It’s March already here in Marin with spring-like weather visiting the county. The days have been unseasonably warm with only a few light storms in the last two months. As most of us long timers know, that can change though with March being a toss up on weather, pretty much like the housing market these days. There’s been a lot of tossing and a lot of up, I for one can tell you.
Marin and other north bay counties saw record buying in the last half of 2020 as you may have been reading. That buying also continued from Thanksgiving, right through New Year’s Day, with virtually no normal slow down at all. January and February were both “hot” months of sales also, despite the cold, so it’s likely we continue onward and upward this month and beyond in all price ranges. Low end, mid range and high end all saw record sales in record time with multiple offers being the norm. And if there are ten offers on any given property, only one buyer succeeds. There are now nine others still in the market to buy, cash and approved loans in hand, ready to go.
Many are relocating from nearby cities, San Francisco in our case. Some are renters moving from apartments or condo’s, but others are also moving from close-together neighborhoods to the wide open spaces of Marin. Low mortgage rates are driving some of the price wars, but even a small uptick in % there will still get you a rate of around 3%, which is really around 2% net net after your interest write off. Crazy cheap money.
We went over these other reasons to move last month, but I’m publishing them again as I get frequent questions on what else is driving the housing market forward here. If you live anywhere near here, you’ll know we have a fixed supply of homes with a growing demand. Beyond that, we’re also seeing:
Factor #1: The search for healthier, fresher air and surrounding space.
Factor #2: Working from home will be the new norm for many companies.
Factor #3: The passing of Proposition 19, making it possible for sellers over 55 to take a low tax base with them anywhere in the state.
That’s it for now. Enjoy March and all of 2021 wherever you are and please stay safe. As always, thanks for reading.