The Sonoma County housing market has heated up once again. This time, due to the pandemic, the SIP and most importantly the “work from home” orders, it is causing many to rethink their lifestyles.
If people no longer need to live in the big cities to work for places like Facebook, Twitter and Square, why wouldn’t they seek somewhere less expensive and more conducive to what they want for themselves. That is exactly what is happening at this time. We are seeing a surge of buyers coming from San Francisco and the Bay Area doing just that. Creating a new lifestyle for themselves out of the big cities.
Now this doesn’t mean the entire Sonoma County is surging. This is appearing to be area and lifestyle specific. For example, many coming from the city first seek out Petaluma as it close to San Francisco. Other buyers are wanting to move to areas like Healdsburg. Both areas have a conducive lifestyle to offer that is similar to the city life, meaning close to downtown for restaurants and entertainment, similar to what they are used to.
The market on the whole is moving and adjusting at the same time. We have many new builds, due to the fires of 2017 along with other new builds and land bought. Basically, what is happening is even though there is still a lot of money people are spending, they are more specific with what they want. Many are specifically choosing a home for the lifestyle it represents. If a home is up for sale and is updated and priced right, it will sell. Price it too high and it will sit. Home listings typically will get offers within the first 30 days in this market, IF it is priced right. Buyers are too savvy and they definitely know what they want. Nobody is panic shopping. They are taking their time. A home purchase is typically the largest investment many people make and at this time it is well thought out before buyers decide to do anything.
The other thing to consider is that some buyers may be waiting for the market to calm down from the rush of the city buyers, which we may see ease up by late July, early August, giving way to other buyers coming into play by September/October.
With the fluctuating market that are in, people are more cautious about overspending for something they don’t love. Can you blame them? 2020 is one for the record books on magnifying deep down what is truly important to each of us.
One thing is for sure, whether it is the people we spend time with, what we do for a living or where we live, all of these choices have come to the forefront during 2020 and probably for a very good reason. It’s time we choose carefully about what we really want for ourselves and our families.