Rohnert Park Home Causes Local Frenzy
August 4th, 2009 categories: Buyer Resource, Rohnert Park, Seller Resource
Rohnert Park Real Estate is really hot lately. There is little inventory due to the fact that there has been a frenzy of offers lately, taking nearly everything off the market.
One Rohnert Park Home in particular caused a local frenzy. This L Section home was listed for $229,900 and so many offers were received that it was amazing…41 offers in all. WOW! Needless to say this home will sell for way above asking price…but since it has yet to close, we do not yet know the price.
I have actually heard people say that this one sale means that the market has receovered. While I think it is extremely positive news, I do not think you can point to a Real Estate recovery simply on one instance. This is related to the “Cases versus Base Rate” fallacy. In many instances, people look to a specific case to prove their point…no matter what amount of statistical data is opposite their viewpoint. Case in point…people who smoke and think nothing bad will happen to them.
So…does this transaction point to a Real Estate recovery? Maybe it is another sign of one…but it depends on what we are talking about. Are we talking about Real Estate, or Residential Real Estate, Sonoma County Real Estate, Rohnert Park Homes, or L section homes below $250,000?
We do think that this type of market activity is great. It points to positive signs for market stabilization here in Rohnert Park. There are many things we are looking at….low home mortgage rates, all time high home affordability, and extremely low home prices relative to the recent past. We are seeing low supply and high demand, which is currently driving the market.
Stay tuned for more Sonoma County Real Estate market updates.
