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The Time for Buyers is...Now!

We are over halfway through 2022, and if you have been keeping up with the real estate market this year, you know things are quite different than they were 6 months ago! While the beginning of the year was filled with fierce competition over the limited inventory, multiple offers per home, and most homes selling for well over asking price within a short time frame of being listed, buyers can now enjoy a deep breath of relief as the real estate market in Marin is returning to a more balanced state. Here are three reasons why right now is a great time to be a buyer, despite what you see in the media.  

  1. A Smaller Buyer PoolHeadlines about interest rates seem unavoidable lately, deterring a lot of buyers from starting or continuing their home search. What this means for our active buyers is that there are fewer people looking at the same properties they might be interested in. Don't forget, that you can always refinance in the future, but you may not get a second opportunity to purchase the home you love. 
     

  1. Decreased Offer Competition Earlier in the year, the majority of properties in Marin were receiving an average of 10-15 offers on the given offer date. More recently, the number of offers per home is going down so buyers don't feel the need to make their offers as highly competitive as at the beginning of the year. Gone are the days of feeling the need to have all cash or go hundreds of thousands of dollars over asking price just to be considered, meaning finding a home within your price range is now much more realistic. 

  1. Longer days on market - the average days on market for any given home in Marin is returning back to “normal”. Remember the very quick sales we were experiencing at the beginning of the year were an unusual state. Properties are now sitting on the market for an average of over a month (depending on the specific location) giving buyers a longer period of time to view the properties that interest them. As I write this, there are over 250 active listings in Marin County with an average days on market of 48 days. What was a stressful time for buyers at the beginning of the year, feeling a heightened sense of urgency to see listings as soon as they were available, and decide if this was the right home for you within a week or two is no longer the case. Buyers can now enjoy the process and not feel as rushed to make such an important decision. 

If you are currently an active buyer, you have plenty of options, more time to see them, and less competition to get the house you really want. And while everyone else is running scared of rising interest rates, you know that you can always refinance when the time is right, without missing out on the home you really want! 

Want some support finding your next home in Marin? Reach out to me directly at [email protected] or (224)715-7627

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