We're heading into the last few months of the year and the real estate market is holding steady. The numbers have dipped slightly but some of that has to do with the time of year. There are approximately 1270 homes on the market of which 316 are in escrow. That 27% in escrow is the same as it was in our last report in June. Inventory is down and so is the number of sales, and the general public keeps getting inundated with the media reports on the volatile stock market, the stagnant employment picture and the gruesome state of the California economy. So how does all this affect you as a homeowner? Here are the two most frequent questions we get asked:
2. Will the market be better in the spring? Answer: Be very careful when banking on a spring flourish. Typically, we see a 20-30% jump in inventory in the spring, but next spring we have an added factor to consider. Currently, there are approximately 375 notices of default in Marin which means that unless cured, these homes will become foreclosures. In addition, there are 281 short sales and 103 bank owned REO's already on the market. Yes, some lenders have stopped the foreclosure process, but that will only mean a pent-up supply of bank-owned homes. So what will happen to the current value of your home when inventory jumps by 40% and buyers have that many more choices? Timing, pricing and marketing are the most important factors in getting the best price for your home. In making major decisions like this, we also look at the bottom line which is more than just financial. The question is, will a move today improve your quality of life?