• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Are there really no houses available for home buying?

April 11, 2018 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
buy a home now vs waiting

The median house price in Sonoma County recently hit $670,000. If you feel there is simply not enough inventory to choose from you may want to think again. Here is why…

First order of business-what does your financial capacity support purchasing? Your buying power is your future. Put another way if your buying power supports purchasing a home in the $670,000 price point you have options. It’s very easy to become jaded and to say that there’s nothing available in your price point. For the last few months since the beginning of January 2018 approximately 25 to 30 houses hit the Santa Rosa market per week. That’s independent of Rohnert Park Cotati and Sebastopol and West County.

If you’re waiting for “the” “property, it would be advisable to be in a situation where you’re putting down substantial funds 20% down or more with conventional financing with excellent credit. You need to have an extremely strong financial scenario to put yourself in this type of situation. The reason is this type of property will hit the market, but when it does, combined market forces and increased competition it’s likely that you’ll have to make a strong offer perhaps well more than the listing amount to beat out the competition. That takes your chances of purchasing a property and makes things very slim unless you can adjust your purchase criteria. There are houses on the market, but where you may need to adjust would be changing something in your financial profile.

Following are some ways to change your situation…

  • Getting a cosigner
  • Changing bedrooms and bathrooms expectation
  • Changing lot size expectation
  • Changing area location
  • Paying off debt

By making changes or perhaps even small concessions to some of the above things you’ll start to realize they’re actually is more opportunities on the market then perhaps otherwise thought. Change your criteria or change your borrowing power and you’ll see that there are more homes available in the market. Therefore, it’s critical to work with a local experienced lender who knows your financial profile backwards and forwards and can clearly and accurately articulate the choices you must make to change your borrowing power and price point. It is also recommended to speak with a qualified full service real estate professional who has their finger on the pulse of the local market who can help identify opportunities and make pragmatic suggestions for you and your family so you can make your home-buying plan a reality.

Looking to buy a home? Begin now.

Related Mortgage Advice from Scott Sheldon

  • Comparing Mortgage Rates In Sonoma County

    What to look for in comparing mortgage rates in Sonoma County. The Federal Reserve came…

  • mortgage after loan modification
    Mortgage after loan modification? Here's how...

    One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications…

  • How Higher Mortgage Rates Affect Payment

    Purchasing a home or refinancing a home loan?  If the interest rate is not locked,…

  • FHA Mortgage Rates Vs. Conventional Mortgage Rates

    Searching for a home financing? If yes, consider the most common types of mortgage loans…

Filed Under: First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying Tagged With: 1st time buyer, qualifying for a mortgage, refinancing my mortgage, Santa Rosa mortgages, Sonoma County Mortgage Rates

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
2455 Bennett Valley Road C107
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2023 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window