Tag Archives: home buying

Interest Rate Update: Memorial Day Weekend Jumbo Money 3.75% !

Once again we see the “Jumbo” money a 1/4 point or 25 basis points, under the conforming loan level which is now 4%. Either way, pretty spectacular interest rates. Now if you could just find a home to buy!

Rates provided by Erik O'quist from Wells Fargo Home Mortgage

Rates provided by Erik O’quist from Wells Fargo Home Mortgage

For information on the many other loan options we have available, please contact me. I look forward to hearing from you.

 

Erik Oquist

Home Mortgage Consultant
Residential Lending
NMLSR ID 447900

Wells Fargo Home Mortgage | 600 Bicentennial Way, Suite 200 | Santa Rosa, CA 95403
MAC A0626-020
Tel 707-535-2655 | Cell 707-889-5626 | Fax 866-617-5206 | Toll-Free 877-534-1810

erik.oquist@wellsfargo.com | http://www.erikoquist.com

Median “Active” vs. Median “Sold” BIG difference!

 

You hear so much about the "Median Home Sales Price" but how about the Median Listing Price?
You hear so much about the “Median Home Sales Price” but how about the Median Listing Price?

66% of May real estate sales fell between $400,000 to $749,000 here in the “Wine Country” of Sonoma County, California. Many in the nation might think our prices outrageous but here in the super heated “Tech-centered” Bay Area we are considered the “bargain basement”. Our “Median” SOLD home price is $580,000. However, the “Active” or “Showable” listings tell a different story. Whereas a “median” home price indicates half the market above and half below when it comes to “Active” listings its another story altogether. We have 818 total “Active” or “Showable” listings now available county-wide.  If we use $580,000 as a median home price with our “Active” inventory we see 27% of the available listings are BELOW $580,000 and 73% above. The county-wide Median “Active” list price is $815,000.

If you wish to find “Active” properties below the “Median SOLD Price” only 4 areas meet that criteria: Russian River–$449,000 with 59 showable listings. The SW area of Santa Rosa comes in at $469,000 with only 27 showable listings, followed by NW Santa Rosa, $515,000 with 46 showable listings and the Cotati/Rohnert Park with $537,000 median home price of actives but only 18 showable homes.

It really takes off from there. The top two median “Active” home prices? Sonoma at $1,297,000 with 125 showable listings and Healdsburg, $1,411,500 with 76 showable listings. Overall, of the 818 total “Active” listings 308 are OVER $1,000,000.