Stabilization continued across most towns in Marin during the First Quarter. Most of the market forecasters that I’ve read predict continued stabilization, but no real appreciation to speak of for the next 3 years and some predict longer than that. I rarely hear Sellers saying “I’ll hold off selling until the market recovers” anymore. Why? Because we are finally understanding that “recovery” probably doesn’t mean the sustained levels of double digit appreciation that we saw several years ago. So, Sellers are getting on with their lives and it shows in much more realistic listing prices. Are you renting out your property, waiting to sell until the market improves? Check that your negative carry isn’t pushing your breakeven sale price even further out into the future. Call me if you’d like me to run some numbers for you. In the meantime, Buyers continue to press their advantage, and are only submitting offers to purchase when properties evoke a “wow, that’s a good value” response. Buyers really are doing their homework; expect a flurry of activity as the Federal tax credits for homebuyers expire at the end of April.
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