June 2017 in Marin: Summer is Here, But Will Market Continue to Rise With Temperatures?

It’s officially Summer in Marin County. Warm weather, hikes, bikes, walks, wine country, beaches and barbecues–it’s all here, as it is in much of California. After record rains this winter, the hills are alive with greenery and wild flowers around local yards and the surrounding 75% of dedicated Open Space, making for some of the most beautiful vistas any of us have seen in a long time. What we don’t see, however, are a plethora of For Sale signs, and not just here.

A series of media stories have been covering the low inventory of housing nationwide. No question that resonates in Marin and many parts of the Bay Area, esp San Francisco. This is a trend that we saw begin, ironically, with the mortgage meltdown starting in 2007. While many of the big brains (and even Realtors) thought this would lead to a huge influx of homes for sale, the opposite occurred. People sold their boats, extra cars or vacation homes, but they hunkered down and kept the place where they lived. Who knew. I sure didn’t see that coming. But apparently the security and stability of a roof, beat out the risk of a traded security.

Affordability of housing versus income and buying power have also been covered in these posts, but there’s something else we’re hearing. Homeowners are opting to keep modified or low interest mortgages on their homes. Trading up or down LOOKS desirable, but they run the numbers on a bigger mortgage at a higher rate, and they often don’t like the results. So they stay put.

So all this adds up to a common response I give to a common question about moving: “Okay, I can sell your house, no problem. Where you gonna go?” And therein lies the rub, or one of them.

As always, let me know of any questions, thanks for reading and here’s to a great summer season for all of us.

TS

Text or call 415.377.5222 or ted@gomarin.com

Filed under: Marin Real Estate Blog by Ted Strodder