Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.

“I work mainly in the Sonoma valley and over into Bennett valley, and the real estate market looks like more of the same, but a little harder. There are still a lot more buyers than there are homes to purchase. Scarcity continues to push up home prices. Buyers are faced with longer searches for homes they can afford – and what we consider ‘entry level homes’ that are affordable to first time home buyers changes as prices climb. The West side of the city of Sonoma used to be considered ‘entry level’ – but that has moved north to the communities of the Springs: El Verano, Boyes Hot Springs, Fetters Hot Springs, and Agua Caliente.” – Rob Jones, Senior Sales Associate

 

Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can’t find a home they can afford.

Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes.

  • Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders.
  • Home prices have been rising at a fast clip in the past year – faster than income growth and inflation.
  • Home prices increased in 92 percent of the nation’s measured housing markets at the end of last year, according to the National Association of Realtors.

About a third of those surveyed said they couldn’t find a home with features they wanted or in a neighborhood they wanted. Back to prices though, 27 percent said they kept getting outbid on their offers. Bidding wars are now the rule, not the exception, in most major U.S. markets.

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