What a mess. In a two week period the government nationalized Fannie, Freddie and AIG and let Lehman take a tumble. The government proposed the largest bailout in 80 years, and taxpayers are concerned about fronting the bill. The election campaign is in high gear, debates are happening, and the political landscape also looks scary to a lot of people.
I loved the Time magazine cover this week “Who can rescue the economy?”
- a) John McCain
- b) Barack Obama
- c) None of the above
Everyone is concerned about politics and the economy. At every dinner, BBQ, play date, or even a casual run in at the grocery store, I find people want to know “What is all of this mess doing to the housing market?”
It is hard to tell. The government bailout may slow the decline of housing prices. Presumably, jumbo loan rates will stabilize and be more affordable, which will definitely help the Marin real estate market. Buyers may start to feel like the bottom is near and get off the fence. I do think people are having a hard time focusing on buying real estate with the impending election, so this October could be a tough one in Marin.
Buyers with cash or who can qualify for a good loan program are sitting pretty- this is definitely a great opportunity to find good bargains in Marin County. Yes- I said bargains and I can’t believe it. There are good homes for sale in Marin just waiting for a buyer to make an offer.
If you want real time Marin real estate market reports to see exactly how the turmoil is impacting Marin real estate, you can always see them live here on my site.