Bargain hunting buyers are back in the hunt for homes in Sonoma County. In the last thirty days there have been 226 new residential REO properties added to the market, primarily in Santa Rosa, but with homes in Petalua, condos in Rohnert Park, and even a wine country property near Healdsburg. 68 of these new REO listings have already been bagged by people who appreciate bargain prices. Anecdotally we are hearing stories of multiple offers and overbids that are firming up prices at the low end of the market.
My crystal ball is not clear enough to tell me we are at the bottom of the market. However, what is demonstrated by the renewed activity by buyers is that many investors and wanna-be home owners have decided that the time is right to begin to buy again. We have sales of REO properties from $107.000 to nearly $1,000,000, so there are bargains to be had at all price points.
I'll extend to all my ActiveRain readers the same offer I made to readers of my sonoma.net blog. I will do a custom search of REO properties in Sonoma County for you if you tell me what areas of Sonoma County you are interested in and/or what price range you want. I can set this up either as a one time search or an ongoing automatic search to look for new REO listings.
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I love helping clients find homes and land in Healdsburg, Sebastopol, Santa Rosa, and west Sonoma County. I work hard helping sellers use the internet to effectively market their properties. Call me.
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Ned,
At the bottom end of the market and with a substantial down payment you could maybe get some positive cash flow. If you can get a good price on a duplex or fourplex your chances are better, and some of those properties are entering the market. The old game of flipping or holding for 20% annual appreciation seems to be over, so we're back to investment fundamentals and holding for the long term. California has a 40 year history of about 9% real estate appreciation. The recent bursting of the bubble has simply dropped prices back to where they would have been with a steady state appreciation over the last ten years.