Since my March 23rd entry about Sonoma County’s hot real estate market, there has been a dramatic increase in market activity. The frenzy is in full swing for entry level properties and finding a suitable home can be extremely tough. If you want to buy a home under $400,000 or a condominium under $200,000 you will face stiff competition, multiple offers and frustration. There is simply not enough inventory in this price range. And although more distressed properties are coming, it is unlikely to lower the price. There is simply too much demand. Desirable homes are being bid upon within hours of hitting the market, with multiple offers and over asking prices.

This past week I was actively looking for a client wishing to spend $325,000 on an 1800+ square foot home. Monday we made an offer on a home that hit the market Sunday, we were out bid, Wednesday we wrote an offer on another home, which had hit the market Tuesday night, and didn’t get that one either. Finally, we made an offer last night on a home that came on the market late yesterday afternoon and received word this morning that we got it. In each instance my clients wrote an offer over asking with substantial down payment with no requests for credits. In each instance when looking at the property there were multiple people looking at the same time. This market is brutally swift.

There is one caveat to the quick sales and that is short sales. Short sales are a frustrating on numerous levels and they are clogging the system with lengthy delays and purposely low asking prices. This will be addressed in a separate blog but for general knowledge purposes, knowing the ins and outs of short sales is imperative in this market.

Finding the right home in any market takes enormous patience and diligence with commitment to the search by the buyer as well as agent. In this market it is doubly so. For more information on how to best position yourself in this market feel free to call me at 707.537.2325 or visit my website.


Posted by:Jen Phillips