Mandy’s Fall Market Prediction
Fall and the 4th quarter are upon us, now what is the Fall Prediction for our Market here in?
The market, nationally, differs from California and this differs from Sonoma County market. We had an, already, low inventory market trying to rebuild from the Big Recession that hit us hard. But, just when we started to see our area improve we had a catastrophic event: The 2017 Tubbs Fire. This wiped out a large amount of our homes which meant even lower inventory. This caused home prices to soar. I have seen a settle down of “those” prices. In fact, I am seeing home sit longer on the market. I would not say we are dropping in price, but we are getting back to “normal,” sort of. This Fall is still a good time to sell and a great time to buy! We are seeing a large group of home owners sell and leave the state, but another large group of Baby Boomers selling their homes in the Bay Area and moving to Sonoma County. This will help keep our prices stable. In turn, this will allow “our local” buyers an opportunity to afford a home.
Fall Market Prediction for me is that we will see the Millennial’s dominating the market, they are ready to buy! Inventory will improve slightly. Home prices are still headed up, a smidge. Mortgage rates will stay low.
It is tough to make a Fall Market Prediction in Real Estate. Most importantly, I base this off my experience, past and recent date and sales, and just being out there with Buyers & Sellers every day. As a result of this, I am your “Local” expert in Real Estate. So far, my predictions have been on point!
I am really noticing the attention Sonoma County is getting from residents from San Francisco and Silicon Valley. I relate this to our “affordable market” and the Technology Careers. Working remotely from home allows people to live further from their Employing Headquarters, in turn allows them to buy out of the area where it is less expensive. Our new Smart Train has made the commute to Marin county a lot easier and less frustrating.
Again, my Fall Market Prediction is Millennial’s Dominating the Market.
More Millennial’s, in San Francisco, are moving back home with parents….so…next move is some place where they can afford. We are just over that bridge and have good Public Transportation to get them to their weekly meetings.
Broker Associate W Real Estate