the equity of their homes for renovation expenses. Anderson expects this will continue until interest rates drop. “Also, homeowners have to cover unanticipated costs. For example, now it is common to pay a deposit simply to work with a general contractor. Homeowners should also be proactive and ask who will handle the paperwork and costs for the permits,” says Anderson. Given the high amount of renovation and building, 2024 promises to be a good year for buyers of residential property in the North Bay. Eric Ziedrich, CEO of Healdsburg Lumber Company, is also a real estate broker at The Agency, a real estate firm in Healdsburg. He says since the pandemic began, more buyers are looking for turnkey homes as opposed to fixer-uppers. “There’s more interest for completed and finished renovated homes, especially for high-end properties. There’s also more excitement about urban real estate, where residents can walk to downtown resources like the Healdsburg Plaza. The demand is softer for ranches and vineyards. Most buyers aren’t looking to cut weeds and till the land,” says Ziedrich. Buyers relocating to the North Bay or moving around within the North Bay tend to be older, with a higher-than-average amount of discretionary income. Ziedrich and other real estate agents have been reaching out to potential customers through a tailored approach. The tactics differ from the “shotgun marketing methods” they used in buyer- driven markets in the past. Current forms of advertising include social media posts, targeted emails, newsletters and campaigns to spread information. Agents are investing less money in printed directories, magazines and introductory postcards sent to members within certain age groups. Ziedrich adds being sensitive to buyers’ and sellers’ needs and being smart and efficient are keys to successful selling today. “Agents demonstrate their value by being resilient and nimble. By focusing on a client’s needs, expectations and limitations, we can serve a critical role in residential and commercial real estate transactions,” says Ziedrich. g
Five tips for property owners considering construction
1. Talk to an insurance broker about how the addition of a new building or room will impact the parcel’s insurance policy. Location makes a difference. For example, it will be expensive to site an accessory dwelling unit close to a large oak tree. 2. Make inquiries to understand the costs beyond construction, like permitting fees and an increase in property value for parcel tax assessment. Know the total cost for the improvement before talking to a loan officer. 3. .Talk to a real estate agent about the value of the proposed change. This is necessary to know the project’s return on investment. 4. Talk to a roofer to determine what measures are needed to protect the building while work is underway. Learn about the availability of protective equipment like large tarps as well as best practices, such as daily cleanup. 5. Typically, it is the responsibility of the property owner to purchase builder’s risk insurance for a project under construction. Ask a general contractor for their professional opinion on the appropriate coverage for a project.— Jessica Zimmer
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26 NorthBaybiz
April 2024
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