Is Now the Right Time to Buy in Marin County?

Posted by Alex Narodny on Wednesday, August 11th, 2010 at 10:20am

As we evaluate the Marin real estate market and notice the results in the recent and current activity all signs point to "YES". There are currently approximately 1630 homes on the market of which 24% are in escrow. That is an improvement over the January numbers and indication that buyers are indeed taking advantage of this buyer's market. 700 homes have sold since May 1st and what is interesting is that they have sold at an average of 10% of the original list price with an average time on market of 80 days. From the sellers standpoint pricing has never been more critical and an honest opinion from an experienced agent is one of the most important marketing tools a seller can get. Every day we see an almost equal number of price reductions as we do new homes on the market. That depicts anxious sellers and inaccurate pricing when the home first came on the market. If a home is priced right or just under market, it will sell quickly and possibly with multiple offers. We just sold a home in Kentfield with 7 offers and $150k over asking. That was one happy seller!

As we notice the stampede of investors getting into the bond market, we see the yields going lower. That is good news for mortgage rates and the housing market. These low rates are unbelievably low. 4.2% is a far cry from the 9.25% we were working with a few years ago. So what does this all mean? In addition to the short sale opportunities out there, there are some incredible buys, and now is the most opportune to buy a home in this fabulous county which was voted by Sunset this year as one of the 10 best places to raise a family!

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