According to home sales reported to the Bay Area Real Estate Information Service multiple listing service, there were 140 homes sold in American Canyon in 2018, or an average of 11 homes a month.
This is a huge decline in sales for the 298 homes that sold in the city in 2017, an average of 25 sales a month, according to broker associate David Barker.
Barker, with Better Homes & Gardens Real Estate Wine Country Group, has sold more than 100 homes in American Canyon since 2003.
“The shortage of homes for sale is a nationwide problem as it is difficult for sellers to find a replacement home they like and can afford,” said Barker.
“Many are also reluctant to give up the low home loan interest rate they locked in a few years ago.”
As well as the lack of new homes being built, higher property taxes, increasing loan interest rates and property values also contribute to affordability.
In 2018 the average home loan rate was 4.54 percent, up from 3.65 percent average in 2017. The average sale price for American Canyon homes in 2018 was $541,178, an increase of 2.8 percent over the previous year’s average price.
Most home buyers need to sell their current home to have the cash for a new home, so sellers are accepting offers subject to the sale of the buyer’s current home.
The seller should also make the sale of their home contingent on finding a replacement property, said Barker.
Coordination of these two transactions requires a real estate professional with the ability to negotiate with all parties and manage the details of the transactions.
Anyone considering buying or selling a home should contact their local real estate professional for advice and guidance.