Many people ask me…how is the market? It depends if you are a buyer or a seller…sellers need to be realistic if they want to sell their homes right now. While it is a great time to be a move up client it is very hard to know how best to go about the transition: Is it best to sell first then rent while you look? Or buy what you want when you find it and then sell? Sellers have to ask themselves: How important is it to transition from this home in order to move on? Can you keep your home as an income property while enjoying the lifestyle you want? Having what one wants in their life with their family is sometimes more important than getting the most money for one’s home. These are all very individual decisions and all important to discuss.
What if you want to buy? New escrows are up 128% from October ’08. More homes have gone into escrow in October 2009 than in any other month in the last two years. Why this renewed confidence all of a sudden? Is there increased confidence in our economy? How long will low interest rates last? There is no doubt that we are in the middle of the perfect storm for buyers: Low interest rates and excellent home values (for Marin that is!). Plus, recent legislation has been passed that maintains the existing temporary conforming loan limits. This is great news for our area! The bigger problem for many of my clients right now is finding the right house. In Marin we have a shortage of inventory and each home is unique. Buyers find themselves having to be flexible when it comes to choosing their home because the homes aren’t always going to be exactly what they envision and they may need to do some cosmetic work or remodeling to have it be exactly the way they want in the neighborhood they want. Sometimes we can find them the perfect house but it is not in the neighborhood they want or vice versa. Tough situation…lately, I have been successful in finding several clients homes that are off the market. Given very specific needs, we can always find you what you want. However, we may have to look at inventory that is not currently on the market and I use my extensive networks for that. When you look for a home, what is most important to you -the neighborhood or the house?