Looking for a fun evening out that benefits a great cause? Check out the Turning Wine into Water event benefiting Haiti relief efforts. The event will feature a live performance from local favorite Dgiin, gypsy flamenco with a twist.
Mortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in California are now at their highest levels since the start of the year.
The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions.
The Minutes is a terrific look into the Fed’s collective mind and, yesterday, Wall Street didn’t like what it saw. Specifically, the report disclosed that:
Furthermore, the Fed Minutes said that there is a growing risk of “higher medium-term inflation”. Inflation, of course, is awful for mortgage rates.
Overall, the Fed’s economic optimism appeared stronger after its January meeting as compared to its December one. A stronger economy should lead to better job growth and higher home prices throughout 2010.
Mortgage rates were up yesterday but they remain historically low. And many analysts think that after March 31, 2010, rates will rise even more. Therefore, if you’re buying a home in the near-term, or know you’ll need a new mortgage, consider moving up your time frame.
Every 1/8 percent makes a difference in your household budget.
San Anselmo Real Estate Market Summary- Feb 15, 2010
San Anselmo Home Sales since January 1, 2010 (Single-Family Homes)
Up to the minute market update-Â active San Anselmo listings in the last 7 days
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Data provided by Bay Area Real Estate Information Services, Inc. Chart provided by Altos Research. Interested in receiving regular updates on San Anselmo real estate market statistics? Sign up to learn about San Anselmo price trends, supply and demand and leading indicators to help you make educated real estate decisions. Download your sample report.
The National Association of Realtors ® released it’s 4th quarter existing home sales report last Friday. The report had good news for most metropolitan areas. According to the report, sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases. NAR’s Chief Economist attributed the gains to the first time home buyer tax credit and low interest rates. RealtyTrac also released it’s foreclosure report last week with positive news. U.S. Foreclosures were down 10% in January.
While the reports were rosy, there is an expectation that a slowdown of activity may occur later this year when the homebuyer tax credit ends (in April) and with interest rates expected to rise. Foreclosures are also expected to swing up according to RealtyTrac.  “January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,†said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.â€
So what does this news mean for Marin homebuyers and sellers? Sellers who want to sell this year should consider putting their home on the market as soon as possible to take advantage of the tax credit (where available) and low interest rates. For home buyers, your action plan depends on what you are looking for.  While we expect a substantial increase in the number of homes available later in the spring and early summer, a higher interest rate may counteract any savings if we see minor price drops. Email us or give us a call if you would like us to let you know if you should jump now or hold off on making a move until later in the year.
The number of homes sold in January 2010 was up 38.7% over January 2009. 86 Marin homes were sold. Even more positive for the market, the number of homes pending was up 61% over January 2009, which seems to indicate we will see a very nice boost for February home sales. The number of homes on the market actually decreased by 22.2% year over year.
Marin County Real Estate Market Summary- January 2010
The data provided is for single-family residential homes. Interested in receiving regular updates on Marin real estate market statistics? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in.
What is happening in the Tiburon real estate market? The charts and stat table below reflect real estate activity for single family homes in Tiburon.
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[altos_stat_table st=”CA” cid=”388″ zid=”513″ rt=”sf” format=”narrow” endDate = “2010-01-22″/]
Despite the nice pretty chart showing median home list prices increasing, this does not reflect Tiburon closed home sale prices. At the end of December 2009, the average Tiburon sales price was $1,932,000 versus the average list price of $4,298,000. As much as I love stats, they are easily skewed with a small number of sales/listings.
There have been two single family home sales in Tiburon year to date. They are:
There was only one home sold in Tiburon in January 2009 and two in February 2009. Based on the number of homes under contract, the Tiburon market will look much better in February 2010 over last year for closed sales. The majority of activity continues to take place in the lower end of the market (under $1.3 million).
Tiburon Real Estate Market Data effective as of January 22, 2010. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in.
In continued governments efforts to bolster the housing market, the U.S. Department of Housing and Urban Development suspended the rule that prevents “flipping” of properties for 90 days. Current FHA guidelines prevent borrowers from obtaining mortgages on a home owned by a seller for less than 90 days.
The policy change will enable vacant properties to be sold and occupied much quicker, reducing vacancies and helping to stabilize neighborhoods where vacant, foreclosed homes sit. Buyers will now be able to use FHA financing to purchase bank owned, HUD owned and private resells, expanding the pool of homes available to FHA buyers. The move also has a significant benefit for investors purchasing and reselling bank owned properties.
The waiver takes place on February 1 and will remain in effect for one year. FHA insured financing is available for home buyers with a loan amount less than $729,750 in Marin County.
Marin County’s luxury housing market was challenging last year. 128 homes over two million dollars sold in Marin last year compared to 222 in 2008 and 288 in 2007. Despite the economy, some pricey Marin homes were still selling and some special luxury homes were even sold above the listed sales price. Below are Marin’s twenty most expensive home sales for 2009. Click the pins on the map to see the home list price and home sale price or view the complete list in the table below.
View Marin’s Most Expensive Home Sales of 2009 in a larger map
| Street Address | Listing Price | Selling Price |
| 324 Palm Ave Kentfield, CA 94904 | $10,500,000 | $9,800,000 |
| 106 Diablo Dr Kentfield, CA 94904 | $9,995,000 | $9,200,000 |
| 3 Rolling Hills Rd Tiburon, CA 94920 | $10,500,000 | $9,000,000 |
| 140 Antonette Dr Tiburon, CA 94920 | $8,500,000 | $7,500,000 |
| 90 Via Los Altos Tiburon, CA 94920 | $6,500,000 | $6,500,000 |
| 456 Belvedere Ave Belvedere, CA 94920 | $7,350,000 | $6,250,000 |
| 32 Meadow Hill Dr Tiburon, CA 94920 | $6,950,000 | $5,880,000 |
| 9 Acela Dr Tiburon, CA 94920 | $5,950,000 | $5,500,000 |
| 450 Belvedere Ave Belvedere, CA 94920 | $6,300,000 | $5,400,000 |
| 193 Gilmartin Dr Tiburon, CA 94920 | $5,995,000 | $5,375,000 |
| 429 Golden Gate Ave Belvedere, CA 94920 | $5,795,000 | $5,200,000 |
| 16 Edgewater Rd Belvedere, CA 94920 | $5,500,000 | $5,100,000 |
| 8 Sandy Ln Mill Valley, CA 94941 | $5,495,000 | $5,000,000 |
| 11 Fernhill Ave Ross, CA 94957 | $4,595,000 | $5,000,000 |
| 30 Peninsula Rd Belvedere, CA 94920 | $5,000,000 | $4,900,000 |
| 12 Laurel Way Kentfield, CA 94904 | $3,650,000 | $4,500,000 |
| 10 Crest Rd Belvedere, CA 94920 | $4,825,000 | $4,350,000 |
| 125 Woodland Rd Kentfield, CA 94904 | $4,495,000 | $4,225,000 |
| 349 Bay Way San Rafael, CA 94901 | $4,500,000 | $4,185,000 |
| 1 Madrona Ave Belvedere, CA 94920 | $4,950,000 | $4,100,000 |
Good news for Marin homeowners- Marin property taxes will decline this year due to a 0.237 percent drop in the California Consumer Price Index. The reduction will amount to $2.60 per $100,000 in assessed value.
The decline is for the fiscal tax year running from July 2010 through June 2011 and is caused by a decline in the California Consumer Price Index from October 2008 through October 2009. The property tax reduction is mandated by Proposition 13. According to the Marin IJ, this is the first time since the passage of Proposition 13 in 1978 that the inflation factor has been negative.
What is Prop 13?
Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This “assessed value,” may be increased only by a maximum of 2% per year, until and unless the property undergoes a change in ownership. At the time of the change in ownership the low assessed value may be reassessed to full current market value which will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value.  -Wikipedia
Property can be reassessed when a change in ownership takes place, or when a home is remodeled. The assessed value can also be reduced if the real estate market declines. Homeowners in Marin can petition the Marin County Tax assessor to reduce their individual property taxes if their home has declined in value. The request must be submitted between July 2 and October 31 and is based on the market value as of January 1.
If you are buying a home in Marin County, it is fairly common to find yourself writing an offer on a short sale these days. You may find yourself writing lots of offers. The process is not for the weak at heart or the impatient.  What you need to know:
What is a short sale? If a home is being sold for below what the current seller owes on the property and the seller does not have other funds to make up the difference at closing, the sale is considered a short sale.
What is an auction sale? After a property owner has been been given a NOD (Notice of Default) a sale date will be set by the lender. The property will be sold at the court-house steps. If no one purchases the property at the auction, the property is then owned by the bank and it’s t typically listed for sale through a REALTOR. Buying property at auction can be a risky process as, you are purchasing that property with any outstanding liens. After a property owner has been been given a NOD (Notice of Default) the lender will file a NOTS (notice of trustee sale) & a sale date will be set by the lender. The property will be sold at the court-house steps.
How is it different than a foreclosure? A foreclosure is when the seller’s lender has taken back title of the home and is selling it directly. Often times it’s referred to as a REO sale, which means the bank owns the property. A short sale often occurs when a homeowner attempts to sell the property to avoid foreclosure.
If you are going to write an offer on a Marin County short sale, you need to:
Short sales are becoming much more common in the Marin real estate market. If you are hiring an agent, make sure to hire someone with short sale experience to help guide you through the process. An experienced agent will help you research records before you write an offer, aid in the inspection process and follow up regularly with the lender to make sure the process is moving along smooothly. Short sales require a significant time investment for you and your agent, make sure you choose one willing to do the leg work.