February in Marin: Many Predicting a Strong Real Estate Market First Half of 2018

February is here in Marin, led off by spring-like weather that caused many trees and flowers into thinking it was time to wake up. While vibrant colors sprung up in the local landscape, so too did a few For Sale signs, possibly signaling an early spring-like start to the local home sale season. Apparently the sun sent many sellers the message that it was time to shake off the winter slumber and to get some buyers through the front door. And through the doors they’re starting to venture. But will this year be a strong repeat of the last eight solid seasons in a row? Despite new tax laws in place, many experts are saying, hands down, “yes” and I tend to agree.

They’re telling us that Marin housing prices should increase again slowly but surely, much like last year, which saw a 4.2% bump overall but nearly twice that in some price ranges. A home in Marin remains one of the most important assets for our residents and as long as Consumer Confidence remains near its 18 year high, home values here should remain in step. Even if mortgage rates increase, it will likely only be minimally due to the offset by low inflation and low interest rates from overseas banks.

Inventory will remain low and Demand will remain high. Our supply of buildable land is basically fixed and most busy real estate agents have lists of buyers with a variety of needs, many of whom have been looking for years, not months. As of today, there are only roughly 150 total single family homes for sale in the entire county. Low supply and high demand? You get it and we don’t see that changing anytime soon, so Marin property should continue to appreciate.

It’s too soon to tell if the buyers will truly be back in force, as there has been a change in affordability for many of them. But so far, none of us agents has seen the email, text or call saying, “We are abandoning our plans to buy due to the new tax changes.” Less tax write-offs are better than no write-offs at all, so renting continues to be unattractive financially, both short and long term. But the season is just starting and we are all anxious to see where this goes.

Any real-time questions though, let me know what I can do to help. Thanks for reading and here’s to a great 2018 for all of us.

TS

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Filed under: Marin Real Estate Blog by Ted Strodder