Should You “Wait & See”? ?
Autumn is upon us and we’re in the midst of the post-Labor Day / pre-holidays bump in the real estate market – a window of time that’s coming to a close soon!
One of the questions I’ve been getting a lot lately is, “Should I wait and see what interest rates do next year or jump in the market now?”
A valid question for both buyers and sellers.
Before sharing my perspective, I think it’s wise to look at what’s happening in the market.
For example, in Sonoma County the number of available properties for sale has increased this fall, which has eased things up a bit for buyers.
Months’ Supply of Inventory (MSI) is a helpful metric for understanding market pressures. It measures how long it would take all currently available properties to sell at our current sales pace. For October, MSI was 2.2 months – up 10% compared to the same period last year.
This means buyers are facing less competition and have more negotiation power than in the last three years.
But what about home prices? Median Sales Price for Single Family Homes was $850K during the month of October, up 6.5% compared to the same period last year. This is great news for homeowners and sellers who continue to see equity gains.
Now the elephant in the room: interest rates! This is still the #1 hot topic one everyone’s mind. This month’s drop in rates was welcome news with the hope that it will bring some relief to buyers who may have been waiting.
It’s important to remember: when rates go up, they also come back down. That’s why in real estate, there’s a popular saying: “Date the rate, marry the house.”
Some perspective…
The right time to move is always when it’s the right time for your individual circumstances. Rather than employing a “wait and see” policy and jumping in or staying put when everyone else does, it’s important to evaluate when the time is right for you. If you’d like to talk strategy, weigh the options, or get a more personalized market analysis for your home – let’s talk!
P.S. – Know someone who needs to buy or sell elsewhere in North America? I’m connected to great agents in the US and Canada and would love to get them connected with a quality real estate agent in their new city: 707-480-4142 or email pambuda@gmail.com.
I’m Officially a GREEN Designee!
I recently completed the National Association of REALTORS® Green Designation program. During the training I learned about the many cash and tax credits available to homeowners to increase efficiency and reduce carbon emissions.
My goal is always to be a trusted advisor and source of information to you! If you’re interested in adding more energy efficient features to your home and the benefits – reach out to me! I will be sharing more about what I’m learning in the coming months.
Point Reyes Farmstead Cheese has landed on Oprah’s Favorite Things list for 2023
A gift basket from Point Reyes Farmstead Cheese Co. has landed on Oprah’s “Favorite Things” list for 2023.
The Marin-based company, owned by sisters Jill Giacomini Basch, Lynn Giacomini Stray and Diana Giacomini Hagan, creates award-winning cheeses, including their Point Reyes Blue (still produced at the family dairy), Toma, Gouda and soft-ripened Quinta. The production facility for pasteurized cheeses is in Petaluma.
Looking For a Staycation? Here’s Where to Eat,Drink & Stay in Guerneville
Guerneville is one of the best retreats in Sonoma County. It brims with bold-name chef-driven restaurants, chic boutiques and fashionable resorts celebrating the spectacular natural wonders that span the 5,683-acre Austin Creek State Recreation area. Get a taste of what all the fuss is about with this getaway guide that will have you wanting to come back to explore more.
Fun fact: Guerneville used to be known as “Big Bottom,” referring to the alluvial flood plain that the area rests upon. Later, it was called Stumptown in honor of its redwood logging industry.
If you visit, I highly recommend stopping by the Big Bottom Market (now reopened under new ownership as Piknik Town Market) their biscuits are renowned!
Ways to Spread Kindness This Month! The holiday season serves as a reminder that we can all contribute to making the world a warmer, more compassionate place, and in doing so, we create a sense of unity that truly embodies the spirit of the season. Here’s a list of some simple gestures that can help make someone’s day!
