May 2022 Newsletter

The statewide median home price surpassed $800k for the first time in six months and recorded a new high of $849,080 in March. California’s housing market continues to be one of the most robust the U.S. According to Realtor.com, here in the Petaluma area the median home price in March was recorded at $926.900, trending up 16% year-over-year. 

With interest rates remaining on the rise, however, mortgage applications have declined since a first slow-down in early February. “Higher mortgage rates and double-digit growth in home prices have impacted the housing demand momentum and the effect on soaring home prices may become evident in a couple of months,” says Timo, "Though maybe not so much in the Petaluma area. Sellers have enjoyed the brisk winter/spring sales season, whereas a lot of buyers have been sitting it out waiting for the market to settle this summer.” 

Meanwhile rents continue to surge to record-level gains. “Supply shortage in the sales and rental market in the south county have impacted rising prices,” says Timo. “Perspective home hunters are caught between a rock and a hard place currently with renting vs buying. I understand the challenges and frustration buyers experience. I’m committed to finding the right property for those in the market to secure a home that represents a good investment in the long term.” 

Given that there is such competition for homes in the Petaluma area, Timo expects the market to remain heated throughout the summer months and into fall. It’s too early to say what 2023 will look like given the Fed’s move to balance the economy. 

And yet: “It’s likely to remain a hot seller’s market as there just are not enough homes to satisfy the buyer pool,” says Timo. “If you are thinking of selling this year, then why wait? Most homes are selling as soon as they hit market, if not before.”

Recology Waste Zero accepts all food scraps, soiled paper and plants in the green compost cart. Do not place compostable material in plastic or compostable plastic bags. Paper bags are acceptable. Petaluma Market and most local super markets are now stocking compostable paper bags for food waste. 

Go below for a what goes where list if you’re still a little confused about the new guidelines and restrictions. https://www.recology.com/recology-sonoma-marin/petaluma/what-goes-where/

Petaluma area housing market’s record, red-hot April

home prices are surpassing even the most seasoned of

real estate agent’s expectations.

“After the past couple of years of skyrocketing home

price growth in the area, I’m not alone in the local real

estate community in saying that I’ve been taken aback in

monitoring the current crazy market and what buyers

are prepared to pay,” says Timo. “Closings in the

Petaluma area are coming in at record over-asking

prices. It’s nuts if you’re a buyer, or representing buyers,

but perspective sellers are super smart to take note.”

A severe housing shortage throughout a highly desirable area and still relatively low interest rates have pushed closing prices sky-high this April.

“Affordability is a growing concern,” says Timo. “But if you’re in the seller’s seat in

Sonoma County then this is as good a time as any in regional real estate history to put your Petaluma home on the market.”

Despite inflation, increasing food and gas costs, property taxes and insurance, already elevated housing prices are not putting people off bidding top-dollar for limited supply and record demand in desirable Petaluma and surrounding area.

“California as a whole remains the most valuable housing market in the country,” says Timo. “And the statewide median price is anticipated to rise through the Spring buying season.” According to California Association of Realtors, housing prices are expected to continue to rise with market competition intensifying.

“And homes around here are flying off the sales shelf extremely fast,” says Timo. “So, the question  is, where are you going to go if you do decide that now’s the golden time to sell?” 

This Spring, each major region of California has seen home prices continue to rise from this time  last year. “It’s a time to get creative,” says Timo. “You’re going to need help in thinking out of  the box if you’re to capitalize on selling your home for record top dollar.”  

This comes at a time when baby-boomers are preparing to enter retirement which will hopefully make  for more properties coming on the market. 

“If you’re looking at your options post-retirement, now is a good a time to start having the  conversations about when to sell your property,” says Timo. “Maybe you have a rental you’d consider  updating and moving into short term. There are strategies for protecting your investment with all  your real estate holdings.” 

Timo is happy to talk timing and potential options even if you’re not sure you are ready to list. 

“I’ve had a ton of experience in the local market with sellers making all kinds of interesting  moves this past couple of years,” he says. “I’ve never seen prices like these being recorded currently. If you’re ready to cash out, 2022 is the time.” 

Plastic eggs, cheap baskets made for one-time use, foil and plastic wrapped candy, Seasonal holiday merchandise can be terribly wasteful and bad for the environment. As we look for ways to reduce our carbon footprint throughout the year, holidays are especially good times to cut back on items that 

aren’t earth-friendly.

When celebrating seasonal gatherings, start planning with more environmental conscious ideas for decorating and entertaining.

If you are hosting a brunch or gathering this April, here are six easy ways to change things up for the better:

1. Make Natural Easter Egg Dye — ditch the store-bought kits and make your own natural egg dyes in  pretty hues from left over onion skins, red cabbage, Turmeric. Eggs shouldn’t be out of the fridge  for over two hours if eating them. 

2. Instead of hiding plastic or real eggs for a hunt, how about  hiding small items and toys that will bring joy or be useful for a long time? Small, reusable bags  filled with jelly beans or similar is another sweet idea. 

3. Make reusable or recyclable baskets to bring out each spring or add to the recycle bin, crafting  can be fun and creative ... moss, shredded paper/newspaper for filling. 

4. Abandon Single-Use Plastics —  disposable knives/forks, grocery bags, zip-locks bags and plastic water bottles. There are many fun  re-usable options available. 

5. Skip Individually Wrapped Eggs & Candy — brightly colored foil coating  on chocolate eggs and bunnies creates thousands of tons of Easter Egg packaging in the US each  year. 

6. Create a Re-plantable Table-scape — why not purchase spring plants and herbs that you can add to  your garden after your holiday table has been cleared? Decorating with planter pots that you already have in your potting shed? Moss, lichen, foraged  fruits and natural items make for a lovely, natural and sustainable setting. If you are hosting a brunch or gathering this April, here are six easy ways to change things up for  the better. 

This year remains a seller’s market and the Spring homebuying season is expected to be a busy one. “Inventory shortages are expected to drive the market,” says Timo. “The thing people want and need most in today’s uncertain world is a solid home base.” 

California housing market remained resilient in January and February despite rising interest rates and global unrest, California Association of Realtors reports. Housing demand remains strong by pre-pandemic standards and new purchase applications are still registering solid numbers.

“While statewide, January’s median home price this year was $765,580, down 3.9 percent from December and up 9.4 percent from January last year, Sonoma County’s median home price is currently listed a little over the California average, at $789,000 this January. This represents a $5,000 drop from the December 2021 median home price and a $74,000 increase from January 2021. 

“The local housing market has kicked off the new year with a bounce back in sales from December’s four-month low, as housing demand by pre-pandemic standards remains extremely buoyant,” says Timo. “As always, we are in need of more supply, locally.” 

Newly released industry figures show Sonoma County as more or less holding its ground with average home prices from year-end, whereas neighboring Napa and Marin counties are seeing more of a noticeable decrease from last December’s soaring median.

Napa’s median this January was recorded at $884,000, close to $40,000 over last January’s average  price, but down $1,050 from in December. Marin’s January 2022 median home price was $1,450,000,  down $60,000 from December, but still up $100,000 from January 2021.  

“Basically, Sonoma County represents a highly competitive market for homebuyers who are also  looking at neighboring counties,” says Timo. “San Francisco’s January median was $1,630,000 , San  Mateo $2,000,000 and Santa Clara $1,700,000, so given the appeal of countrified-living, it doesn’t  look likely that we’ll see a decline in Sonoma County home values any time soon.”  According to Realtor.com In January 2022, the median listing home price in Petaluma was $872K,  trending up 6.7% year-over-year. The median home sold price was $835. 

“If you’ve been sitting on the sidelines hoping that prices will drop, now is a good time to  reconsider the options affordable to you,” suggests Timo. “It will be better for buyers if home  prices don’t creep up too high this year. Certainly, any increasing inventory should help.”  Raising mortgage rates and potential prices will affect the buying power of most home hunters in  the coming months. “Be sure to have your ducks in a row, whether buying or selling in this hot  market,” says Timo. “Securing your comfort level is key.” 

It takes time to ready a home for market with material backlogs and busy contractors. “If you’re  thinking of listing your home in the coming year, let’s talk about what you should be doing and  planning for now,” says Timo. 

And if you or someone you know is looking at houses in the Petaluma area, don’t hesitate to get in  touch for current market and coming to market information. It’s a competitive arena, Timo and the  team are ready to go to work to find your ideal home. 

• The median number of days it took to sell a California single-family home was 12 days in January and 11 days in January 2021.

• The statewide average price per square foot for an existing single-family home remained elevated. January’s price per square foot was $372, up from $331 in January a year ago. Petaluma’s median listing home price per square foot was $517. 

• The 30-year, fixed-mortgage interest rate averaged 3.45 percent in January, up from 2.74 percent in January 2021, according to Freddie Mac. The five-year, adjustable mortgage interest rate averaged 2.57 percent, compared to 2.87 percent in January 2021.

Thank you to all our clients for helping us achieve the exclusive Diamond Club Award representing the Top 1% of 62,000+ agents in the nation in addition to being #1 in Sonoma County and the North Bay. We appreciate and are grateful for your continued loyalty and referrals.

We are always looking for properties to list, especially in a hot market like we are in. If you or anyone you know is looking to sell, please have them contact me today for a no obligation consultation. Looking to buy out of the area? We can also provide a referral agent anywhere in the U.S. for a replacement, investment, family/friend or additional personal property.

Interest rates are expected to resume their upward trend in the coming weeks, which is fueling additional urgency amongst would- be homebuyers over the near term.

Meanwhile, the number of homes being added to the MLS in the Petaluma area each week remains relatively low.

“Buyers are watching mortgage rates closely,” says Timo. “Some are arranging rate locks for 30 to  45 days to ensure the stability of their mortgage rate as they shop for the right home.” This way,  if interest rates do continue to rise, buyers may shop at a slightly less frantic pace, knowing  they have a set rate in place.  

For some, the peace of mind of a long rate lock may be worth the extra cost to hold that interest  rate. The longer the rate lock hold, the more it costs. According to a report in the National Association of Realtors Magazine this month, many buyers,  nationwide are also looking at buying down their interest rate by paying points to get a more  attractive rate.

“Lenders may offer an option to pay a lump sum up front to lower the interest rate over the life of  a loan. One discount point, in general, costs 1% of the total mortgage and could lower the interest  rate by around 0.25%. Purchasing points could save tens of thousands and even hundreds of thousands  of dollars over the life of a loan, lenders say, for buyers nervous about rising rates.” 

And yet, Nadia Evangelou, senior economist and director of forecasting at the National Association  of REALTORS®, tells buyers not to panic about rates. Although The Federal Reserve last week announced it would raise its interest rates in March to help  mitigate inflation, mortgage rates typically follow the trend of the 10-year Treasury yield and not  the Fed’s key benchmark short- term rates, although the latter can influence mortgage rates. 

NAR predicts the 30-year fixed-rate mortgage will rise this year and average 3.9% by the end of the  year. Thirty-year rates currently average 3.55%. “Even with this increase, mortgage rates remain  near historic lows,” says Timo. “And it is homeowners who are seeing the soaring profits when they  sell.” According to recent reports, home sellers nationwide saw a profit of $94,092 on a typical  home sale in 2021. “Seller profits have surged at considerably higher rates in most California  markets, including Sonoma County,” says Timo. “2022 continues to be a great time to sell.” 

Don’t miss out on the market this Spring ... Call Timo today on 707.477.8396 

Classic white remains the most popular color choice in kitchens, but homeowners are expected to experiment with wider palettes for the rest of the house, this year.

A white kitchen benefits from the illusion of more space, as with pantries, home offices and laundry rooms, design experts say, although shades of sage, olive and jade are trending as the second most popular choice of kitchen interiors.

Blue is predicted to be the third most popular kitchen color of 2022, including shades of teal, turquoise and light blue.

An unexpected color is making more headway in bedroom design: black, according to the Living Cozy  study that tracked Google searches. 2022 is seeing a rise in popularity in black-painted bedrooms,  including shades of charcoal and dark gray. 

In the bathroom, black colors also reign. In more than 2.2 million worldwide Google searches for  bathroom colors in 2021, black was the clear winner, according to Living Cozy. “Black bathroom  ideas are stylish, modern, and chic, and are taking over the traditional chrome and gold colors  that have dominated bathroom design for years,” the researchers note. “Bathrooms in 2022  incorporate dark black design elements through fixtures, feature walls, and flooring. 

Layering different shades of green is trending in the living room, bringing an essence of nature indoors. 

The Rivetti Team wishes you and your families a wonderful, safe and successful 2022!

California’s two new recycling laws aim to stop us from throwing food away in our regular garbage and to stop products from carrying the chasing arrow recycling symbol when they aren’t actually recyclable items.

Let’s talk trash. You know those leftovers you’ve been tossing away? As it decays in mass landfill, without oxygen, it creates greenhouse gasses. Under the new law, we now must put all food left overs and organic waste into our organic/green waste bins. That way, cities and counties can turn them into compost and even make energy from them.

Helpful tips when recycling your food scraps.

1. Compost bins/container with lid help keep scraps until 

     taking outside

2. Line your food scraps kitchen container with paper 

    towels, a paper bag or newspaper, which will help keep 

    your container clean ...

3. Or use compostable (not biodegradable) bags with your 

     container...

4. You can also freeze food scraps before emptying into 

     your green cart

What food scraps should and should not be composted at home? 

Food items that should be composted at home:

• Coffee Grounds
• Coffee and filters, tea and tea bags
• Egg shells
• Flour products like bread, noodles, crackers, etc.
• Fruit and peels/remnants
• Grains (cooked or uncooked)
• Spices
• Vegetables
• Pizza Boxes (grease stain/food okay, just remove any plastic items)

Food Items that should NOT be composted at home: 

• Dairy products
• Fish 
• Grease
• Meat
• Cooking oil
• Juice boxes with aluminum foil liners

• 2 1/2 cups old-fashioned rolled oats
• 2 1/2 cups unsweetened nondairy milk, such as almond or coconut
• 8 teaspoons light brown sugar
• 1 teaspoon vanilla extract 
• 1 ¼ teaspoons ground cinnamon
• ½ teaspoon salt

Stir oats, milk, brown sugar, vanilla, cinnamon and salt together in a large bowl. Divide among five 8-ounce jars. Screw on lids and refrigerate overnight or for up to 5 days. Top with blueberries, Pomegranate seeds, walnuts or almonds.