Although the number of SOLDS and the number of listings going into contract in Sonoma County have declined, the homes that are selling are often selling quickly and for over the purchase price.
When a scorching market cools, it might feel like a shocking change. It doesn’t mean that that market is necessarily weak. For example, if it’s 110 degrees outside, and it drops to 90, it feels much cooler but cannot reasonably be described as ‘cold.’ After two years of scorching demand, it’s difficult to even remember a more balanced market and how it feels as a buyer or seller to be in a more “comfortable” temperature.
Beginning in late spring in the Bay Area including Sonoma County, lower priced home sales have been impacted by rising interest rates which impact the affordability for home buyers. Although higher priced home sales have generally fared better, the volatility of the stock market is more likely to affect these home sales which will likely be reflected in upcoming market data statistics.
When markets cool, buyers become more discriminating, negotiation occurs and overbidding wanes. Well-prepared listings show well and when priced right, will continue to enjoy an increasing advantage in our market.
Remember, people will continue and buy and sell homes in Sonoma County for a variety of reasons including personal and financial. Real estate remains a solid investment.
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