Selling Activity by Price Range for Marin Real Estate
October 5, 2007 It is a buyer’s market in Marin for single family dwellings for all price ranges except homes $500,000 or less. For most of the country that price range would get you a nice home but not in Marin County. With Marin realty you get a starter home, either a fixer and/or on a busy street. I should know, I am a Realtor, Warren Carreiro, and that was the type of starter home I had years ago.The reason it is a strong buyers market for the lower end is those are the buyers that were coming out of rentals and usually did not have a large down payment saved. The banks said no problem, you can fog a mirror, so just sign here. That is why we are in the credit mess. I you have a down payment and good credit the money is there for you and at good rates. If you can’t afford your payment when it adjusts your should not buy the house.
One method we use for getting a real-time snap shot of market activity is to look at the percentage of available homes in escrow. This tells us how strong the market is and we can look at this by price range and city or many other combinations.
Price Range % in Escrow Remarks
Under 500k 25% Neutral Market
500k -1 Million 18% Buyer’s Market
1-2 Million 19% Buyer’s Market
2-5 Million 10% Buyer’s Market
Over 5 Million 13% Buyer’s Market
The usual definition of a buyer’s market is less than 25% of homes in escrow. This holds true for the majority of homes, however, for the high-end I don’t feel it accurately reflects market conditions. For example, in Marin, sales of homes over five million dollars have doubled this year.
Call or email if you have any questions.
warren@RealtyOfMarin.com
