The median house price in Sonoma County recently hit $670,000. If you feel there is simply not enough inventory to choose from you may want to think again. Here is why…
The first order of business is determining if your financial capacity can support purchasing. Your buying power is your future. In other words, if your buying power supports purchasing a home in the $670,000 price point you have options. It’s very easy to become jaded and to say that there’s nothing available in your price point. For the last few months since the beginning of January 2018 approximately 25 to 30 houses hit the Santa Rosa market per week. That’s independent of Rohnert Park, Cotati and Sebastopol and West County.
If you’re waiting for the property, it would be advisable to be in a situation where you’re putting down substantial funds 20 percent down or more with conventional financing with excellent credit. You need to have an extremely strong financial scenario to put yourself in this type of situation. The reason is this type of property will hit the market, but when it does with combined market forces and with increased competition, it’s likely that you’ll have to make a strong offer, perhaps higher than the listing price in order to get the property. That makes your chances of purchasing a property slim unless you can adjust your purchase criteria. There are houses on the market, but where you may need to adjust would be changing something in your financial profile.
Following are some ways to change your situation…
•Getting a co-signer
•Changing bedrooms and bathrooms expectation
•Changing lot size expectation
•Changing area location
•Paying off debt
By making changes or perhaps even small concessions to some of the above things you’ll start to realize there are actually more opportunities on the market than perhaps otherwise thought.
Therefore, it’s critical to work with a local experienced lender who knows your financial profile backwards and forwards and can clearly and accurately articulate the changes you must make to your borrowing power and price point. It is also recommended to speak with a qualified full service real estate professional who has their finger on the pulse of the local market who can help identify opportunities and make pragmatic suggestions for you and your family, so you can make your home-buying plan a reality.
Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at www.sonomacountymortgages.com