Todd & Lisa Sheppard
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Archive for July 2016

Buyers Need to Act Fast Because Homes are “Flying Off the Market”

July 26th, 2016   by lisasheppard

Computer keyboard house for sale

According to Zillow’s June Real Estate Market report, home buyers sitting on the fence need to get off the fence and act fast.  The current average days a home stays on the market is now at 78 days, which is 7 days faster than a year ago.  What’s more, the 78 days includes closing time, meaning that homes are quickly going to pending status within a month of being listed.  The length of time a home stays on the market has been steadily decreasing since 2010.

Of course, the low inventory in most markets across the U.S. is a contributing factor.  The inventory levels for most markets is 5% lower than 2015 and 38% lower than 2011.  Low inventory and a quick moving market is driving home prices up higher.  Buyers sitting on the fence need to be prepared to act quickly, especially when it comes to less expensive homes.

While this is a positive for sellers, move up sellers may find themselves reluctant to enter the buyer’s market.  Until supply increases, it will continue to be a challenging market for many first-time buyers.

Sonoma County Median Home Prices Hit $600,000

July 15th, 2016   by lisasheppard

Sonoma County’s housing market hit another milestone in June — the county’s median home price reached $600,000.  Just a few months back, the median price was $579,000, but home prices in Sonoma County continue to trend upwards.  The new median price represents a 10% increase from last year, and is only 3% below the county’s all-time median price of $619,000 in August 2005.  Inventory remains fairly low, and the average amount of days on the market is 45 days.  However, experts forecast that the county will only see moderate growth in home prices in the future.

To read more, Click Here.

Sonoma County Home Prices Up 9.5% in May, CoreLogic Reports

July 13th, 2016   by lisasheppard

Sonoma County home prices jumped another 9.5% from last year, which was significantly higher than both the 5.95 jump in home prices for the nation and the 6.3% increase for California home prices. This is great news for homeowners looking to gain equity in their homes, but makes it increasingly challenging for first-time buyers and those looking to break into the Sonoma County housing market.

To read more, Click Here.

Sonoma County Condo Listings, Prices Rise

July 8th, 2016   by lisasheppard

Image result for Condo Santa Rosa CA

New listings of condos have increased 8 percent this year and are at their highest level since 2011.  Median prices are now at $324,000, which represents a 4% increase from last year.

With ever increasing home prices in Sonoma County, more and more buyers are seeking out condos as a viable option, creating a vibrant market.

To read more, Click Here.

Sonoma County Housing Ranks 10th Least Affordable

July 6th, 2016   by lisasheppard

Sonoma County has ranked the 10th least affordable county in the nation when it comes to home prices.

This does not come as a surprise to the many families living in the county, as well as those that are trying to buy a home in Sonoma County.  However, the picture is a little brighter than it was during the housing bubble.  In mid-2006, it took 92% of median household income to make the house payment. Today that figure is 51%.  The issue of affordable housing and lack of new construction remains the County’s greatest challenge.

To read more, Click Here.