the 1st half of 2010.  There is a 13% increase in number of sales and 11% increase in dollar volume compared to 1st half of 2009.  Last year, in comparing 2009 to 2008, we saw a 38% increase in the number of sales, however only a 1% increase in dollar volume-mainly due to the big drop in prices & increased activity in the lower end market.  An 11% increase in dollar volume is good news for this shows some upward movement in the market. 

The $1m+ market had 16 pending sales and 8 closed transactions for the month of June. Movement is still slow in the $1m+ market compared to the number of active listings (261) for Napa County, however, we are seeing more activity & sales, which is a good sign.

A Market Trends Report is attached and located in the Pulse on the Market section of the Home Page. 

Napa County Stats 2Q10.pdf

Some great press, lately, regarding Napa as a top choice retirement city.  Napa has always been a "destination place", however, with adjusted home values in the last couple of years it is considered even more desirable. Condos are available as low as $130,000 and some great homes in good neighborhoods starting in the $300's.  I think all the growth in downtown Napa with new restaurants, hotels and town improvements with the Napa flood project are also showcasing Napa as a fun, sophisticated and lively wine-country town.     

Three weeks remain to get in contract on a home by 4/30(must close by 6/30) and take advantage of the federal tax credits - $8,000 1st time homebuyer tax credit and the $6,500 repeat/move up tax credit.  In addition, California state government is offering a tax credit for new home purchase and 1st time homebuyer - 5% of the purchase price with a maximum of $10,000 credit.  These will take effect 5/1.  Low home prices, good interest rates and both federal & state tax credits are some great reasons to consider purchasing. 

Though requirements for loans are stricter, money is available. FHA financing requires a downpayment of only 3.5% of purchase price & credit requirements are much more flexible.

Pending sales in February came in with a 8.2% boost - this is an indicator of sales to close in the next couple of months and is a good sign for the housing market!

Acquire, rehab a house and list for sale with a bigger pool of buyers & quicker return, now that the 90 day FHA rule as been suspended for at least this year.  With the 1st time homebuyer $8,000 tax credit deadline of 4/30/10, I anticipate there will be a high demand of buyers out there in the next few months.  Some great opportunity for investors, now!  See Washinton Post article:  http://www.washingtonpost.com/wp-dyn/content/article/2010/01/28/AR2010012804704.html?wprss=rss_business 

It's unbelievable how low interest rates are right now.  30 year fixed loan is at 4.5%, as of today!  Now is the time to get a great bargain on a home at an extremely low interest rate. This equates to low monthly mortgage payments! The rates will not stay this way for long.  It is predicted that in 3 to 4 months they will be climbing back up.   It's pretty exciting for anyone out there looking to buy a home right now.  Lock in the good rate, now.

Yesterday's hike at Skyline Park was just beautiful!  We couldn't have had nicer weather and such a fun group of people.  We had 2 visitors from North Carolina join us.  I happened to run into them walking my dog, Lucy, Friday evening.  Lucy and I were walking behind them & Lucy was pulling on her leash, wanting to get up to them to say hello.  She just loves everyone.  So we got up to them, they turned around and we all said "hello".  They asked if I was local and I said, "yes".  They then asked me if I knew of any good places to hike in the Valley.  They were tired from all the wine tasting and wanted to get some exercise.  How serendipity!!??  Of course I mentioned our hiking group and invited them to join us at Skyline.  Such a lovely couple and they were on their honeymoon.  It was very special to have them, along with all the great people who have been coming on the hikes.  I am really enjoying it! 

If you have any suggestions for hikes in Napa and/or Bay Area, let me know.  Or would love to hear from fellow hikers on how the group has been working out for you. 

I'm definitely no fortune teller, however, it is fun to predict what might happen in the year 2009.  There will definitely be more foreclosures coming on the market.  I believe there will be an increase in home sales, however, the increase will be more in the lower end - $500K and under. I think we are in the bottom of the real estate slump and with the downward movement in interest rates, people are going to be snatching up the lower end properties.  Excellent time for first time homebuyers.  I also think the lending institutions will come up with a loan package that is more appealing to investors and this in turn will also increase home sales.

My hope is that with the Obama regime coming in, the economy will start to stabilize in some areas by the end of the year.  I believe that Americans feel more hope with the new government leadership and this increase in confidence will start to shift the energy in the country.  It will still take some time for things to really turn around, however, even the slightest shift will be encouraging.  At least our gas prices have come down to a normal level. 

Would love to hear your thoughts on what you think 2009 will bring, economy or any other topic!    

Just heard the news of Obama winning President. I am very excited and optimistic that positive and exciting changes are in store for America.  It may take some time, however, I feel the election of Obama is going to instill hope in Americans and we are so in need of a new direction.  God bless America! 

I am getting ready to send out my email blast to my hiking group regarding the upcoming hike on Saturday, July 19, at Lake Hennessey.  It has really been fun to pull together this group! It is growing and evolving and I have enjoyed meeting so many wonderful new people, who also enjoy the outdoors and appreciate the beauty of where we live. I encourage and welcome anyone who has been on a past hike, to share a bit of your experience of hiking Napa Valley.  Or if you are thinking of joining a hike or have something to share, please let us know. Thank you! 

Having just celebrated the 4th of July, I feel so fortunate and grateful to be living in America.  Everyday I read something about the war in Iraq and I am reminded about how much freedom we have, here, to express ourselves and feel safe in doing so.  It is so easy to take for granted.  It breaks my heart to think of our young soldiers fighting in Iraq and risking & losing their lives.  I pray and hope that the change in our government with the election will result in a positive and forward thinking motion that gets us one step closer toward peace and bringing our guys back home.   

 I just finished having dinner with friends at Angele.  Having recently moved to downtown Napa, I love it!  I am living the "Napa Lifestyle" that many of my clients seek and have created for themselves, too.  I am 2 blocks away from town.  I can meet friends for dinner and wine and feel safe that I can leisurely walk home.  I admire the character and diversity of the homes in Old Town Napa.  I love walking my dog in the mornings and evenings and meeting new people along the way.  Everyone has been so friendly and my dog, Lucy, has met many new dog friends.  Yountville was a great town, too, which is where I was previously living.  However, I love the liveliness and excitement of the up and coming town of Napa. Lots to explore and enjoy!