Market Update- "Consolidation Continues"
Wednesday, March 2, 2011
For the most part, Sellers came to terms with the "new" market in 2010. Slightly more than 3 years after the first credit difficulties emerged in the sub-prime market (8/07), the data show an increase in the number of single family homes sold in Marin, 2010 v. 2009, in all cities except Ross and Novato. However, the prices at which sales are occurring were lower in 2010 than in 2009 in over half of our cities. In other words, despite lower prices in some towns, Sellers are indeed moving ahead with their lives. Sales were advanced into Q1 2010, due to tax incentives aimed at both new and experienced Buyers, which then expired in April. In 2011, I expect a continued pragmatism on the part of market participants. We’ll likely see more short sales and indeed foreclosures in the middle and higher end of the market. Mortgage rates are still extremely attractive, and represent an opportunity for both Buyers and Sellers.
My promise to you remains unchanged: candid, truthful and professional real estate advice and services. Always!
Posted bySusan Coleman at 1:29 PM
Labels: Buyers, Marin Real Estate, Mortgage Rates, Real Estate, Sellers
