It’s July in Marin and summer is officially here. Everybody’s outside: hiking, biking, beaching, barbecuing–you name it. Many residents also go away this month, taking advantage of our close proximity to Tahoe, the wine country, southern California or Hawaii. Call it a Getaway Month for Marin and getaway they do, including some home buyers and sellers, at least in past years. But what about this summer?
If you’ve followed this blog or the Bay Area housing market over the last ten years or so, you’ll know that July and August tend to be slow months for home sales. Sure properties remain for sale and buyers are still out there, but for the most part, people tend to take a breather from the frenetic pace of spring sales, choosing to do any number of things, as long as it doesn’t involve buying or selling a house. Normally that’s how it goes, anyway.
Last year was an exception, with July being one of the busiest on record. We aren’t exactly sure why, but likely it was due to still-low mortgage rates, along with the expectations that home prices were only set to rise another 8% for the year, which they did. While this July could be a repeat of last, interest rates are up close to half a point (though still very affordable), yet inventory still remains at record lows. We’ll have to see what happens, but multiple offers still prevail on most well-located, well-priced properties. And as you know, for every five offers, only one is successful with at least four buyers out there to bid on the next one.
My advice? Buyers, keep at it, even if it means changing a vacation plan, providing you don’t lose any deposits. It’s like our December/January market. If some of your fellow buyers are busy doing other things, buckle down and enjoy possibly less competition on that new listing in your favorite area.
Sellers, stay with it. As I’ve always said, if you want to sell, sell. Clean up and stage before you go on the market, even lightly. Anything helps, but without a good visual presentation, you won’t have a good portrait of what to show your visually-hungry home buyers.
The rest of you? Enjoy July! It’s a great month with lots to do in the county, or nearby. As always, let me know of any questions, thanks for reading and here’s to a great summer season for all of us.
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