Kilikat, Home Buyer in Oakland, CA

Any educated guesses about the market in Petaluma over the next 6 months?

Asked by Kilikat, Oakland, CA Thu Sep 13, 2012

My family is looking to buy a starter home (around $350k, preferably 3 br and at least 1.5 baths -- I know that's a lot to ask these days) in Petaluma, but it looks like houses are getting quite a few offers, and homes are listing for much higher than what comparable homes sold for only a few months ago. What's going on in Petaluma? Now that the high season is ending, do you think prices will continue to rise as inventory tightens further? We're worried that we've missed the boat to buy an affordable house.

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7
opondomusa’s answer
According to the real estate tracking firm DataQuick, California's median sales price hit $324,000 last month, which is a 3.5% increase from March. It’s also 22.7% higher than the median price was back in April 2012.
So you are right that most likely prices will keep rising.

http://www.realtypin.com/news/story/1290-californias-housing…
0 votes Thank Flag Link Fri May 31, 2013
What ever you do don't get discouraged. Some one will get the home...and it might as well be you.

True inventory is down but prices have stabilized somewhat. Most likely your best bet is to get going now. Holidays may provide a slight calm which by Spring will be over. +

Call me to start the search for that great home you are looking for

I live and love Petaluma and there is a home for you and your family! I am not discouraged by Multiple offers...I just assume my clients offer will be accepted and that has been the case.

Lisa Lipps
LisaLippsRealtor@gmail.com
707-794-3051
0 votes Thank Flag Link Wed Oct 24, 2012
C J gave an excellent text book answer that may play into an individual investor's strategy. Even an investor may realize the price/interest rate comparison may result in buying today a better investment then waiting for the unknown.

Anyone looking to purchase a primary residence whether it is a first time purchase or move up home should not be too worried about any great opportunity in the future due to the banks or governments role. Again todays interest rates either balance out or far out weigh any drop in pricing which may or may not be coming.

If you want to move it's just a great time if you can find what you are looking for and then make a winning offer.

And No you do not need all cash to be competitive. The winning offer is not always the obvious one..it is the best one presented.

Lisa Lipps 707-794-3051
0 votes Thank Flag Link Sat Oct 13, 2012
My research proves that banks are market manipulators extraordinaire. At this time, inventory is low and prices are rising due to a drop in foreclosure inventory listed by banks.

However, banks are still foreclosing as you can see by these California county maps: http://hofj.org/default.asp.pg-ForeclosureMapsCA. That means foreclosure "shadow" inventory is growing but being held back in reserve by the banks.

Specifically in Petaluma, another 185 homes are facing foreclosure auction in the next 3 months. Over the past 3 years, banks have been selling approx 11 foreclosures per month in Petaluma.

So what does the future look like? Either the banks will start listing foreclosures en masse again after the election forcing prices down, OR they will NOT list them, and instead sell their foreclosures in bulk to hedge funds (fronting bank money) shifting their real estate involvement from lender to corporate owner.

So home prices will either fall (if banks list reos en masse across the entire price spectrum), hold (so prices will behave as they are now by rising for prices below median, holding for prices at median, dropping for prices above median), or rise as huge numbers of homes are not listed and made available to the public but are sold below market prices to ultra-large investors (500-1000 homes sold in bulk at a time) turning our country and Petaluma, too, into a "renter nation" under corporate control.

IF we can join together to stop this monstrous bank theft of our real estate assets from the people, force banks to list their foreclosure inventory, and keep owners in their homes with appropriate loan modifications, then more assets and real sellers would enter the market, which would counteract the current short inventory and help stabilize prices and the transaction process.

In the meantime, don't give up hope. There are strategies your agent should be using to help you achieve your goal. cj cjholmes@cjholmes.com
Web Reference: http://www.cjholmes.com
0 votes Thank Flag Link Mon Sep 17, 2012
The inventory in Petaluma is lower than it has been in the 16 years I have been sellinbg homes. When I talk to the Foreclosure specialists many of themn are telling me that they are starting to get busy again. I would say that as inventory begins to rise from the banks, prices will stabilize. $350K is still a viable price in Petaluma. are you working with an agent? Would you like to meet and discuss what we can do for you to help you find a home?
I look forward to hearing from you.
It's a good life
Steve
0 votes Thank Flag Link Fri Sep 14, 2012
In Petaluma, particularly in the $250-$350 price range, homes are seeing multiple offers and in some cases as many as 20! In these situations, the highest bidder is often coming in at a price way beyond what the home will appraise for. Some agents are choosing those buyers who have the capital to make up the difference benefitting the seller. Of course cash is king and 'all cash' buyers have a big advantage by waiving the appraisal contingency altogether. This market is a challenge and has discouraged many buyers and agents alike. My take... don't take rejection personally. Patience and persistence is the name of the game. I'd be happy to speak with you. Whether you decide to contact me or not, be sure the agent you choose has these qualities to get you to the finish line. Prices are rising and interest rates are still a steal so the bottom line: Get to work asap and hang in there!
0 votes Thank Flag Link Thu Sep 13, 2012
If the lack of inventory continues at its current rate, in combination with the incredibly low interest rates of recent times, I see the current trend of increasing prices continuing. In just the last six months, I've seen many buyers get priced out of their preferred area due to this rapid increase in value.
0 votes Thank Flag Link Thu Sep 13, 2012
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