



That's the question you should be asking yourself.
Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home.
So, do you know what your home is worth in today's market?
Contact me for a confidential, no obligation assessment of your home's value.
If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.
To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask yourself about home prices and mortgage rates as you make your decision:
One reliable place you can turn to for that information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists.
According to the latest release, the experts surveyed are projecting slight depreciation this year (see the red in the graph below). But here’s the context you need most. The worst home price declines are already behind us, and prices are actually appreciating again in many markets. Not to mention, the small 0.37% depreciation HPES is showing for 2023 is far from the crash some people originally said would happen.
Now, let’s look to the future. The green in the graph below shows prices have turned a corner and are expected to appreciate in 2024 and beyond. After this year, the HPES is forecasting home price appreciation returning to more normal levels for the next several years.
So, why does this matter to you? It means your home will likely grow in value and you should gain home equity in the years ahead, but only if you buy now. If you wait, based on these forecasts, the home will only cost you more later on.
Over the past year, mortgage rates have risen in response to economic uncertainty, inflation, and more. We know based on the latest reports that inflation, while still high, has moderated from its peak. This is an encouraging sign for the market and for mortgage rates. Here’s why.
When inflation cools, mortgage rates generally fall in response. This may be why some experts are saying mortgage rates will pull back slightly over the next few quarters and settle somewhere around roughly 5.5 and 6% on average.
But, not even the experts can say with absolute certainty where mortgage rates will be next year, or even next month. That’s because there are so many factors that can impact what happens. So, to give you a lens into the various possible outcomes, here’s what you should consider:
If you buy now and mortgage rates don’t change: You made a good move since home prices are projected to grow with time, so at least you beat rising prices.
If you buy now and mortgage rates fall (as projected): You probably still made a good decision because you got the house before home prices appreciated more. And, you can always refinance your home later on if rates are lower.
If you buy now and mortgage rates rise: If this happens, you made a great decision because you bought before both the price of the home and the mortgage rate went up.
Source: Keeping Current Matters
In June, Sonoma had a total of 653 homes fo sale, providing the market with 2.2 months of inventory. There were 283 new listings, 338 homes sold, and a median sale price of $850 with a median overbid of 100.6%. The averag time on the market was 38 days.
There were 50 condo and townhome units fo sale, providing the market with 1.3 months of inventory. There were 29 new listings for sale 52 units sold. The median sale price was $48 with a median overbid of 101 3% The averag time on the market was 39 days.
The data, sourced from InfoSparks, includes all single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include preliminary data, and may vary from the time the data was gathered. All data is deemed reliable but not guaranteed. DRE# 01995149. Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.
29 New Listings
52 Sold Listings
1.3 Months of Inventory
39 Avg Days on Market
JUNE 2022 - JUNE 2023
Single-Family Homes
Last 12 months, year-over-year.
Condos & Townhomes
Last 12 months, year-over-year
Single-Family Homes
The median sales price has increased from $849k last June 2022, to $850k as of June 2023
Condos & Townhomes
The median sales price has decreased from $505k last June 2022, to $482k as of June 2023.
Single-Family Homes
The overbid percentage has decreased from 101 4% last June 2022, to 100 6% a year later
Condos & Townhomes
The overbid percentage has decreased from 102.1% last June 2022, to 101.3% a year later.
Single-Family Homes
The average time spent on the market went up from 33 days last June 2022, to 38 days as of June 2023
Condos & Townhomes
The average time spent on the market went up from 27 days in June 2022, to 39 days as of June 2023