October 2009 Marin Market Update: October Sunshine

Marin is bursting in October sunshine and as the weather cools and families settle into the routine, we are optimistic about the real estate market after a slow down in September. The reports of increased unemployment gave the stock market a hit in the past week and the number of home sales was down in September from the month before. Despite the signs that this market is not going to jump upwards in the near future, we still see positive activity in sales. Buyers are still in the driver’s seat as the inventory stays high and prices stay low and sellers are realizing that holding on with the expectation that next Spring will be a better selling environment is not a good decision. They also realize that when they sell and put on the buyer’s hat, they will make up a lot of the difference in their loss in value on their home.

There are close to 3000 properties on the Marin Real Estate Market of which 16% are in escrow. Although the under million mark has experienced the biggest increase in sales, we seeing the higher end starting to move and a lot of those are for cash or very low loan to value. Financing is still tricky with lenders becoming more conservative and appraisers trying to establish value in a county they have never been to before. Nevertheless, deals are being made and what has become obvious is that there has never been a time when the knowledge and experience of the agent representing the buyer or seller has been more valuable.

U.S. News recently reported that San Francisco is one of those cities that will pull out of the recession sooner than most other parts of the nation because of job and population growth. They predict a 12% growth by 2012 and increasing dramatically from there. The Marin Real Estate market will most likely be just ahead of that curve as being one of the most popular places to live and raise a family. So we see more buyers jumping in and taking advantage of incredibly low rates and the first timers taking advantage of that $8000 credit which expires at the end of the year. We see sellers saying that time is not my friend here and I need to get on with my life. To discuss how the changes in the market will affect you and your home buying efforts, feel free to contact us, Marin's Top Realtors.