June 3rd, 2020 Market Update:
We are experiencing a delayed spring market with new listings flooding the market every day. There is pent up inventory ready to launch in all price ranges, and along with each new listing, there seems to be at least one buyer in line to make an offer. Good interest rates are fueling urgency along with the desire to find a comfortable home that meets the new needs of growing families and those who now include the need for a home office.
Everyone wondered what would happen to the real estate market and home prices during the covid-19 SIP environment, and we have come to see the market is robust. Homes are selling in just a few days and often before they hit the market. Inspectors are busy, and home stagers are back at it transforming and prepping homes for sale. Many home sales included multiple offers all throughout the months of March and April when vacant homes could still be shown.
We are not seeing any slide in prices or market activity. It could be due to the newly focused lens on the place we call home. Our floor plans, and home sizes, outdoor areas and proximity to walking paths and trails have all taken on new importance during the SIP mandate. And there are many new priorities that people will take with them into the coming months and years, one of them being how they live where they live.
Homes priced at $3,000,000 and above have seen a 20% increase in success rate. Homes with "staycation" features such as pools, boat docks, large backyards and/or stunning views are the most sought after.
If you're a buyer, you want to be pre-approved to strengthen your buying position in the case of multiple offers
If you're a seller, the homes that are prepared inside and out with fresh paint, landscaping and staged are the homes selling quickly.
July and August are usually the slowest real estate sales months in Marin, but with everyone staying home this summer rather than taking vacations, the industry predicts continued strong market activity.
The low interest rates make this a good time to be a buyer, and the active market with low supply makes it a good time to sell. This is looking like a very healthy delayed spring market!
Feel free to call with any questions or to receive market statistics specific to your town or search area.