“May in Marin: Will New Mortgage Changes Make a Difference?”
Speaking of bananas, that pretty much sums up the real estate market these days.
January marked the start of my 37th year as a real estate broker here. But I will be the first to tell you that every dawn brings a new day to the market. Many of those days make me feel like I’m new to the business. Sure I’ve picked up a few good negotiating skills, but I have very little insight into what’s going to happen or where things are going. In general, that is. On specific properties, I can still peg who is going to get multiple offers over asking and who isn’t. Many seasoned agents can. But that doesn’t take any kind of genius. Many of you know or feel the same thing. It’s the odd ball outliers that continue to confound me.
I had a new client email me last week, asking if Marin prices had tumbled like they had in his area back east. “Some, yes, others, no,” is all I could muster. He inquired specifically then on his target areas to search in, along with his desired house size and price range, both of which are on our higher end. I sent him a snapshot of sales over the last month, each one selling well over the asking price. Some of those were $1 mil over, all closed quickly, all cash.
Slowdown? Falling prices? Not exactly. While these are just a handful of homes and hardly representative of the entire market, it’s more of an illustration as to how unpredictable people can be when it comes to the emotional pull of Marin real estate. Inventory remains at record lows and most buyers are aiming to be here at least ten years, so they seem to be okay with any future price drops, if they even happen. Where we go in the average or median home market remains to be seen. A new mortgage dynamic goes into play today, essentially penalizing borrowers with good credit, aiming to subsidize those with poor credit. Your tax dollars at work, folks.
That’s it for now. Until next time, enjoy May wherever you are and please stay safe. As always, thanks for reading.