Low Inventory of Homes for Sale in Marin County - What that means for Buyers and Sellers
The second Monday of each month Marin County realtors meet at the Aqua Hotel in Mill Valley to pitch new and upcoming listings and to share market stats and trends. It's a chance to get a "feet on the ground" perspective of what agents are seeing and hearing at all price points and in all geographic areas.
Below are a few statistics, trends and observations that were noted at the meeting:
- October 2011 had the highest number of sales since May 2007 (a year before the market went over the cliff)
- Very Low inventory - currently a little over 3 months of inventory (inventory has been down over 30% in 2011 compared to 2010)
- Multiple offers are increasingly common according to many of the realtors. (In the past month I received multiple offers on a home I had listed and was in a multiple offer situation with a buyer I was representing)
- Don't get the wrong idea; buyers are not going crazy bidding up the price of homes. It's not 2005! However, they are writing offers and looking for value.
Sellers, listen up; the inventory is low NOW. Don't wait until spring to put your house on the market. You'll face a whole lot more competition if you do. Start now....make a list of what you need to do to get your home ready so you can jump on the market in January. I have found when sellers get their homes on the market before March, they do much better and their homes sell quicker. You'll be pleasantly surprised at the pent up demand for new inventory in January and the number of new buyers who enter the market.
Buyers, Carpe Diem; Take advantage of the low interest rates and well-priced properties. If you're sitting on the fence, the rental market is tightening and rents are increasing. Short Sales and Bank Owned properties aren't the only game in town. Many "regular" sellers are motivated, competitive, their homes are in better condition, and you'll actually receive disclosures on the property..what a concept! Better yet, you can save yourself the aggravation and stress of the Wild, Wild, West environment where banks rule!
This is a busy time of year. It's also a great time to set goals for 2012. If you need help prioritizing what needs to be done to get your home ready to sell for the most money, call me. Buyers, if it's your first home, you're a seasoned homeowner and want to move up or you're relocating from another area, I'm ready and available to assist you.
Janis Peterson, Cell 415-271-3109
[email protected] Real Estate