Solano Real Estate Scene: Tough year for everyone but a great time to sell or refinance your home
The Northern Solano County Association of Realtors American Home Week party has been canceled for the second year in a row, which really stinks because I attended this awesome event 28 years in a row.
Not only is it a full breakfast with sausage, eggs, toast and real butter, the Northern Solano County Association of Realtors usually has a terrific speaker with an upbeat inspirational message.
The Northern Solano County Association of Realtors’ affiliate members are mortgage, home warranty, title company, insurance and home inspection folks that support and work for the hard-working Realtors. The affiliates just had 12 months of pandemic stress and anxiety teaching our kids on Zoo0m and worrying about our Realtors, Covid-19, children, friends in the restaurant and travel business, locked-up parents and grandparents, but because 30-year fixed mortgage rates dropped to a 100-year low for a while last year and remain around 3.3% nationwide, business has been crazy busy for lenders and title companies.
Working remotely and not being able to see or touch many buyers and borrowers in person and working 50 to 60 hours per week for the past nine months has been hard and stressful trying to keep up with the 200% increased loan volume.
Tons of local buyers and borrowers depend on us as an essential business. Thousands of Fairfield folks refinanced to a much lower rate and payment and some took cash out to buy second homes or remodel the home they love.
The pandemic, riots and looting, a politically divided nation, family moving out of California, deaths with no funerals, schools closed, no proms, no high school section championships, no graduations, no vacations to the happiest place on earth or Pebble Beach, canceled weddings and zero concerts and theater has been rough for all of us.
The Realtors had it tougher to survive this past year. Inventory has been low for the past 12 months with five preapproved buyers for every house listed. Thankfully, lots of new subdivisions are being built. Many Realtors have been supporting their families selling the new homes, but just imagine what it is like to find the perfect house for a super sweet couple and their two little kids, writing an offer over list price and coming in fifth place out of the eight offers with the winner from the Bay Area coming in $30,000 over list price and appraisal.
I think this has been the toughest 12 months in my 40-year career.
This year was a little bit worse than the 2008 crash when the late Fay B. King was president of the Northern Solano County Association of Realtors and in 2009 when the late Bob Solomon was our leader and had to keep us all going through what’s now known as the Great Recession.
The Northern Solano County Association of Realtors has great leadership but geez, we missed out on a lot of fun charity and educational events that 2020 President Mark DeContreaus had planned and now 2021 President Dave Clutts presses on as our leader and fights for his fellow Realtors and the American Dream while the novel coronavirus vaccine kicks in and we all recover.
Dave and Mark care about our community and although we all missed out on seeing them in person, they have been on Zoom every week guiding us through these tough times.
Unlike 2008, home values are up, the economy is coming back and booming, our 401(k)s are up and the vaccine is here so hey-hey, Daily Republic readers, call a Northern Solano County Association of Realtors local Realtor today and list your home for sale and move up to your dream home or out to Idaho or Tennessee if you must. But you may want to go wine tasting first in Suisun Valley before you leave this great part of the world.