Here are Sonoma County April Sales information. Big take-aways? Lack of inventory but increasing, Median home price up “only” 6% over last year. 1.5 Month’s Supply of Inventory (4-6 months is considered “normal”.
Average Days on the market is a remarkable 42 days. Note how this number has been dropping. Blame low inventory and big Buyer demand due to historically LOW interest rates in the upper 3% range.
Homes for sale by month is down -10% over last year–c’mon–let’s get those homes on the market!
New properties coming to the market is down slightly.
Indicator of future activity is the “Under Contract” properties down -5% over last year. Hmmmm?
Sold Properties by month is down -13%. This with historically low rates? Price wall happening?
Median Home price shows dramatic slowing of higher price activity.
Here in the “Wine Country” of Sonoma County, California–home availability is very tight and our price brackets for homes do NOT reflect very well for affordability when compared to the overall nation. See the graph below.
Yes, there are places in the nation where homes/condos are readily available for UNDER $100,000. And you’d be very surprised how much home you can get up to $250,000. In Sonoma County it is slim to none and slim just left town. Our big price point is $500,000 to $750,000 followed by the next highest price bracket. The age old question of affordability–where do all the service folks, teachers, police officers, fireman, find a home without breaking the monthly budget? Tis the question!
On Sundays show we discussed how much home YOUR median income will purchase. Below you see 3 charts. The first one shows how many of you making the median income for your county can afford the “Median” home price. I’ve underlined “Sonoma County”.
Below is the income needed to buy the median income home in Sacramento. Then below that the same chart but in SF. The difference is staggering!
Why Buy a home in Sacramento? How about it takes 4 times as LESS as in SF!
Did you miss the show, or, want to listen again? Here’s the podcast:
Join us on The Real Estate Hour -Sunday 9-10AM pdt. 1350AM, 103.5FM or Streaming live at www.KSRO.com.
Umpqua’s loan products include; unusual properties, portfolio lending and re-hab and construction loans. Some of our clients have directly benefited from Jennifer’s expertise in these products, as well as the more traditional loans.
We’re excited to hear more.
*By the way – This information is not just for home buyers!*
If you’re a Sonoma County home seller with a unique property, or you’ve been told your home isn’t “finance-able”, tune in. This show is for you too!
Wouldn’t it be great if you could improve your home’s chances on the market, by increasing your home’s buyer pool? – by overcoming that obstacle upfront with creative financing options for your potential buyers! win-win!!
This is just one of the extras we at The Kelly-NormanTeam offer our home sellers and buyers. We think outside the box to find solutions…and, so does our guest, Umpqua Bank loan officer, Jennifer Foster.
If you’re buying your first home or you’re a seasoned investor, navigating through the mortgage process takes time, work, and expertise. Jennifer Foster has that covered, and she’s here to help.
Jennifer’s passion for helping people with their home loans is the driving force behind her success. She especially enjoy working with first time buyers – educating and assisting them throughout the lending process. (which she does very well) Whether you are purchasing, refinancing or building, she provides consistent communication with everyone involved, ensuring a smooth and worry-free transaction.
Jennifer began her career in lending 25 years ago right here in Sonoma County, and she is proud to have joined Umpqua Bank because they believe in providing that same exceptional customer experience based on superior customer service.
More about Jennifer Foster;
Started her mortgage lending career in Sonoma County more than 25 years ago at IMCO Realty Services which became North American Mortgage.
Passionate about educating clients and providing financing solutions that meet long term .
Specializes in Custom Construction and renovation financing.
With Umpqua Bank for almost 5 years.
Product mix includes unusual properties, portfolio lending and construction
Active in community serving on local boards and community organizations including
Schools Plus Board Member
Affiliate Member of North Bay Association of Realtors
In case you missed it, ^^^^ here’s the podcast from 7/26/2015 with Tom Havstad joined by Ryan Giannecchini (SC Barns) discussing the vacation rental ordinance in Sonoma County, and a controversial proposed change in the PRMD’s (Sonoma County Permit and Resource Division) policy affecting auxiliary buildings. Because of public uproar, the policy changes were removed.
However, the fact that PRMD tried to sneak this in, has left a bad taste in our mouths.
Tom is a wealth of knowledge when it comes to resolving permit issues. His company is Permit Consulting Services:
Think you know ALL about reverse mortgages? You might be in for a few surprises. Jill Grom , Reverse Mortgage Specialist with Alliance Reverse Mortgage, joins us on this Sunday’s show to talk about the many things you may not know about Reverse Mortgage.
Tune in every Sunday from 9-10AM pst for The Real Estate Hour on KSRO 1350AM, 103.5FM and streaming live at www.KSRO.com
3033 Cleveland Avenue Suite 150 | Santa Rosa CA 95403 | CA BRE 01326979 | NMLS 246723
MEMBER OF NATIONAL REVERSE MORTGAGE LENDERS ASSOCIATION
Jill Gromm is an experienced mortgage professional providing mortgage loans for over 14 years and has spent the last 9 years specializing in Reverse Mortgages. She works for Alliance Reverse Mortgage which is located in the Redwood Credit Union’s corporate office on Cleveland Blvd.
Jill’s mission is to educate the senior homeowner and provide safety, security and peace of mind on every loan. She is a trusted advisor that not only works with each client through the loan process but also keeps in touch with all of her clients after the loan closes to answer any questions during the servicing of the loan.
Jill’s keys to success is to listen to her clients needs and educate them on all mortgage options to see what is in the clients’ best interest. She gives every client personal and professional service including in-home consultations. Continue reading This is not your Grandparent’s Reversed Mortgage. Today’s Reverse Mortgage Explained→