October in Marin: Will Buyers Finally Hit the Pause Button or Will Prices Continue to Rise?
October is here in Marin and our “New Market” continues with buyers still leaving the confines of nearby cities to find a new place to shelter. Marin, Sonoma and Napa are all seeing strong home sales though that isn’t unusual. But even Tahoe properties are selling like hotcakes. The big question is, will it continue? If history is any guide, the short term answer would seem to be yes, but after that, it gets a little cloudy, to say the least.
Beginning just after Labor Day, our fall market usually is a last gasp for Marin real estate. Buying activity tends to thrive right through October, then slow as Thanksgiving approaches. By Christmas, it’s generally pretty quiet. Throw in an election year and it could get really quiet. At least that’s in years past. This year, who knows with the pandemic and people now working and living from home full time. Maybe we’ll see a busy winter. It doesn’t hurt that mortgage rates are hovering at (or below) 3%. You can see a chart of those in the center of this newsletter, but by the time you take your mortgage write off, you’re borrowing money at around 2%! Reports tell us they could stay low for another two years and if that isn’t a motivator, I don’t know what is.
Let me know of any questions on that. I’m here to help. Meantime, enjoy October wherever you are and please stay safe. As always, thanks for reading.