“September in Marin: South of the Border Standoff Continues”

“September morn, we danced until the night became a brand new day…”. Oh, sorry, was just singing there, trying to do my best Neil Diamond impression, but of course, failing miserably. The birds all just took off from outside my office window even, leaving me with only two things I know on the first day of September: I can’t sing worth a damn and I can’t figure out this Marin housing market we’re in. While I can easily stop singing, and have, thus allowing the flock of jays to return, I can’t stop watching what’s going on with Marin buyers and sellers right now, all of whom appear to be in a type of standoff. 

I’ll avoid the old south of the border term for that, but you know what I mean. It’s an inconclusive stalemate where neither side sees a clear path to victory, so they both retreat. Buyers are reluctant to sign up for a 7.5% mortgage and sellers aren’t motivated to reduce prices, many of which have been reduced already. So they stay where they are or rent it out short term, waiting for bluer skies they expect to see midway through next year, while buyers hope for more attractive interest rates.

That’s the real estate world here now, but only partially, not exclusively by any means. We still see roughly a dozen homes go into contract or become contingent-free and Pending on any given day. Multiple offers still abound, with a recent fixer upper in Tiburon at 1 Playa Verde Way closing at more than $600,000 over the asking price with 15 offers on it. Many of those were owner-users, but most were builder-speculators, indicating a solid belief in the mid 2024 housing market here. Note, that’s here in Marin. This is not the case in most other areas of the country, as you’re clearly reading. Best advice I can give any buyer or seller anywhere in the world right now is to make sure you understand that real estate is a very regional, local market. Don’t wait for a price reduction in an area that you want to buy into, just because you read that prices are crumbling in Austin or Phoenix. They are both high growth areas. Where you live may be zero growth, with an increasing demand for a better quality of life. This is what we continue to see in Marin, especially given the travesty that has become San Francisco. 

That’s it for now. Until next time, enjoy September wherever you are and please stay safe. As always, thanks for reading.

Ted

415.377.5222

ted@gomarin.com

Filed under: Marin Real Estate Blog by Ted Strodder