Let’s Get Serious

As the news gets gloomier and those holding a big stock portfolio are getting less sleep, it’s time to get serious. There are less homes on the market now – approximately 1000 are active – and 29% of total inventory is in escrow. That’s up from the 22% a month ago which has a lot to do with the decrease in inventory and the “bargain” properties being snapped up which are mostly in Novato where foreclosures are the highest. Yes, the median prices have fallen almost 30% overall from a year ago and sales are up 2%. It is the condominiums and the bargains in Novato that are mostly responsible for the drop in prices while those “core” areas of Marin like Tiburon, Mill Valley and San Anselmo have not been affected nearly as much, varying with the price range. In fact, we are still seeing multiple offers on some homes and those homes are selling over the asking price. I mentioned in my last report the home that had 22 offers and sold for over $250,000 over asking!

So you ask, what is the difference between those homes and the ones that have been on the market for five months and they haven’t even been shown? The difference is the seriousness of the sellers. How motivated are they? What is more important to them, the money or the move? Have they hired a seasoned professional to handle the transaction or an inexperienced “order taker” that was a hero when the market was hot. The pro will be honest with the price and know how to give the home maximum exposure. Homes are selling and people are getting on with their lives. It all depends on how realistic and serious those sellers are.

There are buyers out there folks and they are serious too. In this market they are now less emotional about what they are buying and more concerned that they are buying value. They too have a pro on their side. There is a reason why 90% percent of the sales are being done by 10% of the agents. So what is the bottom line? If you are a serious seller, jump in to the market but make sure you are getting the right advice. The same is true for buyers. There are some great buys out there and you just need to get in front of the serious sellers! Visit our website or call us today and we can help at www.marinrealestate.net or 415 925-3287.