5 Reasons to Buy a Home in Sonoma County in 2017
Why buy in Sonoma County? Aside from it being a terrific place to live, work and play, Sonoma County also offers a housing market that’s more diverse than you might think. It’s also a place where home values are on the rise, making it easier for homeowners to build equity. Still need convincing? Here are five specific reasons to buy a Sonoma County home in 2017:
1. The high-end real estate climate is buyer-friendly.
As of now, the market in Sonoma County is more saturated with high-end luxury real estate, making it more of a buyer’s market if you’re searching in the upper tier price range. Homes in the $700k+ bracket are typically more plentiful than homes priced below $500k, especially in areas like Petaluma, Healdsburg and Napa.
Buyers who are looking at homes prices at $1 million or more are at an even greater advantage. Inventory levels of multi-million dollar homes was more than twice that of inventory priced below $1 million in October 2o16.
2. Cheaper homes are coming back on the market.
Yes, higher priced homes are the norm in Sonoma County, but that doesn’t mean there aren’t any opportunities for first time buyers in the lower price range. Sonoma County has its fair share of modest homes, with many of them priced below the median sale price for their respective areas. The challenge, however, is not finding these homes — it’s acting quick. Once you find a Sonoma County home that is priced below $500,000, chances are it will be sold within a few weeks. Even affordably priced fixer uppers tend to go fast around here, as there is simply more demand for lower priced real estate than there is supply. Here’s a tip: if you’re searching in the lower tier price bracket, make sure you are prepared to make a move as soon as you find a home you like. That means getting preapproved for a mortgage before you begin you home search, having your credit reports checked, having the funds necessary for a down payment, etc. Talk to a loan professional at Priority Lending for details.
3. Interest rates are still very low.
Although rates are likely to go up in 2017, they’ve been so low for so long, a slight increase isn’t going to do any damage to most home buyers in the coming year. And most experts agree that the increase(s) will be minor and gradual. That means you still have time to lock in a considerably low interest rate. And if you choose a fixed rate mortgage program, you won’t have to worry about your rate going up — ever — even if mortgage rates increase over the next several years.
4. Sonoma County is a healthy market.
Overall, Sonoma County is in its prime for real estate. The median home values are high and expected to move higher, there are very few homes in foreclosure or with negative equity, and properties listed for sale tend to sell quickly (and for their asking price). While buying a home always presents certain risks, if you’re buying a home in Sonoma County, you can likely consider it a safe bet and a risk worth taking, as all signs point to a robust market that will continue to perform well in the new year.
5. Sonoma County is like paradise on earth.
When choosing a place to buy a home, we know it’s not all about numbers and prices and statistics. It’s also about culture, beauty and a sense of community. Fortunately, Sonoma County has an abundance of those things. Amazing vineyards, stunning coastline, perfect climate, friendly people and a never-ending list of things to do make Sonoma County a fun and peaceful place to call home. Here’s a little bit of info for further reading on Sonoma County’s attractions:
- 11 Reasons Sonoma County is the California Gem You Need to Visit (Huffington Post)
- 25 Reasons Sonoma County is the Best Place to Live (The Press Democrat)
- Sonoma County Official Tourism Site
Ready to learn about finding a mortgage for your Sonoma County home purchase? Call (800) 405-7941 to speak with one of our mortgage professionals.