Brexit - What does it Mean For Marin Real Estate?
2016 has proven to be an unusual year for the Marin real estate market. With the equity markets in turmoil over the exit of Britain from the EU (and the resignation of their Prime Minister), there will be a delay in U.S. interest rate hikes for the foreseeable future.
While that bodes well for our real estate market, the free fall of equities needs to be contained lest we see a fallout in real estate prices come this fall when bonuses are paid.
So many of our buyers rely on the benefit of their equity position for their down payment that Marin is likely to see a home price correction unless the international market corrects itself and fast.
Locally, we are certain to have continual expansion of tech companies and a continued inflow of top-level employees to our region. Thus, a need for homes and quality schools. All of which won’t change over the next year.
The demand for Marin housing has sustained positive levels of growth for over four years now. However, I anticipate flat or slightly elevated year-over-year gains for 2016.
As for the long-time residents of the area, we continue to enjoy the local lifestyle regardless of market shifts. Just don’t look at your portfolios this summer….