Prices Up--Way Up!!
Well, I've said it before and with the latest stats on the market, I'll say it again. Prices are UP!! What's more, they're continuing to increase, on average, by double digit percentages compared with a year ago. There are two things driving this current Marin market: lack of inventory and continued low interest rates.
Taking the latter first, while rates have increased from their all-time lows of last summer, they are still staying well below four percent for 30 year fixed rate mortgages. With 30's that low, 15 year money is obviously even cheaper! So buyers are out there, able to get financing that allows them to buy more house than they could at the rate levels of just over a year ago.
More important, the supply, or lack of it, is fueling a surge of buying that is matched only by the intensity of the first half of the last decade. Starting in 2010, the number of homes on the market in Marin County has dropped each successive year. What has made this even more intense is that even though total inventory last year was the lowest it had been in years, statistics for the first three months of this year show an even further reduction in the number of homes available on the market. They are at less than half of what the total was a year ago!
So what does this mean for you and selling your home? Well, if it's priced properly, regardless of the level you're at, you'll very likely get a lot of attention, probably followed by an offer--or as we're seeing again in increasing numbers of cases, multiple offers.Is this 2005 all over again? Probably not, but the fact is, there are many buyers out there, cash/mortgages in hand and not enough property to go around. It's a great time to be thinking of selling your home!
What's your home worth? Give us a call and we'll provide you with a free valuation, based on the very latest the market has to offer. The numbers are: Peter: (415) 279-6466; Jane: (415) 531-4091. As you've probably seen for quite some time now, we follow the market very closely, using its latest info for our very popular quarterly newsletter, The Richmond Report. If you haven't got the latest copy, check our website: wwww.comehometomarin.com . You can also receive it by email--just call us and give us your email address.