Thoughts on the Marin real estate market

Also here are some additional thoughts based on market conditions and hearing a market expert speak regarding the market. This is related to Marin overall. 1) Most likely interest and mortgage rates will not increase as much as priorly predicted in 2016. There might be a few slight increases but nothing like has been discussed in the past. Rates will remain low throughout the year and in to the election. Election results will have an influence most likely on rates as Americans gear into the way the country is going to be ran/governed. 2) Marin will remain as it’s own entity with factors that will always make it a desirable place to live including: —SF is an International city and gateway to the Pacific Rim —Natural beauty —Great schools & communities —Easy access to Napa, skiing, etc. —Increasing of jobs, in particular in tech sector (and SF) allowing buyers to move here —Continued and significant increases in population —Lack of space for new construction/new homes (especially true in some markets like San Anselmo) 3) Inventory will remain low in the Spring and houses that are priced right (super important — see below/aggressively and are good solid homes will most likely continue to have multiple offers. Especially in the lower/entry level price points (ie. under 1.2M or so) with the higher end commanding a more distinct buyer and a smaller buyer pool so might not have the same multiple offer effect. 4) The market is rebalancing as experts like to say, but not deflating this year. It will still be a sellers market for the right homes. 5) Homes that are priced too high or have “possible fatal flaws” will not move as quickly. And, if not priced right they will be chasing the market especially in the lower range. The new millennium buyer doesn’t want anything that is perceived as “second hand” or faulted. They tend to really like done homes for the most part. For these done homes, they are willing to compete and pay higher price points. (We personally have experienced this a lot). 6) Median home prices increased from 2014 – 2015 in Marin by 13.3% for the entire county (from $980,000 – $1,110,0000). Important to note however that the number of high priced properties (above 10M or so) increased from 3 total sales to a total of 14 sales so this is influential regarding this statistics as increases median home price sold. 7) Average year to year (2014 – 2015) home sales prices rose 7.4% to $1,390,530 in Marin. 8) Properties that are priced somewhat aggressively to garner interest are seeing great success. The Sales price vs. list price ratio rose 1.5% year over year to 100.3% from 98.8%? Just food for thought. Kira & David Tam Realty Inc Owner DRE#1070789 415-710-5504 609 San Anselmo Ave San Anselmo CA 94960 www.tamrealty.com Serving all of Marin County

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