Crescent City Real Estate News

Crescent City/Del Norte County Market Report for August 2009 - Sales are down from July, but still looking good.

Active listings are up to 278 and 19 residential listings sold in August, giving us an *absorption rate of approximately 15 months, which is not bad when you consider we have had months in the last 12 month period with an absorption rate of over 3 years!

The federal tax incentive, low prices and REO's are spurring on first time home buyers and investors with cash for the summer's end flurry of buying our market is currently experiencing. As every year, now is our busy time and closings in October will probably be very good, but don't expect that to last. November closings will no doubt drop off as they historically do every year.  Who wants to move during Thanksgiving or Christmas?  That's right, no one does.

Here is the market at a glance:

As you can see, the under $200,000 price range is still going crazy with investors and first time home buyers jumping in taking advantage of low prices, good interest rates (several of my clients locked with 5.5% in August), the $8000 tax credit that expires on December 1st (escrow has to close by that date to get the credit) and anxious sellers who are more negotiable than ever with the slow season looming in the not-to-distant future.

I would like to blow my offices horn for a moment and show you the sales per agent ratio for the leading offices in Del Norte County for August 2009:

1. RE/MAX Coastal Redwoods - 1.6 sales per agent (5 agents)
2. Bayside Realty - .9 sales per agent (8 agents)
3. North Woods Realty - .8 sales per agent (8 agents)
4. Century 21 - .7 sales per agent (7 agents)
5. Investment Realty - .6 sales per agent (5 agents)
6. Ming Tree - .4 sales per agent  (12 agents)

RE/MAX Coastal Redwoods didn't just have one good month. Here are 2009 totals so far:

1. Bayside - 7.13 sales per agent for 2009
2. RE/MAX Coastal Redwoods - 5.8 sales per agent for 2009
3. Century 21- 4 .29 sales per agent for 2009
4. Ming Tree - 4.16 sales per agent for 2009
5. Investment Realty - 3.8 sale per agent
6. North Woods Realty - 3.5 sales per agent for 2009

RE/MAX Coastal Redwoods has only been in existence for approximately 3 years, so why are we doing so much business in comparison to offices that are well-established and have been around for 20+ years?  We work hard for you!  We want you to be happy and we want you to refer us to your friends and family; our excellent customer service shows in our stats. 

Out of the 9 listings that have sold in 2009 with a sales price over $400,000, 6 of those 9 listings have been RE/MAX Coastal Redwoods listings and 4 of those have been mine.  I am a full time agent who works 5 days a week (usually more) to find you the perfect home or find your home the perfect buyer.  Why would you go anywhere else for your real estate needs?

* Absorption rate is the rate is would take to sell all current listings at the current rate of sales, in this case 278 active listings at the rate of 19 listings sold each month.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

How do you cope with the reality of foreclosure or imminent bankruptcy?

Someone very near and dear to me is facing foreclosure.  There is no one left to borrow from, their bankruptcy is completed and the end (foreclosure) is looming near.

My friend is overwhelmed and depressed.  She has lived in her home for over 25 years and wants very much to stay there, but the faltering economy is threatening to claim them as another victim.

I made a few suggestions to my friend and if you have any other suggestions, don't hesitate to share, please.

I've been married for 29 wonderful years to a great guy and we have raised 5 lovely children on one salary while I was a stay at home mom.  There were some very rough financial times, which of course led to marital stress and even physical illness at one point. 

• When times got tough for us, both my husband and myself would look for new avenues of earning potential.  My husband was a truck driver for years in the 80's and he was tired of getting laid off when the companies he drove for were swallowed up in a hostile takeover.  He decided to go to school and get a teaching credential.  It was very difficult, but we focused on the end result and after two years of school, he graduated.  If you never start, you can never finish. 
  
  
• While Garry was in school, everyone had to pitch in.  Even the kids (they were all under 10) helped collect cans and picked berries with me to sell to restaurants.  It's amazing how far you can stretch a dollar when you have to.
  
  
• Once my husband Garry became a teacher, it was evident he needed to do more than just teach if we were going to eat.  During this period I cleaned houses for extra income and he took a course in classroom management and became the district mentor teacher helping dozens of teachers become better at their profession.  This led to several years of workshops and greater earnings.  At various times he coached sports, was teacher in charge, did tile and brick jobs and whatever else he needed to do to keep all the financial balls in the air.
  
  
• We purchased homes over the years, but always the WORST home in the best neighborhood we could afford.  I wanted to feel safe. We fixed up these homes and sold them for a small profit.  Garry eventually earned his contractors license which has enabled him to earn money during the summer when he is off from school.
  
  
• We always sold our homes ourselves and I so enjoyed it that I decided to make that my profession when my youngest finished high school.  I took the courses, studied, and wa-la, got a job. This has taken some of the pressure off my husband. 

There are a multitude of ways to make money.  We have tried to be proactive and creative in our efforts to keep us afloat.  It hasn't always worked out, that's for sure.  We have had our share of set-backs and failures.  I would like to think that we have learned something valuable from every set-back, but we have repeated the same mistake on occasion. 

We have been without a place to live, lost our investment in a business venture, had to use public assistance at one time, had marital struggles and been humbled over and over again.  It hasn't always been a fun ride, but I would say I've kept a joy throughout most of it because of my faith. 

I have had several instances in the past week where I have had the opportunity to encourage clients who are close to losing it all.  What I say to them is from my own experience.  IF YOU DO LOSE IT ALL, it is not the end of your life. You can rebuild.  There are many, many people in the same situation.  You do not have to dwell on failure, but do what needs to be done (foreclosure, short sale, bankruptcy?) and then move on.   I tell people in these situations to call your bank, a consumer credit counselor, talk to your tax professional, your lawyer and whoever else may be able to give you solid and valuable information on how to proceed.  Burying your head in the sand doesn't work.  The situaion will not go away or magically disappear. 

It may sound trite to say that all my negative experiences have been for a reason, but it seems to be true.  Sharing with a client from the perspective that I have been there and I'm still standing can be very encouraging and comforting.  Agents, I would urge you to be transparent with your clients and listen to their concerns giving guidance when appropriate and an attentive ear as well. 

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS

Good news for the Del Norte County real estate Market!

My observations would show the market is picking-up in Del Norte County and statistics prove this out. 

Homes priced over $400,000 have comprised only 10% of residential sales so far this year (1 sale) and only 5% for all of 2008 (9 sold). In other words, this segment of the market has been stalled.

As of this writing, 19% of residential listings that are in contingency or pending status are priced above $400,000.

What does that mean for buyers and sellers in my market?  

In my opinion, confidence is coming back to the market for whatever reason, pick one, there are many...a new president, unbridled government spending (which scares me, but obviously not everyone), LOW interest rates--I have a client who just locked at 4.875--pent up demand, LOW prices, spring fever, relocation, and more.

Consumer confidence is a reliable meter as to how the market will perform.  When it is low, as it was last year (election years bring traditionally lower performing markets), we saw a slump. When confidence is restored, consumers spend.  I am optimistic in stating the market is picking up, while at the same time I realize that this could just be a blip on the real estate radar. Since the Del Norte County real estate market is so small, it is greatly affected by just a few homes being sold.

However, another, very strong indicator is showings are way up with all the agents I've talked with and they seem upbeat about our market as well.  With only 6-9 homes selling a month for the last 6 months, it is exciting to see 27 homes in contingency and pending status. 

Of course I will keep you abreast of how many actually close and if this is a blip or if the optimism is warranted. 

First time home buyers are jumping into the market and there are some great programs to help them take advantage of these low prices.  The GRH, VA and FHA programs are all worth looking into.  Give me a call if you would like the name of a lender who can get you started on your home purchase.

Make sure you bookmark my blog to keep abreast of all the Del Norte County real estate market news.

Brought to you by Fran Gatti at  THE REDWOOD COAST REAL ESTATE CONNECTION  Bus: 707-464-5400, Cell: 707-218-8162 Email: fgatti@charter.net Website: FranGattiHomes.com My Blog: Fran's Blog Put Fran to work for you.

       

Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009--*both in number and volume--than Fran. Put Fran to work for you!

Brought to you by Fran Gatti at  No one works harder for you!  Bus: 707-464-5400, Cell: 707-218-8162 Email: frangatti@remax.net Website: FranGatti.com My Blog: Fran's Blog RDCPro®

*PER CCMLS