On Friday, 9/19, the IJ reported home sales down for August, with number of single family detached homes off by 10% and the price at which those homes sold off by 19% both relative to August of 2007 (see my website at www.MarinHomeProperties.com, "Resources". So, the trend of fewer single family homes selling continues. Does the data mean that the price of your home, or homes on average in Marin has now declined 19%? No. This figure reflects mostly the trend in available mortgage financing. The new jumbo conforming loan limit of $729,250 equates (at 20% down) to a purchase price of $911,562. So guess what homes are selling the most frequently? Those priced under $911,562. You'll start to see listing prices at $912,000, reflecting this reality.
But interestingly, we are still seeing signs of strength in the high end, say $2.0MM and over. A property in Corte Madera just went into contract with at least 2 offers on it--the list price? $1,999,000.
Monday, September 22, 2008
Monday, July 7, 2008
Welcome to the first installment of Marin Home Properties blog. Just in time for my Quarterly Update (email me to receive hard copy).
Where we are now . . .
Stats still show Marin’s home prices holding up well. That “flight to quality” I mentioned last quarter remains evident: homes in good condition, good locations, good school districts AND priced correctly continue to sell quickly, at or over asking and sometimes with multiple offers. The key? Good prep on all fronts (condition, price, presale inspections and disclosures). We are even seeing signs of improvement: multiple offers and over asking prices on some of the weaker segments (Novato, condos).
Where we are going . . . .
Economists continue to talk of rising mortgage rates, which could lead to further downward price pressure however. And, its not all talk. Those Buyers who are in the market (ahhh, they are the smart ones!) are indeed now starting to feel the pinch of higher rates. Nonetheless, there are a number of desirable homes that continue to sit, and truly for no good reason. Opportunity!
Where we are now . . .
Stats still show Marin’s home prices holding up well. That “flight to quality” I mentioned last quarter remains evident: homes in good condition, good locations, good school districts AND priced correctly continue to sell quickly, at or over asking and sometimes with multiple offers. The key? Good prep on all fronts (condition, price, presale inspections and disclosures). We are even seeing signs of improvement: multiple offers and over asking prices on some of the weaker segments (Novato, condos).
Where we are going . . . .
Economists continue to talk of rising mortgage rates, which could lead to further downward price pressure however. And, its not all talk. Those Buyers who are in the market (ahhh, they are the smart ones!) are indeed now starting to feel the pinch of higher rates. Nonetheless, there are a number of desirable homes that continue to sit, and truly for no good reason. Opportunity!
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