February 2025: Market Starts Early, Inquiries From LA Fire Victims Increase
It’s February in Marin and the home buying season has already started. This is a stark contrast to the last two years, where we saw some of the slowest sales activity in history. Basically, people just stayed put. Not so anymore. The buyers have been out in force, particularly in the higher demand areas. That would be any home located within a walkable distance to schools, shops, parks or even all three. The more flat land, the better. Demand has already far exceeded supply with multiple offers abounding. And that was in early January. The market hasn’t typically “started” until February, so it will be very interesting to see where things go from here.
One new dynamic added to the already swollen pool of home buyers has been a slight influx of buyer inquiries from the fire-hit areas of LA. Early data shows that upwards of 70% of the victims there are likely to cash out and move, rather than endure a potential ten year process of rebuilding in or around their location. We’ll see how that goes, but I for one have lost a family home (twice) to fire while growing up. It can be devastating far beyond the financial, so my heart goes out to those people.
I’ll stay in touch. That’s it for now.
Ted