Surprisingly enough, median home sales prices have been climbing – especially over the past couple months of Quarter 2. They are presently only a little below the peak prices hit in the spring of 2022.
The number of new listings remains the lowest in 20 years, a victim of the “mortgage lock-in” effect. With many homeowners enjoying rates below 3%, they are not looking to sell their homes only to buy property with double the mortgage rate.
The average number of days a property stays on the market is the lowest we have seen in 20 years – a phenomenon expected with so few homes available on the market.
With so few homes available, homes have continued to sell above asking. With the lowest inventory available in years, finding a home has become incredibly difficult for buyers.
The 3-month rolling average for a single-family residence in Sonoma County is $840,000. This number reflects the smallest year-over-year decline in the Bay Area.
From all the information we are getting from the experts, don’t expect the mortgage rates to decrease any time soon. In fact, most of the experts are forecasting a steady increase in the rates. For those buyers who are “waiting out” this rate tsunami, you might want to jump in before it gets even worse.
If you have tried and failed to obtain a mortgage for any reason, or need a faster home loan to beat out the other multiple offers, or don’t want to sell your current house prior to buying a new home, consider alternative financing with a privately funded loan. At Sun Pacific Mortgage we offer several programs to borrowers who need to purchase, refinance, or need bridge loans. Give us a call at 707-523-2099 or find us at www.sunpacmortgage.com.