Market Has Slowed. What Does It Mean?

By
Mortgage and Lending with Primary Residential Mortgage Inc. NMLS 3094 NMLS # 260747

In my area of Ukiah, CA. which is in Mendocino County, CA. (Northern California) we are finding that buyer activity has slowed. What does it mean? That is the question that was being discussed today at a meeting of the local realtor chapter. I have given some thought to this and perhaps it's nothing more than summer slow down. Last summer home sales also slowed during this same time frame and then picked back up in the fall after the kids were back in school. 

The other thought that I have is that home values have risen so much over the last two years that it is no longer a steal to buy a home. Investors had led the markets and now that values have increased it's just not as attractive. The other thought I have is that two years ago it was cheaper to purchase a home than pay rent. I dont think you can say that now. A lot of buyers that wanted to purchase, no longer can as they have been priced out of the market. 

What does this mean moving forward? No idea! I do know that we have survived other real estate cycles and I suspect this market will eventually get back to normal and that  is a good thing! Be patient Ukiah/Mendocino realtors this too will pass!

Posted by

Rick Costa

rcosta@bayeq.com

707-981-7349

www.rickcostamortgage.com

@rickcostamortg

 

 

NMLS # 260747 Representing Bay Equity Home Loans NMLS # 76988

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Rainmaker
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Lee Davenport
Sandy Springs, GA
Learn With Lee: Real Estate Coaching & Consulting

Patience is indeed key, Rick, so thanks for your reminder!  The good thing about cycles is that they do not stop at one point but keep moving so things will continue to change :-).

Aug 27, 2014 10:13 AM #1
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Rainer
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Rick Costa

FHA/VA/USDA expert
Doing the hard to get done loan!
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