Napa Real Estate – Have We Hit Bottom?

Right here is the query which is on all people’s thoughts… has the Napa real estate industry bottomed out? The reply is…probably not, but we are almost certainly getting close.  REO’s and foreclosures are even now occurring which are still having a adverse effect on charges but the pace is slowing substantially.

Napa Real Estate – Excellent News for a Change

The good information is that in 2010 we had 7 homes for sale in Napa CA that sold over $4,000,000 and not one in 2009.  At the very minimum we are moving in the appropriate direction. The all round number of closed transactions is up 5 percent but the sales quantity is lower by a similar amount. The interest rates have remained in the 4 to 4.5 % range making home ownership reasonably priced but fears of job safety is maintaining many purchasers in the Napa real estate market on the sideline.

The Napa condominium marketplace is really robust as foreclosed houseowners are moving into rentals.  Rents have elevated about 5 % at the time of the last 6 months and the vacancy rate is nearly 3 percent. The only area that is not transferring well is the over $2200 per month price range, that looks to be the ceiling for which a lot renters are prepared to pay.

Napa Real Estate – It’s Time to Buy!

It is difficult to tell if the Napa real estate marketplace has hit bottom.  Calling a bottom is really very difficult to do but there is a clear leveling going on and some of the high end prospective buyers in Napa have become active again.  With interest rates at an all time low and prices stabilizing, there has never been a better time to buy a house and take advantage of the exquisite discounts available in the Napa real estate marketplace.