When will the real estate market rebound?
I get this question daily along with the “other” question “how is the Marin real estate market?”
How do I answer that question? Well- the Marin real estate market is unbelievable. One word can actually sum it up- Unbelievable!
Marin has lots of micro-markets. It is hard to make sweeping statements about our real estate marketplace in Marin. What is happening in one Marin neighborhood, may be completely different than another –not too far away. One home gets multiple offers, 3 blocks away another Marin home is languishing on the market. Unbelievable!
As always, location, schools, price range and condition continue to drive our market. I feel like I say this 100 times a month and many people just aren’t listening- a home has to be in tip top shape to garner immediate attention. This means staging, staging, and staging. It also means a fresh coat of paint in most situations, fresh plants (curb is appeal can make you or break you)
Avram Goldman, President and CEO of Pacific Union GMAC Real Estate says this in July 20th The Goldman Report:
When will the market rebound? That is the million dollar question. A recent article in CNNMoney.com by Amanda Gengler explored this topic. Amanda asked a number of experts as to what are the signs of a rebounding market.
The indicators were:
- positive job growth
- a shrinking housing stock
- shrinking number of days on the market
- prices falling at a slower pace
- a shrinking ratio of housing prices to rents
- a rising housing affordability index (an increasing number of buyers that can afford to buy a home).
At this point our market has 3 of the indicators mentioned—our housing stock has declined significantly since the beginning of the year—the affordability index has been increasing since the end of last year—and finally the pace of falling home prices has been diminishing. When the other two factors kick in we will be headed for the rebound that Amanda discusses. One final note, it was pointed out that real estate is a local game. According to the National Assn. of Realtors median prices for existing single family homes was actually higher than a year ago in a third of the country’s metro areas.
The same variations exist here in our own market. One size does not fit all.
One size truly does not fit with regards to Marin real estate. If you are considering selling your Marin home, talk to a Marin County real estate expert who can help guide you through the process. Preparation is everything! If you are thinking about purchasing a Marin home, this is an incredible opportunity to find a home. Consult a qualified Marin real estate agent who can assist you in getting the best deal available!