Is It Time to Sell Your Sonoma Home?
The number of Sonoma homes for sale continues at a seven year low while the number of properties going into contract continues to rise.
Historical perspectives are useful for both Sonoma home buyers and sellers. The outlook for buyers is clearly a challenge once you study the chart below. For Sonoma sellers it's a more promising time to list than at any time in recent years. Our shortage of listings should be an incentive for these sellers to make their move. So why aren't they?
*All reports are published Apr. 2012, based on data available at the end of Mar. 2012.
All reports presented are based on data supplied by BAREIS MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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Savvy Sonoma Realtors will say it's because those who don't "have to sell" right now are waiting for values to climb and that there are plenty of would-be sellers who can't because they owe more on their mortgages than they could fetch by selling their homes today. There's also the uncertainty posed by the so-called shadow inventory we keep hearing about...bank-owned homes which haven't yet hit the market.
Meantime, demand is clearly on the rise. Sellers who have equity and who are sitting on the fence might want to consider testing the market. Multiple offers are becoming quite common these days due to the short supply of Sonoma Valley homes. Last week a Glen Ellen cottage received 9 offers while another single level home in Sonoma received 18!
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