Supply And Demand OR LACK Of Supply And Frustration?
July 7th, 2009 categories: Buyer Resource, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, Seller Resource, Sonoma
I was recently asked a simple question about the Real Estate supply of homes:
“Where are the houses in Rohnert Park below $250,000?”
The answer I gave was….”uuuuhhhhh”
At one time, not too long ago, there was a very decent supply of homes right here in Rohnert Park for well below $250,000. Recently, the inventory of homes under the $250,000 price tag has all but disappeared.
WHAT HAPPENED?
Is this Supply and Demand at work? Most likely! Supply And Demand…I thought I was done with Econ 101! As you will recall from ECONOMICS 101, Supply And Demand states that the quantity demanded from consumers and the quantity supplied from producers is equalized by price. This results in market equilibrium, AKA Economic Equilibrium. Hey man….stop with all this Econometrics….I just want to buy a house already. Understood.
Rohnert Park is a desirable area with great schools, great parks (of course…its in the name right) and a family atmosphere that is definitely unique. Each area in Sonoma County is unique, but lately we have been getting a lot of calls for Rohnert Park homes. Demand is HIGH. With the California foreclosure moratorium, supply in Rohnert Park is LOW…not so good news for consumers.
The best alternative to date has been Santa Rosa. You can definitely get more for your money in most parts of Santa Rosa. Most of our clients have put offers in quickly when they find a home that fits their needs, as the prices relative to other areas are more affordable.
My advice to clients is if you are set on Rohnert Park or any other specific area it may be worth it to wait a bit. If you want to move, and other areas fit your lifestyle then those areas should be considered.
Personally, I could live in several North Bay Cities…many parts of Marin County, and Many parts of Sonoma County as well. I really like Rohnert Park, Petaluma, Sonoma, Santa Rosa, and even Sebastopol. I am not sure I fit into Sebastopol, but I do enjoy my time there. Ever since the West County Grill closed, I do not find myself there so much, but it is still a nice (and expensive) place to visit.
I was going to put a picture of a Rohnert Park Home For Sale in this article, but there were none available…sorry! Maybe after the foreclosure moratorium we will see some more inventory…we know a healthy demand is there as we have so many people inquiring about Sonoma County Homes for sale.
