“OK smart guy, you told us all that the market is on the mend but why can’t I found a house to buy?”
That’s a fair question. The market is improving in Mendocino and Lake Counties but it’s still going to be a while before we experience a full real estate market recovery. Home values are inching up but after 4+ years of decline, it’s understandable that it’s going to take some time. It’s true that there are not many homes for sale currently (in the business we call this a lack of inventory) but that is not because there is a lack of homeowners that would like to sell. There are many people out there who would like to sell/move but the market recovery has not quite reached their level yet and the value of their residence is too close to what they owe. The other side of that, is the homeowners that have sufficient equity in their homes to sell are trapped by the lack of inventory. Around and around we go… some times I joke that I come to the office every day just to see what’s going to happen next.
I’d greatly appreciate any feedback or questions that you might have on real estate in Ukiah, Willits or anywhere else in Mendocino and Lake counties… Northern Sonoma County as well. Find out what today’s low interest rates mean for you.