What Most Buyers Don't Know About Today's Real Estate Market....
If you are in the market for a home, consider this:
Homes are not moving as fast as they were in the first half of the year.
Most buyers are on the sidelines waiting for the Spring.
Sellers are getting anxious to close their homes prior to the Holidays.
Therefore, there are DEALS out there right now.
If you wait til Spring, the economists are predicting another run up (albeit not as accelerated as the first half of 2013).
You have a unique opportunity here to purchase a home BEFORE the spring run up of both prices and interest rates.
Read on to take advantage of home prices and see my list of undervalued properties at the bottom:
2013 has been a very busy year in Marin Real Estate. It started out with low inventory and plenty of buyers. By March it was
evident that we were in some sort of super accelerated bubble. Prices were rising a full 1 to 3% monthly. While exciting for
Realtors and homeowners, it was very frustrating for buyers as properties were bid up sometimes as much as $100,000 by (often
times) all cash buyers. Pent up demand, historically low interest rates and plentiful Bay Area jobs fueled our local market.
By Mid May, interest rates began to rise. Within a month, rates were up a full point- almost at 5%. The market remained hot in Southern Marin.
However, there were fewer large price increases. By mid July, the bulk of the pent up demand had either been satisfied or buyers
became weary of jostling with one another for the same few properties. North Marin witnessed a formidable slow down during the
summer months. I was able to get my buyers into an Atrium Eichler in Upper Lucas Valley with a significant decrease over the
initial listing price. ($1,125,000 reduced to $1,050,000).
Activity throught out Marin began to pick up in mid September. Then, the news about the impending Debt ceiling debate hit the
wires. Once again, buyers became circumspect.
Here's where you can get a leg up.: Buyers don't realize that there are deals out there that most likely will not be there next Spring season.
Now, it is almost November. The momentum has again, swung back to the buyer.
Rates are in the mid four percent range for most thirty year loan products. Inventory remains low. However, homes are now
sitting on the market for up to and over 45 days. The median home price today is $900,000 down from $945,000 in May of this year.
Only 40% of homes are selling in under 30 days compared with 51% in May. Those that do sell in under 30 days are only
averaging 2.6% over list compared with May in which homes that sold in under thirty days were selling for 5% over the list!
Homes that sell in under 60 days currently account for 70% of the market place compared with 84% of the market place in May. There has been a significant reduction in multiple offers.
Here is my partial list of either under priced homes or homes that may be open for negotiation that are getting overlooked:
112 Picnic $559,000 (great neighborhood)
510 Center Blvd East, San Anselmo $405,000 (condo walking distance to both SA and Fx)
549 Tarragon, Terra Linda $769,000 (nicely remodeled)
370 Pine Hill, Mill Valley $869,000 (great commute to city)
8 Laurel Ave, Kentfield $895,000 (schools, commute, add value back with remodel)
4 Heron Drive, Mill Valley (Tiburon side) $2,495,000 water views. (Reduced $200,000)
i look forward to hearing from you,