Below you will find a break down by city and price range of how many homes are in contract compared to how many homes are listed. Overall Marin is in a “Buyers Market” category, but this is a bit misleading. The very low end of the market (homes priced under $500,000) is actually in a “Strong Sellers” market, which tips the overall averages. The high end of the market (over $2,000,000) is in an Extreme Buyers market. I think if you took out the low end of the market (condo sales) the market would be in an overall “Strong Buyers” market.
In Novato multiple offers have been the norm. (as can be seen by the fact that Novato is now considered to be in a “Strong Sellers” category).
Keep in mind that these multiple offers and the sellers market is in the low end, where there have been numerous foreclosures and short sales. The Middle to high end of the Marin market is s still challenged, as there is a lot of inventory and it’s harder to get Jumbo loans. This is especially the case for homes priced over $2,000,000.
I’ve heard of some distressed sellers taking offers for as much as $500,000 off the asking price. Every sellers’ situation is different, so It’s important that your buyers agent investigate the reasons as to why the seller is selling. If I can help you devise a strategy, feel free to contact me: Liz@BayAreaREalEstateSales.com
For readers of my newsletter, I recently listed a property downtown Mill Valley. http://www.208cortemadera.com/ This home has never before been on the market. Within the first week of listing it, I received 3 offers on the house. I was very surprised to find that all 3 of the offers came in UNDER list price. We ended up countering the buyers and closed on the house just this week (a very quick escrow) for list price: $899,000. During the entire time I was in escrow I continued to receive multiple calls a week for showings and to find out how the escrow was going. This shows to me that for the right property (this was a great fixer within 2 blocks of downtown) that there is strong interest out there for homes priced under $1M.
Foreclosure activity, in the article/chart below: you’ll see that the number of Pre-foreclosures, Auction and Bank-owned property was about the same as in May overall. The number in pre-foreclosure did decrease. If you’d like to see the bank owned homes on a map, you can do a search here: Search the Map Based REO (Bank Owned) Homes in Marin Click Here
This is from the recent press release: "This merger provides new opportunities for McGuire and its clients. With the addition of the Vision team, we are able to extend our presence in Southern Marin County. We waited for the right opportunity to partner with a technologically-savvy marketplace leader such as Vision," said Charles Moore, CEO of McGuire Real Estate.
This won’t last long!
SOLD $899,000 in 41 days with 3 offers!
Price reduced again – Make any offer, very motivated Seller!!
WHAT DO LIZ'S CLIENT'S SAY?
- The Ohio State University Foundation, Columbus, Ohio (June 2009)