Hello Everyone,
The market comments and analysis will be very brief this week. Due to the timing of the Holidays this year, there was really not much activity in the Marin real estate market for the first week of 2008. Not much during the 2nd week either. The Hotsheet stats tell us that there were 55 new SFR listings and 15 new condominium listings between January 9 and January 15. SFR and Condo inventory both increased slightly, to 568 and 236, respectively. Overall, all SFR and Condo price segments are either buyers' or strong buyers' markets, with the exception of the SFR $2million to $2.99million segment which, at 29.8% in contract, is well into sellers' market territory.
As I mentioned previously, there are several anticipated events in the financial markets that will have an effect on the real estate sales environment. The Fed meets on January 29 to decide about a potential rate cut. Many people are betting that they go for a 1/2 point reduction. Mortgage brokers are telling me that rates right now are excellent and that this possibility may have already been priced into current loan rates. This means if there is a smaller reduction, rates could increase.
Now is a great time to lock in a low rate and negotiate a deal on a great home.
President Bush and Congress are also discussing a tax cut of some sort as an economic stimulus, which would affect people's "psychology of wealth", and therefore their buying habits, presumably including homes.
In talking to people interested in renting property in Marin County, I hear quite a bit about them wanting to wait a year or so until the real estate market "settles down". This quest for certainty may preclude the benefits of buying in a down market. There is opportunity out there right now. Experienced, professional Marin County REALTORS know the market and they know values. Take advantage of what they know, and reap the benefits!
more next week---
Until then, best wishes to all,
Fred
P.S. for spreadsheet access, please go to http://www.fredanlyan.com
Friday, January 18, 2008
Thursday, January 10, 2008
The Anlyan Report. Marin Market Statistics 01.08.2008
Hello Everyone,
Welcome to the New Year. May it be the best one yet for all of you.
The City-by-City Report for December-January is now available. See http://www.fredanlyan.com
Inventory is down again, and given that we started last week on a Wednesday (or maybe even a Thursday!), not that much new inventory has come on the market (22 SFR's and 18 Condo's). Every price point, with the exception of condo's in the $2M-$2.99M range is represented as a buyers' or strong buyers' market. My opinion is that this will change. I heard an interesting quote the other day by a real estate broker. When asked if he thought this was a good time to buy, he said "would you rather be 6 months too early, or 6 months too late?". Most of us are not good at calling market tops and bottoms. What we do know is that the fundamentals of the Marin County real estate market are good. There is a lot of money available in the area, the amount of real estate is limited, and this is a popular place to live.
Fed Chairman Bernanke stated today that the Fed would take more action this month to support the economy, so look for a 1/4 to 1/2 point rate cut at their month-end meeting. The President and Congress are talking about a tax cut. Mortgage money is available to qualified buyers. My opinion is there is a window of opportunity for buyers hers that may not last. Enough said.
Look what is happening in the City-by-City report. Corte Madera, with its normally strong demand has only 12 active listings, 5 of which are in contract-- a strong sellers' market. San Anselmo, at 35.5% in contract also a strong sellers' market. Greenbrae, Ross, and Fairfax all sellers' markets. Is this the beginning of a turnaround or just a little bounce? Let's keep an eye on it and find out.
More next week.
Until then, best wishes to all
Fred
Welcome to the New Year. May it be the best one yet for all of you.
The City-by-City Report for December-January is now available. See http://www.fredanlyan.com
Inventory is down again, and given that we started last week on a Wednesday (or maybe even a Thursday!), not that much new inventory has come on the market (22 SFR's and 18 Condo's). Every price point, with the exception of condo's in the $2M-$2.99M range is represented as a buyers' or strong buyers' market. My opinion is that this will change. I heard an interesting quote the other day by a real estate broker. When asked if he thought this was a good time to buy, he said "would you rather be 6 months too early, or 6 months too late?". Most of us are not good at calling market tops and bottoms. What we do know is that the fundamentals of the Marin County real estate market are good. There is a lot of money available in the area, the amount of real estate is limited, and this is a popular place to live.
Fed Chairman Bernanke stated today that the Fed would take more action this month to support the economy, so look for a 1/4 to 1/2 point rate cut at their month-end meeting. The President and Congress are talking about a tax cut. Mortgage money is available to qualified buyers. My opinion is there is a window of opportunity for buyers hers that may not last. Enough said.
Look what is happening in the City-by-City report. Corte Madera, with its normally strong demand has only 12 active listings, 5 of which are in contract-- a strong sellers' market. San Anselmo, at 35.5% in contract also a strong sellers' market. Greenbrae, Ross, and Fairfax all sellers' markets. Is this the beginning of a turnaround or just a little bounce? Let's keep an eye on it and find out.
More next week.
Until then, best wishes to all
Fred
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