Real Estate & the Election |
All things considered, it has been a positive year for real estate. Now, as we prepare for election time, you may be wondering how the upcoming election could impact real estate activity. The overall consensus? As you'll see below, there are several market variables and data indicating that homebuying is still on the rise and will remain positive. |
Less people are changing their plans. In a recent survey, Redfin found just 22% of buyers and sellers said the upcoming election is impacting their plans to buy or sell. That number is actually less than this time last year, when it sat at 32%. Changes in housing and location preferences as a result of the pandemic seem to be outweighing anything to do with the election. Demand for space is still through the roof. More people than ever are learning and working from home, facilitating the demand for more space. Low rates make upgrading even more appealing. The Fed still has rates at unprecedented lows, making buying and refinancing a hard bargain to pass up. |
Historically, elections have minimal impact on activity. Redfin looked at home sales in past presidential election years over the last 40 years and found that sales typically dip 1.5% in December and bounce back by 1.5% in January. |
As we have just entered the 4th quarter of 2020, I have included a few charts to give an overview of how Q3 in 2020 compared with previous years. As you will see, the median house sales price in Napa County is almost $100,000 over that of Q3 in 2019. |
Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses, often in more expensive communities. Both dynamics are currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the demand in Napa County and most other Bay Area markets. |
The average size of Napa County houses sold in Q3 2020 increased about 10% on a year-over-year basis. |
The chart below shows how the price of homes has appreciated in Napa County since 1990. |
The price of homes in Napa has steadily increased since 2012. Because Calistoga and Yountville have fewer sales, their median sales price is more prone to fluctuation. St. Helena has more sales but across such a wide range of prices that its median price is also more prone to fluctuation. |
In September, we also updated our semi-annual |
| Haven Napa - Wings & ComfortIt's all the rage these days and another ghost restaurant has now popped up in Napa offering online only ordering for pick up or delivery. Last month I mentioned iPokeShop which has now also added iRamenShop. This month, a virtual restaurant offering all wings. They have something for everyone, crispy, tangy, sweet, hot and CRAZY HOT, my personal favorite. Starting 10/15 open 5-8pm every Mon, Thurs & Fri & 12-8pm every Sat & Sun. www.havennapa.com |
Team Morales Events recently launched Napa Movie Nights at the Napa Expo. This weekend's films are: Thursday, Oct. 22: Anchor Man Friday, Oct. 23: Goosebumps Saturday, Oct. 24: The Adams Family Sunday, Oct 25: Poltergeist
Thursday night movies will be favorites from the ‘80s and ‘90s, Fridays and Saturdays will be family-friendly movies, and Sundays will be classic films. Movies are shown on an inflatable screen, 40 feet wide by 20 feet tall. A ticket is $40 per vehicle. Gates open at 6:45 p.m. and the movie begins at 8 p.m. Pre-ordered boxed meals and snacks include pizza, hot dogs, sausages and a snack assortment. Tickets | |
| Namaste Indian Bistro Momo House in Downtown Napa has been renamed Namaste Indian Bistro. Namaste now serves a wider menu of curries, tandoori and other favorites from the Indian subcontinent. They still offer momo dumplings. It is open Weds - Mon for lunch from 11 a.m.-2:30 p.m. & dinner from 5-9 p.m. 1408 Clay St. 707-637-4476 |
Silverado Movies Under the Stars Friday, October 23: Jumanji Friday, Nov 6: Dolittle
Re-watch a Hollywood classic with your favorite movie-loving pals, or enjoy a family movie night underneath the stars. We have three packages available to enjoy our movie night- plus a Silverado Gourmet Popcorn Station and beverages from the Silverado Bar! The event opens at 5:00pm for parking, seating, and food & beverage. The movie begins at 6:45pm, and the event ends following the conclusion of the film. More Info | |
| GUILD Napa Family Craft Day October 24th 2-5pm Join GUILD for a fun-filled afternoon at a local ranch. We will offer a variety of Halloween and Day of the Dead crafts for adults and children. Treats, refreshments other take home goodies will be included. In addition, we will have an animal meet and greet (non-petting zoo) for everyone to enjoy. Costumes are definitely welcome! This will be a physically distanced event and masks will be required. Sanitizing stations will be available. Family portrait and food options available at checkout. |
Local Pumpkin Patches & Halloween Fun I recently posted a list of local pumpkin patches and ideas for having fun this Halloween while staying safely socially distanced on my website blog. You can check it out here and be sure to follow me on Instagram to stay up to date on local activities, real estate tips, new listings and more! | |
| Save the date for this great community event hosted by the Napa Valley Grapegrowers. To support the community after the fires, Napa Valley Grapegrowers is bringing together a team of experts on erosion control and restoration to help all landowners prepare for the winter rains. Complimentary materials such as mulch, native and sterile seed mixes, straw wattles, tarps, and gloves will be available for drive-through pick-up. All materials are on a first-come, first-served basis. |
| How to Prep Your Home to Sell When you’re a seller preparing your home for the market, there are a lot of important steps you need to take before showing it to property hunters. This is just as true when you’re offering virtual tours of your home to potential buyers who live too far away to visit in person or who are unable to visit for health reasons. Here is all of the information you need to get your home ready for the real estate market. |
The Northbay Association of Realtors supports candidates & measures that support housing and homeownership, combat impediments to the transfer of property, and value a strong local economy. NORBAR stands in support of Prop 19, Tax Portability, & opposes Props 15, Split Roll, & 21, Rent Control. Click Here for More Info on these measures. | |
4 Bed | 3 Bath | 2,137 sq ft $999,000 | 2 Bed | 1 Bath | 1,321 sq ft $1.075,000 | 4 Bed | 2 Bath | 1,663 sq ft $1,295,000 | 4 Bed | 2 Bath | 1,873 sq ft $799,000 | 4 Bed | 4.5 Bath | 4,838 sq ft $4,795,000 | 2 Bed | 1 Bath | 1,200 sq ft $675,000 |
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity. marketingcenter-sfbayarea-oaklandberkeleywinecountry |
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