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Sellers' Market Demolishes First Time Home Buyer Credit
We're all seeing the return of a sellers' market for entry level homes. I've posted about it earlier and many of you commented that your areas are also affected. The saddest situations I see are for the first time home buyers struggling to finance a low priced home who are repeatedly losing out to cash investors. It's easy to say it's the market in action. It's harder when you are working with young couples with children trying to get started as home owners and get their kids enrolled in a good school.
I analysed recent sales data to try to show what has happened in Sonoma County. I listed just single family residences that sold since July 1, 2009 for less than $250,000, a level that is definitely entry level in this coastal California area. These are the homes for service workers, recent graduates, young couples, etc.  Earlier this year there were hundred of these properties available and most people with good credit could qualify to buy...and the homes sold quickly. The newer data tells a different story.
The chart includes a data point for each sale. The far left side of the chart includes lingering listings from late in 2008 ... more

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