Stay Up-To-Date on Industry Trends & Forecasts
In light of the upcoming election along with being told by more than one friend that they had been hacked, I thought it to be appropriate to remind everyone that it is important to be Cyber Safe. I am including a list of ways one could be compromised and ways to prevent that.
Stay safe and alerted to the possibilities.
Charleen
Did You Know?
- Updates Matter – Install the latest updates for all devices, programs and apps, which typically include improved security measures. Where possible, opt for automatic updates.
- Phishing is a type of online scam that targets consumers by sending them an e-mail that appears to be from a well-known source – an internet service provider, a bank, or a mortgage company, for example.
- Ransomware is a type of malicious software, or malware, that prevents you from accessing your computer files, systems, or networks and demands you pay a ransom for their return.
- Spoofing and Phishing – Spoofing and phishing are schemes aimed at tricking you into providing sensitive information—like your password or bank PIN—to scammers.
- Holiday or Shopping Scams – When shopping online during the holiday season—or any time of year—always be wary of deals that seem too good to be true, and do your part to avoid becoming a scammer’s next victim.
Common Scams and Safety Tips:
- FBI – Cyber Threats
- FBI – Common Scams and Crimes – tips to prevent
- FBI – Election Crimes and Security
- Federal Trade Commission – Internet Safety Tips
- 4 Things You Can Do To Keep Yourself Cyber Safe
- How Seniors Can Stay Safe On
Sources To Report:
- BBB – Scam Tracker
- FTC – Report Fraud Site
- FBI – Consumer Alerts, Report Scam
- FBI – Internet Crime Report 2021
Market Trends & Forecasts
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- 2024 Housing Market Forecast and Predictions: Housing Affordability Finally Begins to Turnaround
- Sonoma County Market Flipbook
- Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?
Thoughts on Selling:
- Wine Country Sellers Guide (PDF)
- The Massive Pricing Mistake Home Sellers Are Making Right Now: Is This You?
Thoughts on Buying:
- Wine Country Buyers Guide (PDF)
- On the House: Why You Should Consider Buying a Home Before Mortgage Rates Fall
- 5 Reasons Why Buying a Home Right Now Makes Sense—Despite High Interest Rates
- 10 Costs of Buying a Home You Need To Know About
Market Update
Turning the page on the calendar as we begin the new year, it is always interesting to read the “year in review” articles and take in the “new year’s predictions”. Speaking specifically of the real estate markets, on a national scale, we saw the highest, fastest increase in mortgage interest rates during 2023. And the number of new listings coming on the market last year was the lowest in decades, a dominant factor behind sales dropping to their lowest annual total since the great recession.
So, how did Sonoma Valley fare overall in 2023? Reviewing the average median prices, we found that there was an approximate 6.5% increase in the list prices year over year and an almost exact same decrease in the average median sales price. Looking at the numbers of listings and sales, a similar pattern was seen with an 8% increase in the average number of listings but a somewhat higher 16% decrease in the average number of sales.
From our December 2023 vs. December 2022 review, the numbers stayed fairly close to the averages with a 7% increase in number of listings but a larger decrease in the number of sales, at 27%. Prices followed a similar course to the annual averages with a 9% increase in median list price and a 22% decrease in the median sales price.
Overall, we can say that Sonoma Valley held her own in this somewhat tumultuous year. As we look ahead, we are already feeling a renewed enthusiasm in the market. With the drop in interest rates, from approximately 7.79% to 6.61%; the strength of the stock market, including the S&P up by 25% and Nasdaq up by 45%; and the decline in the CPI from 6.3% in January to 3.1% in November over these last two months. Buyers and sellers seem poised to jump back into the market. We predict 2024 to be a great year for real estate and want to wish you all a Happy and Healthy New Year.
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