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.
As expected, moving into the post-Labor Day market resulted in an increase in market activity, as did the much-anticipated decrease in interest rates. Compared to the same period last year (September 2024 vs. September 2023), nearly every market area saw an increase in the number of available single-family homes.
Not all of the increased inventory was due to new listings. Some increases were due to the uptick in days on the market occurring, resulting in more time on the market and a bigger pool of homes available.
With all that in mind, let’s look at what’s happening locally…
➡ In Sonoma County, compared to the same period last year, the median sales price for single-family homes decreased 1.4% to $830K; condos/townhomes increased 23.3% to $505K.
➡ Average days on market were quite low at 53 days for single-family homes and 62 days for condos/townhomes.
➡ The number of residential properties sold was 335, slightly up compared to the same period last year.
Click here to read the full Sonoma County September Market Report.
Back to my original question: Should I stay or should I go?
Making any kind of moving decision is unique to you – your existing mortgage (if you have one), your reasons for wanting to buy or sell, overall timing, and your long-term goals. I would love to provide you with insights and information that will help you weigh the options so that you can decide what’s right for you.
pambuda@gmail.com | (707) 480-4142
