Sonoma County Home Sales - May 2015
As the median home prices inch higher and higher in Sonoma County, it appears that many would-be home sellers would like the prices to rise faster. During May 2015 we've been experiencing a large number of price reductions and homes being withdrawn from the market.
Why? Sellers priced their homes too high. Even if a buyer was to agree to an inflated home price, there is just this one little problem called an appraisal. If the home doesn't appraise for the offer price, the home buyer will have to make up the difference in cash. That can be hard to do considering the down payment plus closing costs are already a pretty hefty chunk of change!
The median home price in Sonoma County hit $545K during May. This is the highest it has been since the market crash in 2007. The all-time median high was $619K back in August 2005. Prices still have room to grow, but they will do so in their own time, not on a sellers schedule.
Sonoma County Home Sales - May 2015
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