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Your Sonoma Napa Valley Real Estate Expert
Archive for the ‘Sonoma Market Report’ Category
 I was on a listing appointment recently, going over how much it would cost a seller and there were questions about a line item for taxes. The seller thought that the Transfer Tax was actually his Property Taxes…. He asked if he could pay his documentary transfer tax (DTT) at the end of the year, when he does his taxes, and inquired if he could claim the tax as an income tax deduction.
I can tell you that a TON of people think that the Documentary Transfer Tax is their Property Tax, but it’s not. It is the tax a city, and/or county places on the sale of a property. Consider it a sales tax.
In Sonoma County either the seller or buyer (traditionally it’s the seller) pays the tax through escrow. Sonoma County transfer tax is .55 cents per $500 of sales price. It is easier to calculate the amount due by ding the sales price by $1.10 per $1000. rather than .55 per $500. To determine the tax due on $325,000 it’s easiest to divide the sales amount by $1000 which would result in $325 multiplied by $1.10 equals $357.50 of county tax due.
In Sonoma County five cities also charge a DTT. For example the city of Santa Rosa charges $2. per $1000 transferred. This tax would be $650 in addition to the county DTT of $357.50
I want to tread very carefully on the topic of tax advice. Regarding my client’s question: “Can the tax be paid at the end of the year?” I’ve never seen it paid anytime other than at close of escrow. I consulted with a escrow officer who told me that they know of no exceptions to paying the tax that way, however there are exceptions to paying the tax all together.
If you are interested in a list of DTT exceptions, you should consult with a title officer, real estate attorney, or tax professional. I can say that I have bought numerous homes, and have never claimed my DTT as an income tax deduction, however there may be tax benefits when the home is sold. These are all questions you should talk to a tax professional about.
If you are considering selling your home in Sonoma – give me a call! Mark Stornetta (707) 815-8749
I have the opportunity to work with many wonderful people, both buyers and sellers. In today’s environment, buyers want to make absolutely certain that they are not over paying. Sellers want to make sure they aren’t under-pricing. As your realtor, I look out for your interests – whether buying or selling – it is who I am!
The current reality of the market is that sellers have had to come down in their pricing. Therefore, I recommend to sellers, do not sell unless you absolutely have to. If you are certain you want to sell, price your property ahead of the market. This means something less than your competition. For buyers, the time is now if you want to make your dream of owning a piece of Wine Country real estate a reality. If you find a great property that’s priced higher than you expected to pay, don’t hesitate making an offer. Only the seller knows whether they will accept an offer less than the list price.
With buyers expecting and getting better deals, the market hardest hit currently has been the estate type home – those over $2,000,000 – where both inventory and buyer uncertainty are highest. Price adjustments for this market segment began occurring in 2008.
Here’s an example of three homes that sold over the last six months where the sales price was 20-40% less than the list price:
84 Loma Vista Dr., Sonoma:
http://www.redfin.com/CA/Sonoma/84-Loma-Vista-Dr-95476/home/2511894 A lovely 5 bedroom home, the final sales price was $2,400,000. It sold for 44% less than its original sales price. The property had been on the market for 2+ years.
500 Aurora Lane, Sonoma:
http://www.auroralane.com/ Another beautiful country property, the final sales price was $2,400,000 – 35% less than the original sales price. This property was on the market for 13 months.
19087 Gehricke Rd, Sonoma:
http://www.neighborcity.com/property/19087-Gehricke-Rd-Sonoma-CA-95476-20813668-2314854/ Though conveniently within walking distance to the Sonoma Plaza, the final sales price was 35% less than the original sales price.
The price reductions suggest that the pool of potential buyers is less for the estate type homes, however, with the right pricing, these homes will sell. Again, knowing your competition will also help you set a fair price to motivate sales.
If you are considering a real estate purchase or sale in the Sonoma Valley, please call Mark Stornetta 707.815.8749 I have deep roots to this area! I know the vineyards, the history AND what specific pieces of Real Estate should sell for!
From time to time buyers and sellers want to know what the market “snapshot” looks like for St. Helena California. Please see the chart below for general information regarding real estate in St. Helena California for properties priced over $1,000,000
With today’s real estate market, many people are hyper focused on trends and market reports to determine if this is the right time to buy. Remember though that a Market Report will never really tell you the whole picture, because it’s just based upon recent sales activities.
It doesn’t tell you if a home was upgraded, if that property or an appellation hit a “cold summer” or if it was particularly dry. I know the history of the properties going on the market, the history of their vineyards AND the overall trend for that type of property in that particular market.
If you are considering a real estate purchase or sale in the St. Helena, CA area, please call Mark Stornetta 707.815.8749 I have deep roots to this area! I know the vineyards, the history AND what specific pieces of Real Estate should sell for!
From time to time buyers and sellers want to know what the market “snapshot” looks like for Sonoma County California. Please see the chart below for general information regarding real estate in Sonoma for properties priced over $1,000,000
With today’s real estate market, many people are hyper focused on trends and market reports to determine if this is the right time to buy. Remember though that a Market Report will never really tell you the whole picture, because it’s just based upon recent sales activities.
It doesn’t tell you if a home was upgraded, if that property or an appellation hit a “cold summer” or if it was particularly dry. I know the history of the properties going on the market, the history of their vineyards AND the overall trend for that type of property in that particular market.
If you are considering a real estate purchase or sale in the Sonoma Valley, please call Mark Stornetta 707.815.8749 I have deep roots to this area! I know the vineyards, the history AND what specific pieces of Real Estate should sell for!
Welcome to the Wine Country Real Estate blog which offers the latest, essential real estate information in Sonoma County, CA. Living in Sonoma County offers rich opportunities for beautiful scenery and year-round activities.
A client recently asked me to give him a market update for homes selling under $500,000 in Sonoma County. He is thinking of how he can help one of his kids get into a home. I looked at the Residential Real Estate market in the cities of Sonoma, Petaluma, Santa Rosa or Healdsburg.
This graph developed from data by Trendsgraphic 2009 Sonoma Homes Graph for properties under 500,000 shows the hottest real estate category – homes priced in the $500,000 range – and the inventory of those homes in that category. As shown on the graph, Healdsburg has the highest home inventory over a five-month period. I consider this statistic a fluke; it doesn’t take into account the amount of pending sales.
Overall, the graph presents a positive market in Sonoma for homes priced around $500,000.00. With the amount of inventory selling within a two-month span, this means, within this category, it’s a sellers’ market. So buyers, act quickly to take advantage of the home owners credit and low interest rates.
If you have any questions about selling or buying property in Sonoma Valley California, call Mark Stornetta 707.815.8749. I love this area, and this Sonoma County Wine Country community and it would be my priveledge to help you with any of your Residential Real Estate needs in purchasing land, a luxury home or a vineyard.
June, 2008
The Sonoma Valley market for homes is improving. Despite a 22% decline in the median sales price, (median sales price is the mid point where half of the homes are selling for more and half less), one key indicator, the amount of inventory measured in months supply of inventory (MOS) has declined to 5 months compared to over 10 months one year ago. Well priced homes representing opportunity are moving.
What about the Sonoma Valley Median Price? The decline in the median price is a result of the increase in Short Sale and REO sales which are included in the median price. In June the Median Sales Price was $113,000 less than the previous month. There were 51 homes sold and the average Days on Market (DOM) were 29 days in June, 2008.
June 2008 Median Home Sales Price in Sonoma Valley
Click on any of the following community guides to easily search for real estate by feature, amenity and price:
Glen Ellen, CA Real Estate and Visitor’s Guide
Healdsburg, CA Real Estate and Visitor’s Guide
Kenwood, CA Real Estate and Visitor’s Guide
Petaluma, CA Real Estate and Visitors Guide
Santa Rosa, CA Real Estate and Visitor’s Guide
Sonoma, CA Real Estate and Visitor’s Guide
The Stornetta Team —Here to help you with all your Sonoma County, CA Real Estate needs.
If you’re ready to purchase or sell your Sonoma County real estate or need help relocating, we would love to help you! You’re always welcome to contact the Stornetta Team @ (707) 815-8749. We promise to provide you with our world-class service! But if you want to read more about how we can help you, or just want to browse what we have to offer online, then you’ll find exactly what you’re looking for in our Sonoma County real estate and visitor’s guide. We hope you enjoy your visit!
Click here for our Sonoma County real estate / Napa Valley real estate & visitor’s guide, including land, vineyards, and homes for sale in Glen Ellen, Healdsburg, Kenwood, Napa, Petaluma and Santa Rosa and Sonoma, CA…
www.WineCountry-Real Estate.com is owned by Mark Stornetta, who is a licensed REALTOR® of Pacific Union, GMAC Real Estate, 640 Broadway, Sonoma, CA 95476. (707) 934-2301. Pacific Union, GMAC Real Estate is licensed in the state of California, is an Equal Opportunity Employer and supports the Fair Housing Act.
May, 2008
Real estate market reports are most often painted with a large brush without time given to micro-geographies where the feel of a community varies greatly which then reflects on pricing. The “big brush” for Sonoma County real estate in May showed a 30% decline in the average median sales price to $489,000 compared to the same period two years ago with unit sales being 11% less for a total of 366 sales
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I was on a listing appointment recently, going over how much it would cost a seller and there were questions about a line item for taxes. The seller thought that the Transfer Tax was actually his Property Taxes…. He asked if he could pay his documentary transfer tax (DTT) at the end of the year, when he does his taxes, and inquired if he could claim the tax as an income tax deduction.