Hello Everyone,
There has not been a lot of change in the Marin County real estate market since the last report.
It is interesting to note that the percentage in contract for all price ranges for both SFR's and Condo's increased slightly. Inventory remained roughly stable for both condo's and SFR's.
The Marin County real estate market continues to be extremely segmented with interested buyers shopping hard and homing in on the choice properties while bypassing others. They are sharp, savvy, and well-informed. Some listings selling in a couple of days with multiple offers and over asking price. Others languishing. Some buyers frustrated by not being able to find what they want and not being able to get it when they do find it. Some sellers looking for reasons why their homes are not selling.
Homes over $2 million still in buyers' market territory, but continuing their slow climb, now at almost 19% in contract for $2-3 million price range and almost 14% for the over $3 million price range. Buyers with that kind of money to spend are on top of the game. They are voting their confidence in our real estate market and using their cash as ballots. They know a good bargain when they see one.
Advice for buyers: There are good deals out there to be had, especially in Novato. Instead of getting stuck in the rut of bidding on the same small pool of properties as everyone else, look around for something that has been on the market for a while with no competition from other buyers.
Advice for sellers: Buyers look for curb appeal first. It is important to have a great looking photo of your home on the MLS. Make sure your home looks fabulous from the street. Prospective buyers often drive right by a Sunday open house without stopping if they don't like what they see from the street. The items over which you have most control are: staging; landscaping; photography; general presentation (orderliness, etc.); pricing. Do your best to make sure these factors are impeccable.
Advice for everyone: Find a great REALTOR and follow his/her advice. REALTORS sell homes every day and visit hundreds of listings in a year. They know the market. A great agent will have facts to back up opinions and recommendations and will be happy to share them with you.
Good luck!
More next week. Until then----
Best wishes,
Fred
P.S. To see spreadsheets, please visit my website http://www.fredanlyan.com
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