Sonoma & Marin County Real Estate Market Update

July Market Update

July Sonoma & Marin County Real Estate Market Update

Hey there July! We are stopping by to give a housing market update and share why a slow down in the economy does not equal a repeat of the 2008 housing market crash.

If you have questions about buying or selling in today's market, reach out today – we'd love to be a resource to you!

Are we headed for a repeat of 2008 real estate market crash?

A big, resounding NO!

What happened in 2008 was caused by cheap debt, shady lending practices, and financial acrobatics that ended with too many borrowers in mortgages they couldn’t afford.

"Even if a nominal home price decline comes this time, it’s unlikely to be like 2008. Plus, the supply of houses can not meet current demand."

_{Research Economists, Dallas Fed for Fortune.com}

Our Advice?

Not every recession is a housing crisis. So if you’re looking to buy, sell, invest, or flip, here's what to do: silence the naysayers, look at the stats, and find an agent who can help you make on-time and informed decisions in 2022.

Who's Been Buying & Selling?

NAR’s 2022 Home Buyers and Sellers Generational Trends Report is here. Here are 9 insights I wanted to share:

• First-time buyers made up 34% of all home buyers, up from 31% last year
• 60% percent of buyers were married, 19% were single females, 9% were single males, and 9% were unmarried couples
• 31% percent of buyers had children under 18 living at home
• 11% of buyers purchased a multigenerational home to care for & spend time with aging parents
• Baby Boomers make up the largest share of sellers at 42%
• 7% of buyers financed their home purchase
• 45% of Younger Millennials (ages 23-31) reported having student loans with a median loan balance of $28,000
• Gen Xers (ages 42-56) were the most racially diverse buyers in 2021 — 23% identified as Hispanic, Black, or Asian/Pacific Islander