Interest rates April 2023

 Finally we are heading in a bit better direction on the interest rates, under the 6.5% range now.  Is that great?  Yes and no.  We have been slowly declining since it hit up and over 7% weeks ago, and finally we are heading for the 6.25% range and hopefully under 6% sooner than later.  However, last year it was in the 5% range, and that was a huge jump over February-March 2022.  So, we are still getting used to the change in rates one year later.  This is the new normal, here to stay-- but hopefully we'll be adjusting in the 5% range at least...

reference article https://www.realtor.com/news/trends/mortgage-rates-just-fell-again-but-the-news-gets-even-better/

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production record of both listing and selling. Karena began working with Kelsi Ryan in 2013 and their teamwork was honored with the Realtor’s 2018 award for best team! Using our business and service backgrounds, our clients benefit from our communication, organization and marketing skills and are able to feel comfortable and informed every step of the way. With our years of experience in pre-listing preparation, negotiating skills, contract knowledge, we help you plan and achieve the best terms possible for your purchase or sale. In 2016, Karena’s son Tristan was born, making him the youngest member of the team, and he continues to help in his own way! We are looking forward to meeting you, and we shall be here for you long after the transaction is over.  View my listings at MendoHomes.com

Areas served:
Willits, Ukiah, Calpella, Talmage, Laytonville, Hopland, Potter Valley, Redwood Valley, Upper Lake, Lakeport, Kelseyville, Nice, Lucerne

Market Statistics

 So, personally I do not agree with these current statistics, because Mendocino County saw far less homes sell last year than what this is saying.  Sonoma County also saw many, many less homes sell.  Doesn't mean all the prices dropped, although some certainly did.  I saw areas of Mendocino County drop 10% plus depending on the circumstances.  Sonoma County has slowed down, but theirs is reflected in fewer multiple offers and less homes going for over asking...  and some who reached too high are having to lower their price.  

When statistics are run, they generally-- in my opinion-- should automatically kick out the highest and lowest, and the upper price ranges unless that is specifically what is being looked at statistic-wise.  After that, the average and median will have a much better and more accurate range.  As for the number of sales, I honestly don't know what the California Association of Realtors was looking at, but we did not just see a 12% drop in sales!

Now we are March, looking to this spring and summer and how the economy and interest rates will be affecting the buyer interest...

Karena Jolley, Full-Time Realtor 

Karena has been a full-time Realtor since 2005 providing extensive knowledge of homes and land in the inland Mendocino County and Western areas of Lake County with a consistently high production record of both listing and selling. Karena began working with Kelsi Ryan in 2013 and their teamwork was honored with the Realtor’s 2018 award for best team! Using our business and service backgrounds, our clients benefit from our communication, organization and marketing skills and are able to feel comfortable and informed every step of the way. With our years of experience in pre-listing preparation, negotiating skills, contract knowledge, we help you plan and achieve the best terms possible for your purchase or sale. In 2016, Karena’s son Tristan was born, making him the youngest member of the team, and he continues to help in his own way! We are looking forward to meeting you, and we shall be here for you long after the transaction is over.  View my listings at MendoHomes.com

Areas served:

Willits, Ukiah, Calpella, Talmage, Laytonville, Hopland, Potter Valley, Redwood Valley, Upper Lake, Lakeport, Kelseyville, Nice, Lucerne

Sonoma County Real Estate market

 Our Mendocino County real estate market does look to the counties in the South, like Sonoma County, as that does have an affect on our activity and pricing here.  Sonoma County has been experiencing less sales (like Mendocino County) this spring and summer 2022, but has not seen the decrease in pricing as we have had here.  Instead, their "slowing" of the market means less buyers, less multiple offers and less properties selling for over asking price.  There is still a lot of demand, but what was taking 20 to 30 days to sell is now 60 to 90 days.  Will Sonoma County see price reductions in future?  Perhaps, or it may be that they will just see a "flattening" of prices.  Not sure yet.

https://www.pressdemocrat.com/article/news/grim-benchmark-mortgage-rates-go-over-6-for-first-time-in-14-years/

Home Sales are down in Spring 2022

 Pending home sales are now declining, mostly due to interest rates rising and buyers being more cautious about making offers on homes.  Locally in Mendocino County, our supply of homes for sale have increased, but overall our housing supply has not significantly grown and the rental market is still very tight, so overall demand should keep our market moving along, just more slowly than in past years.

-Karena Jolley, Realtor at Coldwell Banker Mendo Realty

https://www.mendohomes.com/

Referencing Realtor.com recent article:

https://www.realtor.com/news/real-estate-news/pending-home-sales-decline-for-4th-consecutive-month-as-interest-rates-rise/

Mendohomes.com update from Karena Jolley

 We have several really great properties for sale right now, which can be seen at www.MendoHomes.com and range from lots and acreage land, land with improvements, homes on residential lots, upgraded homes, to homes on land.   

We saw our first bit of rain recently, and everyone that I know of is looking forward to more rain soon hopefully!  I don't see more rain in the forecast yet...

Loans and Refinancing late summer 2021

 I have noticed that there are more hoops to jump through this year in order to purchase or refinance, especially if you are self-employed.  A bit annoying, but at least the interest rates are really good still!!

So, I suggest you listen carefully to your lender and follow their list of wants & needs, as they are just trying to do the best job they can of helping you to obtain your goals.  I have helped clients on many occasions with scanning or faxing their documentation, as our office equipment has great quality and certainly makes the job of scanning a huge stack manageable.  And if your lender says you're not quite ready to buy, make that to-do list and tackle it at a reasonable pace in order to achieve your goals of buying in the coming months to year!

Current listings 9/9/2021

 This will be a periodic post to cover a few of our current properties on the market!!

This link shows what we currently have: 

https://mendohomes.com/team-listings

We typically have a wide variety of properties on the market in the inland Mendocino County and Western Lake County, from residential homes to land and ranches.  We have experience with investment properties and 1031 tax exchanges, too.  Feel free to reach out to us anytime and we will get back to you as soon as we can!

Open Houses again

Here we go again! Open Houses are finally allowed again, with a few extra steps.  Do they work? Yes and no.  Downtown they may have more effectiveness to bring in hesitant buyers who have been window shopping but have not wanted to start working with an agent. However,  there will always be the perennial open-house viewers who are not buyers but just wanting to look. Rural homes are the trickiest, since that is asking the buyer to travel a ways just to look at a home! I have done them in Brooktrails in the past, and if I got just one or two real buyers to come look, it was a success!

We were lucky with our 1st open house for 2021 to have 7 different groups/peoples come through,  considering the home was a few minutes out of town. 

I will update as I do more open houses in 2021!