It’s not your imagination: The number of SOLD signs on listings throughout Sonoma County has dropped.
Yet, at the same time, market data indicates that the homes that ARE selling are getting into contract quickly and often for ABOVE asking.
Why does the market feel so mixed?
As a market slows, it can feel shocking or even dramatic. Think of it this way: If you are driving on the autobahn at 120 mph and you slow to 70 mph, it feels a lot slower, but in no way can you qualify 70 mph as “slow.” After two years of flying down the highway at 120 mph, it’s hard to even imagine driving the speed limit!
The housing market is in the process of changing speeds, but it remains a great market!
During the late spring throughout Sonoma County and the Bay Area in general, homes in the lower sales range have begun to feel the impact of the rising interest rates which affects affordability rates for homebuyers. Then, as the stock market became more volatile, higher-priced homes, which have generally fared better, have begun to feel the effects of the market changes as well.
As a market slows down a bit, buyers become more discriminating, more negotiation occurs and overbidding begins to lessen. This is great news for buyers! And, a well-prepared, well-priced listing will continue to enjoy an advantage in this 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.
Who you work with matters. A lot!
Here at the McCall Team, we have experienced the shifts of the real estate market over the years. Adjusting to change is not new for us. We wiiill put our experience to work for you and achieve your real estate goals. Call 707-636-4215 today.