A Home in Sonoma For $200,000?
A lovely woman from Switzerland---I'll call her Hope---popped into my office today looking for a "modest" Sonoma cottage that she said she would buy with $200,000 in cash. Hope said she was a native of Northern California. She and her husband are living in Switzerland. She wants to buy an investment property for rental income now and a possible getaway for them later on.
Hope and I looked at the MLS listings. I thought I knew EXACTLY what we'd see but I was suprised. There WAS one non-distressed property for sale in Sonoma priced under $200,000. I didn't think there would be any. But get this: by the time Hope had left my office that property had an accepted offer on it!
At this writing, at 4PM on October 28th, 2011, we have just 13 listings under $200,000 in Sonoma Valley. Four of these properties (2 condos and 2 single family homes) are bank-owned. The rest are short sales.
Our listing inventory is shrinking fast in all price categories. In fact, it's beginning to feel like a seller's market in Sonoma. Attractively priced properties are getting multiple offers. Some are in escrow even before they appear on the MLS.
If you are thinking about waiting until Spring to look for a Sonoma home, you may find even tougher competition. Spring is our hottest market. Buyers show up in droves and there's a lot of pent-up demand.
I hope Hope gets it. She's out driving by a few properties and says she'll be "in touch."
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