Market Harder to Read
If you're wondering about changes in the market, you're not alone. There are many discussions in the local real estate community about whether or not the market is changing. Based on my experience, here are some observations:
Generally, we seem to be seeing a bit more inventory depending on the location and price range.
Some properties are sitting on the market while others are getting multiple offers.
There seem to be more price reductions than in past months.
Interpreting the data can be tricky. Whenever there is an extended seller's market, inevitably some sellers reach too far with their asking prices. As a result, the price reductions we're seeing may simply be realigning expectations to what is reasonable for the current market (selling prices aren't necessarily going down, but in some areas they may be flattening out). It always takes time to identify that the market has changed, because we're looking in the rearview mirror. Sellers who take the right approach are often getting great results. For example, my seller clients for the property pictured above took the time to properly prepare the home for sale, including inspections, repairs and staging. As a result, they received three offers in less than a week and we opened escrow yesterday.
For more specific information about market changes in your area of Sonoma County, just give me a call.