Marin County home prices continue up. Marin County Foreclosure rates continue down. San Rafael, Marin County, praised by NY Times.
The Marin market - and the whole Bay Area market is surging. The median price of Bay Area homes sold in December was up 32 percent compared with a year earlier. That is an impressive increase. Home values increased through most of 2012, and especially towards the end of the year.
But there are still question marks and some caution about how soon and how much the market will recover. However, the trend is very encouraging. Take a look at foreclosures (=bank owned homes) and short sales; they are dropping at a fast pace. Marin foreclosures declined by 41% year-to-year in the last quarter of 2012. And overall there has been a sharp decline with the number of home owners entering the formal foreclosure process, which makes me believe this trend is not just temporary. Marin County recorded roughly half the number of "notices of default" in the last quarter of 2012 compared to 2011. Another strong indication of how fundamental the overall "come back" is.
Nationwide, home prices rose significantly by the end of last year, climbing more than five percent from the previous year. This is the biggest increase since August 2006 when the housing market was starting to collapse, as reported by Reuters earlier this week. See full article http://www.reuters.com/article/2013/01/29/us-usa-economy-homes-index-idUSBRE90S0JZ20130129
I also LOVE the fact that NY Times discovered just how awesome it is to live in Marin County and featured several cities and places worth a visit. See http://travel.nytimes.com/2013/01/27/travel/36-hours-in-marin-county-calif.html?smid=fb-share&_r=0
Personally, I continue to be very optimistic. 2013 must be the best year ever to buy and/or sell real estate. Prices are still relatively low - great for buyers. Interest rates are even lower:-) - great for BOTH parties. We all believe prices and rates will rise. Bottom line; Act Now. Feel free to call me if you'd like to brain storm your options for 2013.