“Although Bay Area home sales in August fell nearly 6% from a year earlier, the recent drop in mortgage rates likely helped temper that decline,” said Andrew LePage, a CoreLogic analyst. “From March through August this year, when mortgage rates trended lower, home sales fell about 7% compared with that same six-month period last year. In the second half of 2018, when mortgage rates climbed, home sales fell nearly 12% compared with the second half of 2017. Some buyers no doubt remain parked on the sidelines, concerned about the possibility of buying near a price peak, and affordability remains a huge hurdle for many. But for some, this year’s drop in mortgage rates has been meaningful. While the median price paid for a home last month was down 2.4% compared with August 2018, the principal-and-interest mortgage payment on that median-priced home was 13% lower because of a roughly 1 percentage point drop in mortgage rates. The combination of the drop in the median price as well as mortgage rates translates into a savings of about $450 on the monthly payment for the median-priced home, assuming a 20% down payment and a fixed-rate 30-year loan.” CoreLogic
Just looking at the city of Napa, this is the data comparing market activity for July and August 2019. 2018 and 2019 for the same months are also compared. We are seeing more days on market with increased inventory. Many price ranges are still selling at top dollar while other price ranges are seeing multiple price reductions. I am happy to discuss your particular situation and can refer you to a trust local lender to discuss refinancing options.
Go take a peek at some of the inventory discussed using the open house lists below.
Growing up in Napa I learned the value of community. I strive to serve the neighborhoods that I grew up in and the people who desire to make Napa their home. I help people connect to the community of Napa with a focus on continuing to build the unique community of Napa and my belief that home is where your story begins.