Unemployment, Curb Appeal, and a Fast Moving Market

There are many factors that add to a strong or weak housing market.  The fact that California Unemployment numbers are the lowest they have been in years while the housing Market is the best it has been in years are factors that are impossible to ignore regarding the strength in our local market.  I read through the record setting unemployment numbers from different counties in California today and they were even lower then expected.  Sonoma County came in at 2.5% and Marin County came in at 2.1%.  How does this translate to our current housing market?  With California adding 39,300 jobs (Marin 600 & Sonoma 400) in the last month, more families and individuals today have the stability and longevity in the job market to enter into our current housing market.  This is great news for sellers and bad news for buyers who have already been battling one of the most competitive housing markets I have experienced in my career.    

What outdoor home improvement related to curb appeal has the biggest impact on buyers……lawn care.  When it is time for the sale of your home, lawn care recoups 267% of the original cost.  On the opposite end of the spectrum the improvement with the lowest return on investment is a swimming pool.  Swimming pools only recoup 43% of their original installation costs.  99% of Realtors and Real Estate agree that curb appeal plays a major factor in wooing buyers.    

The National Association of  Realtors released this month that the average days on market for a home in April was 26 days, which is the fastest pace of sale since NAR started to track data.  60% of all homes on the market sold in under a month!  Why?  A big factor is the lack of inventory.  There were 6.8% less homes on the market in April of 2018 then April of 2017.  Are these national averages reflected in the Petaluma Real Estate Market?  We have seen this trend first hand relating to Petaluma homes and Petaluma Condo’s.  In my opinion is a home or condo is priced right it is unlikely to stay active longer then 10 days in our town.  The off market deal is more valuable then ever!      

Thanks for Reading 

Mike Ward | Petaluma Realtor