I always find that knowing what’s happening with the real estate market is beneficial towards assisting Homebuyers and Borrowers make better decisions.  Keeping abreast of this information is also helpful when working with licensed peers, to better work together to help clients.

The following report includes both single-family and condominiums in some popular counties:

Marin County:

• Inventory was 46% (211 homes) below January 2022, but only 4% below December 2022.
• New sales were 21% (99 homes) below January 2022 and were 29% above December 2022.

Napa County:

• Inventory was 43% (78 homes) below January 2022 but 3% above December 2022
• New sales were 9% (43 homes) below January 2022 and were 54% above December 2022

Mendocino County:

• Inventory was 8% (210 homes) below January 2022 and 13% below December 2022
• New sales of 36 homes in January 2023 were slightly above the sale of 35 homes in January 2022 and slightly below the December 2022 level of 37 homes.

Lake County:

• Inventory was 13% above the inventory in January 2022 and 2% below the inventory last month of 357 homes.
• Closed sales in January were 39% below January 2022 and 32% below December 2022

Solano County:

• Inventory was at 436.
• 223 homes sold and closed in January 2023 while historically 500 sales occur per month.

What we can conclude from this report is that while sales and inventory are well below the levels of January 2022, they definitely look better for most counties than December looked.

Real estate experts expect the Spring will bring better reporting numbers with more inventory and more buyers looking for a less competitive market than they experienced during the last couple of years.

I look forward to a busy 2023 in the real estate and lending markets. Hope you do too!

Visit our website at www.sunpacificmortgage.com for more information about what we do and what we offer.

The changes in the real estate markets, throughout California, have been one of the biggest news stories in recent months.  The news reports slowing sales and rising inventory, but prices still rising year over year.  Home prices are indeed higher than a year ago but peaked in May and have softened since then.

What the experts are not predicting however, is a crash.  They all agree that this slow down will not be a repeat of 2008.  Homeowners in Northern California as well as Southern California have lots of equity and have legitimately qualified for their home loans.  We don’t have any of the crazy lending we had leading up to the 2008 mortgage crash.  Because most Homeowners refinanced at great rates, they have lower monthly payments too.

What we are seeing is an increase in inventory with homes staying on the market longer and asking prices adjusting from the aspirational prices that Homeowners hoped to achieve in the past couple of years.

Homebuyers are seeing new opportunities with more homes to choose from, and Sellers are willing to make more repairs.

The best advice to Buyers who are hoping to purchase a home in some of the hottest California Markets, such as the Bay Area Peninsula counties, Sonoma County, Orange County and others, is to assess how long they plan to live in their new home. With an historical 8% inflation rate, we see home values moving up over time. If a Buyer finds a home that fits their needs and they are comfortable with the payment, they shouldn’t be concerned if home prices dip a little as long as they are higher when they go to sell.

If you or your client, have been turned down for a conventional or traditional loan, you may want to give us a call here at Sun Pacific Mortgage & Real Estate – also known as The Guys in the White Hats: 707-523-2099 or visit our website at www.sunpacificmortgage.com. We are family owned & operated and have been providing fast, cash-like mortgages for over 34 years in California. We specialize in owner-occupied mortgages which have become more difficult to obtain recently.

We are aware of the housing market slowdown from the frenzy we saw over the past two years. But what does that mean if you’re thinking about selling your home?

Because real estate prices are still appreciating although at a slower pace and mortgage rates are rising, there are more homes on the market. This new market requires sellers to be incredibly careful about how they price their home.

During the pandemic, sellers could price their home higher because demand was so high, and supply was so low. This year, things are shifting, and that means sellers need to rethink their strategy. The price set for homes sends a message to potential Buyers. If you price it too high, you run the risk of deterring Buyers.

If you need to lower your price later to attract more Buyers after it has sat on the market for a while, it can be seen as a red flag. Some Buyers will wonder what that means, and it can be a serious “turn-off.”  Your Real Estate Agent is the best able to give you a true picture of what the market looks like in your area to help you set a suitable selling price.

Real estate experts have a saying: “If it’s sitting there, there are three reasons: price, price, price.”  That may not have been the case a few months ago, but today’s Buyer is savvy enough to know that the market is not what it was for the past couple of years. Buyers will not be as quick to jump without negotiating.

So, if you are a Buyer in today’s market but are finding it difficult to obtain a loan or want to make a stronger offer with a quicker close, consider a short term private loan from Sun Pacific Mortgage (707-523-2099) or visit our website at www.sunpacificmortgage.com. We have helped thousands of Buyers like you for over 34 years in California. We can help get you into a mortgage fast and with far fewer hurdles to jump over – our average days to close is just 2 weeks!