Sebastopol Homeowners Tempted by Sellers Market Conditions
The town of Sebastopol is a close-knit community of about 8,000 residents but often times feels more lively since it is the business center for an area with a population around 50,000 known as West County. Apart from Sebastopol town center, the unique retail and restaurant space known as the Barlow, includes wide streets, modern industrial charm with shops, restaurants and wine tasting rooms that make for a perfect, calm afternoon or lively evening outing.
The land surrounding Sebastopol is agriculturally fertile, where not only vineyards are found, but orchards full of delicious apples. The Gravenstein is the area’s other famous crop, first planted in the early 1800s and are the perfect variety for applesauce, apple pies, or to enjoy fresh off the tree.
Sebastopol is nested in a beautiful area with old growth trees, and quiet streets but is an equally short drive to Santa Rosa, Sonoma County’s largest city, and Bodega Bay on the Pacific coast. With a little something for everyone, this charming town is a must-see (or stay) in wine country. It is no wonder Sebastopol real estate remains a sought after location.
The current Sebastopol real estate market reflects what many cities across the country are facing, a sellers market. Sebastopol homeowners who’ve been putting off their own decisions about whether to list their properties are finding ample reasons for acting this spring. Not only was that “sellers market” label showing up more often, but also a host of supporting reasons had appeared in the month-end analysis:
- Compared with the last quarter of 2017, the percentage of households who believe the economy is improving grew to 60%—an 8% rise!
- More than that—63%—think their own financial situation will improve in the next six months.
- Perhaps as a reflection of that growing optimism, 68% of buyers report that they believe it is now “a good time to buy a home.”
If Sebastopol homeowners were encouraged to believe that Sebastopol buyers share that opinion, they’d be in step with the rest of the nation: 74% of homeowners think now is a good time to sell. That’s a conclusion that’s easy to understand since U.S. home prices have grown a cumulative 48% since 2011. Yet even with such encouraging evidence, the number of listed properties continues to be well below demand. What might otherwise be a booming market continues to improve—but gradually.
The NAR’s Chief Economist sounded almost wistful about the supply bottleneck. “Ultimately,” he was quoted as saying, “supply conditions would improve measurably…if homeowners finally decide that this spring is the time to list their homes for sale.”
With buyer optimism growing and available properties still in short supply, conditions are close to the textbook definition of a sellers market. Whether buyer sentiment will continue to persist as mortgage interest rates rise is an open question—and an additional reason why owners might choose this spring to put their Sebastopol homes on the market.
If you are thinking that the time could be right to buy or sell, we hope you will give us a call. We can get down to specifics on how to achieve your goals in today’s Sebastopol real estate market.
Contact us for all your Sebastopol CA homes for sale needs today!