As we set off into this year of interesting uncertainties it is important to keep our perspective on what we want to accomplish for the year. It is said that we get what we expect although we all expected some rain in December and that didn't happen.
What is your resolution concerning your financial improvement picture and is real estate part of it? It should be, because we expect it to be a turning point for many. It's going to be a painful lesson for some and a boom for others who take advantage of the market rather than complain about it.
Like the absence of rain, there is currently an absence of home inventory.· Currently 887 properties on the market
· 40% of those are in escrow
Those are startling numbers when you consider that only a few months ago the second number was in the low thirties. Last year, sales were up overall and prices were up in some areas and neighborhoods by 5-6%. In Marin overall prices did drop about 6% if you incorporate all areas and price ranges.
So what does that mean for buyers and sellers?
If you're a seller, you're better off jumping on the market now rather than waiting for Spring when we anticipate a 20-30% jump in inventory (You may start competing with new short sales and bank owned properties). Buyers have less to look at and your home could be worth more now.
If you're a buyer you may not want to wait because you will have more competitive buyers looking in the spring. Start now, sellers who have been on awhile are more motivated to sell.
So make that resolution today - to jump into real estate and move on it sooner rather than later. It's going to be a very interesting year and we are ready for it! Call us if we can help in the process.