Santa Rosa is a beautiful city on the Russian River in Northern California's Sonoma County — just 60 miles north of San Francisco. The city is home to nearly 175,000 residents and supports a variety of businesses and industries. Tourists flock to Santa Rosa worldwide to enjoy its many wineries, restaurants, and shops. Santa Rosa is an ideal luxury destination for anyone who appreciates stunning homes, beautiful scenery, and world-class amenities.
Considering the overarching appeal of California’s Wine Country, it is no surprise that Santa Rosa is a popular destination for luxury homebuyers. If you're considering Santa Rosa, CA real estate, you'll want to stay up-to-date on the latest housing market forecast.
This blog post will familiarize you with the Santa Rosa, CA, real estate market as we enter 2023. We'll discuss the latest trends, prices, and demand for luxury homes in Santa Rosa. Armed with this information, you can decide when and where to purchase your dream home. So whether you're a first-time buyer or a seasoned investor, read on for everything you need to know about the Santa Rosa housing market forecast for 2023.
The current state of Santa Rosa real estate
Santa Rosa's housing market is on the rise, and prices are predicted to continue to increase in the next year, a trend in line with data gathered in Sonoma County.
As of October 2022, the median sold price for a home in Sonoma County approached $800,000, a tick down from September and a healthy 6.3% increase from October 2021. Despite rising costs, Santa Rosa remains desirable, and homes are selling very quickly. On average, Santa Rosa homes spend less than a month on the market before being snapped up by individual homebuyers or investors.
Even as the market favors sellers, buyers can still find homes selling below asking prices. With a pinch of tenacity and the support of an experienced real estate agent, buyers and sellers are poised to benefit from high returns on their investments in Santa Rosa.
Latest trends impacting the market
The picturesque location and mild weather in Santa Rosa have long made it a desirable place to live, and the recent population growth has only increased the demand for housing. That demand, with high housing costs and a limited supply of homes, has created a seller's market. Various factors have contributed to this increase, including solid job growth and an influx of new residents. As a result, many homeowners are taking advantage of the current market conditions and selling their properties for top dollar. If you're considering buying or selling a home in Santa Rosa, now is an excellent time to do so. With prices on the rise and competition fierce, you'll need to act fast to get the best possible deal.
Implications for buyers and sellers
Santa Rosa's housing market is forecast to be a seller's market in 2023, with properties selling quickly and at a premium. This is good news for sellers who can command top dollar for their homes. However, buyers may find themselves competing against each other for the limited number of homes on the market. As a result, it will be necessary for buyers to be prepared to move quickly when they find a property they're interested in.
Three tips for entering the Santa Rosa real estate market
Santa Rosa's real estate market is predicted to be very active in 2023. Here are a few tips to remember while considering Santa Rosa’s real estate market.
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Work with a local agent. A local agent will be familiar with the Santa Rosa market and can help you find the perfect home. This will be especially helpful if you're new to the area.
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Have realistic expectations. The Santa Rosa real estate market is very competitive, and homes are typically priced above the listing price. It's essential to be realistic about your investment goals and be prepared to act fast when you find a home you love.
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Identify your investment goals. Are you looking to buy a home to live in, or are you purchasing an investment property? If you're buying an investment property, it's important to consider the return on investment. Santa Rosa is a desirable place to live, so properties tend to appreciate at a higher rate than in other markets.
Recommended Reading: RANDY WALLER’S BEGINNER’S HOMEBUYING GUIDE FOR SANTA ROSA, CA
Three tips to optimize your investment in Santa Rosa
Once you have a trusted agent in your corner, the rest of your homeownership process becomes more straightforward. Follow these steps to ensure your real estate search stays grounded.
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Apply your preferences as criteria. As you narrow your search, it's crucial to understand what you want. Do you want a family home in a good school district or a condo downtown? Do you need a large yard, or are you open to a smaller home? Knowing your needs and preferences will help you narrow your search, save time, and ultimately find the perfect home.
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Get pre-approved for a mortgage. With such fierce competition, staying ahead of the homebuying process is critical. For this reason, getting preapproved for a mortgage will give you the competitive edge you'll need when bidding on homes.
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Be flexible. With the expected increase in demand, there may not be many homes on the market that meet your specific criteria. Be willing to compromise on things like square footage or the number of bedrooms to find a home in your price range.
What’s next?
The 2023 housing market forecast for Santa Rosa suggests the city will enjoy the continued growth and appreciation seen throughout Sonoma County. Those considering purchasing a home in Santa Rosa would be wise to act sooner rather than later. Work with a Santa Rosa real estate agent like Randy Waller. We are happy to help you find your dream home in this beautiful city. Contact us today to get started!
*Header photo courtesy of Randy Waller
*Header photo courtesy of Randy Waller
