Market updates

Home sales surged in October, just before mortgage rates jumped 📈

“The wise man bridges the gap by laying out the path by means of which he can get from where he is to where he wants to go.” – J.P.

October was certainly a busy month for market activity!

Across the state, we saw a year-over-year increase in the number of available homes for sale (+23.2%) and the number sold (+12.5%). The average time on the market continues to hover at just a bit above one month (36 days).

We see these increased inventory numbers reflected locally in many areas, with double-digit percentage increases in available homes for sale.

Should you stay or should you go? 🏁

“So you got to let me know. Should I stay or should I go?” – The Clash

This question seems to be on everyone’s minds regarding the real estate market.

Should I hold out for higher prices (sellers) or lower prices (buyers)?
Should I wait until after the election, after the new year, or after spring begins before buying/selling?
Should I wait and see if interest rates come down further?

The answer to all these questions is: It depends.

It’s finally happening – mortgage rates dip below 6%!

The end of the summer season is bringing some sunnier news on mortgage rates. ☀️

We were hoping to see rates on the 30-year mortgage dip below 6.5% this month, but we got something even better. The 30-year mortgage rate has fallen again, now reaching a 19-month low at 6.05%.

Mortgage rates are finally down! 📉

“Every move signifies a fresh start, a chance to decorate your life with new experiences and make new memories in a new place.”

Mortgage rates have dropped this month to their lowest level in 15 months in anticipation of growing consensus that the Fed will cut rates soon. Maybe it’s finally time to make a move?

Has the Sonoma County Market Peaked for the Year?

The summer season is here, and vacationing is more on the mind than moving.

Of course, some aren’t making home moves because they’re still waiting for a mortgage rate drop. Though some economists, such as NAR’s Chief Economist Lawrence Yun, are predicting that they will come down a bit by year’s end, they won’t come close to the 3% that occurred during the once-in-a-lifetime pandemic event.

May Sonoma County Real Estate Update

“Price is what you pay. Value is what you get.”
– Warren Buffett

I’ve been pondering this idea lately. The importance of value over price in decision-making.

Do I buy organic because it’s better for me, even though it’s more expensive? Do I invest in key wardrobe pieces that will stand the test of time or opt for the Amazon version?

We currently live in a price-sensitive world where even those who are considered “wealthy” are having to contemplate this choice due to the rising cost of living. It’s at the core of every purchase we make… including our homes.