With the stay-at-home order gradually lifting, what was once the boom in real estate during the spring, is just now showing signs of life again as we enter summer.
To quote Joel Kan, Economist at The Mortgage Bankers Association:
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks.”
Google Trends reports that online searches for “real estate” have increased from 68 points the week of March 15th to 92 points last week. It appears that more potential buyers are looking for homes virtually. The market is definitely not dead according to these statistics!
Finding a home to buy in Sonoma County or any of the surrounding counties such as Napa and Marin, remains a problem however, since spring sellers removed many listings from the market. Although more people are putting their houses up for sale this month as compared to last month, inventory is still below last year’s level.
The message here is if you are thinking of selling your home anywhere in the North Bay areas of Sonoma, Marin, San Francisco or Sonoma County during the summer, now may be your best opportunity! With so little competition this will allow your home to stand out in the crowd. Home buyers are looking and with all the safety regulations being followed in these North Bay counties, you can confidently begin to show your home to prospective home seekers.
If you need to finance your purchase this summer, but do not qualify for a conventional loan or just are looking for a faster & stronger offer to beat out other home buyers, give Sun Pacific Mortgage a call at 707-523-2099. We specialize in “non-QM” (non-qualified mortgage) type financing, also known as Hard Money loans. Borrowers who have a blemish on their credit report or have difficulty proving their income due to being self employed, etc. can still get financing from our home mortgage programs.