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Marin House Market - The Heat Is On
by Alex Narodny
on Wednesday, July 20th, 2011 at 4:52pm.
A recent Marin Independent Journal presented a more positive outlook on the Marin real estate market than it has had in a long time. The number of sales in June rose 6 percent, the median price edged up, and the number of properties placed under contract in June rose 29.5% over the same time last year. Right now there is a lack of inventory and well priced homes are getting multiple offers, like the Kentfied home that got 14 offers and boosted the price from $1.2 million to $1.6 million! One of the best quotes of the article was that for homeowners "It's really the best little moment in time to sell in a while but they don't know that."
Along with this positive news is the news release that Governor Brown just signed into lawSenate Bill 458, which prohibits a deficiency after a short sale for one to four residential units, regardless of whether the lender is a senior or junior lien holder. There are a couple exceptions to this where the borrower is a corporation, LLC, or limited partnership and thisis true only for homes that close from the signing of the bill. Be sure to consult with a tax attorney to get a clear picture of this new bill.
Oneaspect to some changes that are coming which will have an effect on some buyers is that on Oct 1st the conforming loan limit will decline to $625,500 from the current $729,750. The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae and Freddie Mac government-sponsored enterprises can buy or guarantee. Non-conforming or jumbo loans typically carry a higher interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting the affordability of home buyers.
The market is changing and the heat is on.We see a stabilization of prices and a continuation of qualified buyers taking advantage of the lower prices and interest rates. We also seesavvy sellers takingadvantage of the low inventory of homes and rushing to get their home sold so they can put on the buyer's hat, and that's where we com in.