Crescent City/Del Norte County June Market Report - Finally some great news!
Yes, I am happy to write the June market report. Sales increased 41% over May's figures. We can thank the low interest rates in April along with the $10,000 California Tax Credit for purchasers of new homes (this tax credit is no longer available) and the $8000 Federal Tax Credit for First Time Home Buyers, which is still available until November, for this marked increase.
The segment of the market that is selling like hotcakes is $200,000 and under with 66% of June's sales and 62% of sales overall for 2009.
The financing of choice for these transactions is the USDA GRH program and FHA. The GRH program is a wonderful program for low to moderate income families and still provides 100% financing, although the buyer needs to come up with approx. 3% in closing costs. This hurdle has been overcome by asking for a seller contribution to cover those costs. If you are selling your home, be aware that there is a very good chance that you will be asked to "contribute" part of the sale price to cover these costs.
So, good news for sellers, homes are still selling, but there is a lot of competition out there with a high inventory of 275 and absorption rate of 12 months (the absorption rate is how quickly it will take to sell all current inventory at the current rate of 22 sales a month). We are still in a buyers market; no surprise there.
"On Main Street, the recovery will begin when foreclosures stop," said Senator Jack Reed of Rhode Island, who has been pushing the Treasury Department to get mortgage relief more quickly to homeowners at risk of foreclosure.
Unfortunately, the U.S. is on track to see 3.5 million foreclosures this year. The increase in foreclosures remains the single largest threat to economic recovery and although the Del Norte County foreclosure rate is lower than most California markets, at only 7% of the listings (approx.), foreclosures are still a force to be reckoned with. As foreclosures come on the market at below market value, they affect every other home in the neighborhood by lowering values.
So, here is the good news for buyers...prices are low, the GRH program still offers 100% financing to qualifying buyers, and inventory is high making seller's more negotiable than ever.
Here is the market at a glance for June 2009.
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|
6/09 # Sold |
6/09 Median |
6/09 Average |
|
Residential Sold Listings |
22 |
174,750 |
186,114 |
|
Price Range |
% Active listings |
% of May 2009 Sales |
% of 2009 Sales |
|
$199,000 and under |
39% |
66% |
62% |
|
$200,000 - $299,000 |
24% |
27% |
21% |
|
$300,000 - $399,000 |
14% |
9% |
8% |
|
$400,000 - $499,000 |
7% |
0% |
7% |
|
$500,000 - $599,000 |
2% |
0% |
1% |
|
$600,000 - $699,000 |
2% |
0 |
0 |
|
$700,000 and up |
8% |
0 |
0 |
Here are May's figures if you would like to compare:
|
|
5/09 # Sold |
5/09 Median |
5/09 Average |
|
Residential Sold Listings |
13 |
185,000 |
229,508 |
|
Price Range |
% Active listings |
% of May 2009 Sales |
% of 2009 Sales |
|
$199,000 and under |
40% |
54% |
62% |
|
$200,000 - $299,000 |
23% |
23% |
18% |
|
$300,000 - $399,000 |
16% |
0 |
8% |
|
$400,000 - $499,000 |
9% |
15% |
10% |
|
$500,000 - $599,000 |
2% |
8% |
2% |
|
$600,000 - $699,000 |
1% |
0 |
0 |
|
$700,000 and up |
9% |
0 |
0 |
As always, I am here to assit you with all your real estate needs. I am here to answer all your Crescent City / Del Norte County real estate questions. Thank you for stopping by.
Crescent City Garage Sale this Saturday and Sunday at 350 Sleepy Hollow. Take Parkway to Sandmann, right on Sleepy Hollow.
Some of the items:
Please let Denise know I sent you.
Thank you,
Fran
Crescent City/Del Norte County June 2009 closings are up, so far 24% over May 2009 and the month isn't over!
Since closings are generally 45 - 60 days, we can attribute the below 5% interest rates in April for this flurry of closings.
But what about the coming months? There are currently 33 listings pending or in contingency status, about the same as when I checked in April, so it looks as though closings will be up for awhile. Interest rates, although inching upward, are hovering around 6%, which is still very good and Crescent City/Del Norte list prices are still coming down. It is still a buyers market, however buyers can expect competition and mulitple offers on the below market priced REO's that are hitting the market with greater regularity.
There is talk that the $8000 first time home buyer federal tax credit may be extended past the November 30th deadline. That may keep this rally going past the busy summer season despite the inching up of interest rates. The $10,000 CA New Home Buyer tax credit is spurring on purchases of new home construction as well. That credit ends when the money the state has set aside runs out, so better check before your purchase and see if you will actually qualify and if funds are still available for the credit.
Crescent City/Del Norte County inventory is still high in comparison to the amount of homes that are selling, but the absorption rate is at a much healthier 12 months, versus the almost 23 months we have been experiencing. The absorption rate is how long it would take to sell all inventory at the current sale rate of 21 homes a month.
In order to have a home sell in this market it has to be competitively priced. Competing with REO's and extremely motivated sellers may give homeowners who do not really need to sell pause to wait until foreclosures decline and inventory shrinks a bit. Otherwise, you may be faced with a long Days on Market, a shop worn listing, and a frustrated real estate agent who wants very much to sell your home for you, but finds that despite their best efforts to price your home for the current market, you "Aren't in any real hurry," "Don't really need to sell at this time," or "Aren't going to give your home away." If this is your mind set, in my opinion it would be much better to wait until prices come back up to where your home is properly priced for the market.
Your home is only worth what a ready, willing and able buyer is going to pay for it at that moment in time. Ask your real estate agent to show you comps that can give you a price range that will get your home sold. If your home is listed and has been on the market for more than 60 days, you may want to ask your agent for a new market analysis, but be warned, you may not like what you hear; prices are still coming down in Crescent City/Del Norte County.
The Crescent City Farmers Market is back!
The Farmers Market offers locally-grown produce, specialty items and arts and crafts.
It will be open every Saturday from 9 am to 1 pm until October 31st at the Del Norte County Fairgrounds in the Northeastern corner of the parking lot (where Rumiano Cheese used to have a store).
Some of the local vendors:
All of the goods at the Farmers Market are guaranteed by the county Department of Agriculture as made or grown locally. To be a certified farmers market, vendors have to sell their own products.
Vendors may change each week, so keep that in mind if you find something you really like.
Ron Phillips, manager of the Farmers Market, is hoping to have live music each Saturday and add more food vendors.
No pets are allowed per California health regulation. For more information contact Ron Phillips at Rural Human Services at 464-7441.
Gasquet, California. Home to the Forks of the Smith River (edit/delete)
Gasquet, California, although small (pop. approx. 400), has some mighty attributes, chiefly, the Forks of the Smith River and Six Rivers National Forest.
Gasquet has it's own elementary school, Mountain School that serves grades K-5th grade, post office and general store. The summer weather reaches into the 100's, with an occasional dusting of snow in the wintertime. Gasquet is approximately 20 miles from Crescent City up highway 199.
It has several neighborhoods and homes scattered up and down the Smith River on acreage.
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Crescent City/Del Norte County full-time real estate agent assisting first time, move-up & relocating buyers & sellers of residential, land, commercial & REO's, RDCPro® certified.
Fran Gatti is a REO Default Certified Professional. What does that mean for you? Your asset will be handled in a prompt, professional manner. You will receive a timely occupancy status, monthly status reports, initial BPO done in a professional manner, and reliable communications that will get your asset moved quickly and for top dollar. Fran is experienced in Cash For Keys, property preservation and all aspects of the REO process. Fran is a Top 500 blogger and Ambassador with the Active Rain Network and blogs extensively about her REO listings, produces a widely read monthly market report and reports on local happenings in Del Norte County. Call Fran for your REO listings in Crescent City/Del Norte County and work with a proven professional. Give Fran a call today at 707-218-8162 or email frangatti@remax.net. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Looking for real estate in Crescent City/Del Norte County or to sell your Crescent City/Del Norte County real estate?
Fran gives prompt and professional service with superior market knowledge. Check out Fran's Monthly Market Report for the most up-to-date assessment of the Crescent City/Del Norte County real estate market BASED ON STATISTICS, DATA and Fran's insight.
Fran puts her market knowledge, use of technology and professionalism to work for you.
Fran is experienced in buying and listing REO properties, including all facets of the process, working with property preservation, Cash For Keys, reimbursement, Asset Management software, BPO's and more.
Why move to Crescent City/Del NorteCounty ~
Although Del Norte County is one of California's smaller county's, it's big in what it has to offer. The home of where the Redwoods meet the sea is where you want to relocate. Let me give you a tour of our county and I'll show you why. The Del Norte Chamber of Commerce website is definitely worth a look. A Little About My Client First Philosophy What this means is I am all about customer service and meeting your needs. Please take a look at my testimonial page to see what my clients have to say about my service. From beginning to end of each and every transaction, your confidence that your home purchase or sale is being handled professionally and with the greatest of care is my number one concern. Why relocate to Del Norte County: No traffic, no smog, nice people, affordable housing, relaxing commute, fishing, surfing, hiking, bird watching, laying on the beach, kayaking, wind surfing, boating, hunting, yachting, rafting, no drought, fresh tuna, fresh salmon, Warrior's football, fresh crab and so much more...
Del Norte County's traffic is minimal with an easy commute from home to office. The weather is incomparable for folks who enjoy a mild climate. Del Norte's temperature for the month of September hovered at approximately 65-70 degrees and Crescent City/Del Norte County does not have smog and so many of the other maladies that effect larger, more populated areas.
Take a look at my website and feel free to contact me with any questions you may have regarding relocating to the magnificent Del Norte County area. I urge you to go to my links page and my blog on the Active Rain network where you will find a wide variety of useful information and resources about Crescent City and all of Del Norte County as well as a list of Upcoming Events.
From information on the local community, to advice about finding a mortgage or preparing your home to sell, it's all available here on my web site.
Virtual Tour of Del Norte County
My Bio ~
I have been married to my husband Garry since 1980. We have five children of whom we are very proud. Garry and I have attended Foursquare Church in Crescent City since moving here in 1991. We have also been lead couple for over 10 Married For Life classes and have been involved in other community minded endeavors. Garry teaches 6th grade at a local school and is a California licensed general contractor.
My husband and I have bought numerous "fixers" and we are currently living in a home that we built ourselves. Being involved in onstruction on a personal level and working as a real estate agent has given me an enthusiasm for real estate that is genuine. Real Estate is a fabulous investment for the investor and individuals seeking the American Dream.
Thank you for your interest in relocating to Del Norte County. I hope to hear from you.
You already have a friend in Del Norte County. I am here to help your relocation be a smooth one. I will assist you every step of the way, from finding your home, to purchasing your home, and finally, in getting settled in. Please read my testimonial section to see how I have assisted other clients in their relocation to Del Norte County.
I am knowledgable in purchasing vacant land for building your custom home and the building process. Through personal experience with new home construction and assisting my clients, I have accumulated knowledge that my clients find both useful and time-saving. Not every agent has hands-on experience with this process, If you are going to build in Del Norte County, I would be happy to put my experience in this area to work for you.
Professional Designations, Affiliations and Accomplishments:
For more information about all that Del Norte County has to offer, please check out my website.
I am honored to write this testimonial to thank Fran Gatti for the superb job she did for us in selling our home. Everyone, including our CPA, said 2008 wouldn't be a good time to sell a home, but we were ready to move to Arizona following my husband's retirement. We did everything we could to make our home and then set out to find the best agent we could. After a few weeks of web surfing, and reading agents bios and blogs, I learned that not only was Fran Gatti the number one buyer's agent of 2007, but in the past year she was in on 25% of all the sales in the county. I was excited. I knew Fran. She had done clerical work for me some years back when I taught school and I had always admired her competence, professionalism and work ethic. Her soaring success in a new profession didn't surprise me This is a letter to the editor in The Daily Triplicate, our local newspaper Fran Gatti is awesome!!!!! I started saving for my first home three years ago. I patiently watched the market and during that time I "worked" with other real estate agents. One agent was more than eager to show me property if I found it and called him; he never notified me of any listings. I found another real estate agent who said she would work for me; she emailed me a few listings. When I was not interested in the listings she sent me; she just "disappeared". Enter Fran Gatti. I could not believe how hard she worked for me. She sent me listing after listing and took me to see several properties. They were just not right for me; she did not give up. I found a home online that I liked and drove by to look at it. When I emailed Fran she told me the disappointing news that it was already in escrow. But Fran talked to the other real estate agent and found that the seller wanted a back up offer. Just a few days later she called and said the house was "mine". Then the hard work really started; the inspections, reports and all the paperwork. I could not believe how relatively easy it was for me because Fran did most of the work. And her husband did the foundation work that was required; everything was done in time. After escrow closed, there was cleanup to be done on the property after the seller moved; she took care of that also. If you are buying or selling; I recommend Fran Gatti ... she is awesome!!!!! FRAN GATTI - DOES SHE HAVE WINGS? NO...BUT MAYBE A HALO! Fran Gatti was a true professional and competent representative of her field. Throughout the process she was responsive and helpful and made buying the property a stress free proposition.
We set up a meeting and Fran pleasantly assessed our property, took pictures and talked with us about our goals. We told her we wanted to be in Arizona by summer. She returned to her office pulled comps and provided us with a market analysis that gave us a price range where we could successfully market our home. Within a week of listing our property, not only was our house showing on the MLS that all the real estate agents use, but it was listed on a number of websites advertising our home across the nation. On these sites she provided both a slide show of our home and a video of the nature trails around the property. Her marketing expertise was another factor in choosing Fran.
Success!! We were in escrow in fifty-one days. Around here, in 2008, that is extraordinary. Fran negotiated for us, educated us, kept us informed every step of the way and eased my worried mind. "Arizona here we come!" Thanks Fran.
The Bowling Family
Published: May 1, 2008
Four independent gray-haired old women who have been friends for many years decided to move from their individual homes in Southern California to share one big home in Crescent City. This letter is to publically thank those professional people who along with their staff, made this move possible. I know I can't mention the names of the businesses involved, but I will tell you the names of the people involved. Shirley Selman, Fran Gatti, Jamie O'Brien, Susan Muhler and Maryann Allman. Sharing this one house will be a unique adventure for the four of us. It was made possible only by the sincere caring of the above mentioned people, who truly believed that failure was not an option.
Rose Afflick
Teresa T.
Dear Fran - Thank you from the bottom of my heart for all of the hard work and dedication with regrads to making my dream of owning a home here in Crescent City a reality. I feel so lucky and blessed to have had you on my side throughout this process. It's exactly what I needed to make my dreams come through!
Love,
Judy Baker
We wanted to relocate from the San Francisco Bay area to Crescent City, but the scope of such a move was daunting. We have small children, work, and busy lives...how would we house hunt, then buy and sell, and also go through all the paperwork and physical inspection stuff remotely? How could it ever work? Enter Fran Gatti. We found our dream house in one day with Fran's guidance. The offer and subsequent endless trickle of paperwork, inspections, and negotiations that followed were all handled by Fran expertly. Though we were four hundred miles away, she made sure we were informed, involved and consulted at every moment. She returned endless emails and frantic phone calls. We closed on time despite numerous obstacles. Even after we closed, Fran continued to look after our needs by helping us with unexpected issues like pets abandoned at the house, getting piles of debris disposed of, and finding quick medical care. Fran is a treasure, and if you ever buy or sell your property let her handle it...because she will. And well, incredibly well, trust us on that.
The Crabtrees of Crescent City
Phillip Knight
I have the highest regard for Real Estate Agent Fran Gatti from Ming Tree Realty. Fran helped to find the "perfect" house for my real estate investment, and also helped me negotiate a great price for this home. Fran made valuable suggestions in creating inexpensive home improvements to increase the property value and to make the property desirable for a rental home. Throughout this process, she was inspiring, friendly and comforting. Fran is a very wise and hardworking realtor and I would never use another. Best of all, she listens carefully to my desires and my needs, and never pushes me in directions I don''t want to go. I am forever grateful for her professional guidance!
J. Hoffard
I would definitely rate your support all high marks. You were very helpful during the sales process. You supported us during a slow sales market with telephone calls encouraging us. We had a specialized piece of property with 3 acres, which can be difficult to market. We believe the marketing process provided by you and Dan sold our property. Your help during the escrow process was especially supportive. You found us a much needed plumber to assist with the well requirements. Fran Gatti is the consummate real estate professional. Fran took the time to listen to our needs, help us direct our search, and arrive at the perfect decision for us. Without her caring, thoughtful and patient guidance we would not have been able to live, finally, in the home (and town) of our dreams. It took me almost three years to decide to buy a home in Crescent City. In that time I watched the market, compared homes online and figured out which areas would be best for my family. When I first met Fran I was in no hurry to buy a home. I was willing to wait for the right deal and the right house. Fran asked what I was looking for and I gave her my conditions and patiently searched for the right home for us. I would even go so far as to say that Fran knew what I needed better that I did! After months of sending me email listings of homes and showing me a lot of houses, we found the one I bought. I knew it right away and so did she. It was a pretty cool experience. Fran was patient with me, but didn't neglect me because I wasn't ready to buy right away. She has even been helpful after the sale. Apparently, the garage door was damaged as the seller was moving. Fran followed up and made sure that everything was done to get the door replaced. Without reservation, I would recommend Fran Gatti to anyone who is looking for a home in Crescent City or Del Norte County.
Again, thank you for your professionalism and support during this long process.
Hilary
Mike and Lorie Carter
Grant Scholes
Crescent City, California
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