Home Prices Adjusting in Some Areas of Healdsburg

Featured houses this weekend range from a $3.5 million spread on West Dry Creek down to a $319K on a dead-end street.

$739,000.00 655 Piper Street,  Healdsburg, 4Bdrm, 3Bth, Century 21 NorthBay Alliance

$769,000.00 790 Jonive Road, Sebastopol,  3Bdrm, 3Bth, Artisan Sotheby’s

$649,000.00 1705 Scenic Lane, 3Bdrm, 2Bth, Century 21 NorthBay Alliance

$1,675,000.00 5201 No Name Road, 3Bdrm, 3Bth, Chalk Hill, Wine Country Group

$760,000.00 68 Front Street, 3Brm, 2Bth, Healdsburg, Coldwell Banker

$699,000.00 524 Grove Street, 2Bdrm, 2.5Bth, Healdsburg, Wine Country Group

$3,495,000.00 2785 West Dry Creek, Dry Creek Valley, Healdsburg, Sotheby’s

$329,000.00 1290 Sonoma Street, Healdsburg, 2Bdrm, 2Bth, Trinity Realty

$319,000.00 1128 Cowan Lane, Healdsburg, 3Bdrm, 2Bth, Wine Country Group

There is a price adjustment for homes sold on the open market at this point that needs to be embraced by many sellers. Since we deal with an open market we have to price homes using all sold home statistics. That means that Realtors need to be aware of every home that has sold within a one mile radius of a subject property when doing a CMA, Comparative Market Analysis or BPO (Brokers Price Opinion). Many are not on the MLS!

In researching this article it became clear that Realtors that are doing BPO’s every day are aware of this and some Realtors that are doing CMA’s (Comparative Market Analysis) are missing some of the sold homes out there. This market is changing every day and it is hard to keep up with every facet.

Dan Stevens of Wells Fargo Home Loans said, “Home values in some areas of Sonoma County are forcing appraisers to use a tool called the Neighborhood Market Addendum. It is like a CMA for appraisers and takes into account trends of the past year, six months and three months. Appraisers in these areas are making adjustments in prices that are about one percent downward per month for the effected period.”

The sky is not falling. It is just that there is a huge adjustment right now for some homes and sellers need to be aware that their home is on the open market and needs to be priced against all home sold, including foreclosures. Not just the ones on the MLS.