Marin Real Estate News

Marin real estate is very unique from other areas in the Bay Area. Come here to get the cold hard statistics about Marin County and specific cities. Contact me for what is happening currently in your particular area and price point.

-Greg Corvi
415-464-3410
greg.corvi@cbnorcal.com
www.gregcorvi.com

January 11, 2012

Last night the Configuration Committee recommended to the District Board to configure two K-5 neighborhood schools at Neil Cummins and the San Clemente site, and one middle school (6-8) at the Hall Middle School site. Details about boundary lines and other more detailed considerations to follow at subsequent meetings. If all goes as planned, the new K-5 Elementary school is slated to open in 2014. You can find more details at www.larkspurschools.org

I will continue to follow this closely as I believe it has a strong impact on our neighborhood as well as home prices. Feel free to contact me if you have any questions or thoughts.

November 20, 2011

La Jolla, CA-based DataQuick, in a November 16 report, stated:
"The Bay Area housing market logged another month of lackluster activity in October as some of the recent signs of incremental market improvement began to fade. High-end sales dropped markedly, likely the result of changes to �conforming loan� limits---". This is a reference to the limits for government-insured housing loans which, here in Marin County, were reduced from $729,750 to $625,500 on October 1. Most lenders had stopped taking applications for the higher limits substantially before that time. The House of Representatives voted Thursday (Nov 17) to reinstate the expired higher loan limits, and President Obama signed the bill into law on Friday. Many had predicted that decreasing the limits in a still-faltering economy would deprive the struggling housing market of much-needed liquidity and result in further price attrition. That prediction was not "rocket science". The article goes on to say that although Bay Area real estate unit sales for October, at 6,444 were up from 6,122 (5.5%) in October of 2010, they were down 4.5% from 6,749 in September of this year. The article notes that sales are usually "flat" from Sept. to Oct. so a decline was unexpected. �We�ve been watching the real estate market take itty bitty baby steps in the direction of normalcy, but that trend paused last month. Adjustable Rate Mortgages and jumbo loan usage went back down, cash and investor sales went back up as a portion of the market. This may well be a short-term pause while the market recalibrates changes in loan thresholds. We�ll know more in a few months,� said John Walsh, DataQuick president. Fortunately, now that the increased limits have been reinstated, we will not have to wait a few months for a result that would have been almost a foregone conclusion. It may take a while to ramp the sales back up though, particularly as we are approaching the traditionally slow Holiday Season.

Marin County real estate inventory continues its seasonal decline, with percentage in contract increasing at every price point.

Single Family Residences:
The hot segment here is still $0-999K, increasing again (Nov 15) to 42.37% in contract, from 40.26% on October 25. All other price points also increased percentage in contract. Overall market checking in at "Balanced", with 33.3% in contract, compared to 30.21% last time.
$1M-$1.99M segment at 22% vs. 18.8% on Oct. 25, and $2M-$2.99 going from 16.05% to 20% during the same period. The $3M and up segment increased slightly, from 4.6% to 5.06% during the period. Year to date unit sales of SFR's at 1682 on Nov 15, up from 1611 at the same time last year, but average sales prices down from prior year to $1,000,731 from $1,037,976.

Condominiums:
Condo's still smoking hot, with 47.08% in contract on November 15. For the under-$1M segment, it is even higher, at 48.81%. Compares to 45.51% and 46.54%, respectively, from October 25 th. Condo Year to date unit sales at 489, up 16.9% from 418 at the same time last year. Condo prices also down to $376,978 from $404,058 last year.

October 20, 2011

I have clients often ask me about the foreclosure process. While it isn�t as prevalent here in our neighborhood as it is in other areas, there is a fair amount of foreclosure activity in Marin. I have summarized the basic process from what happens when a borrower is delinquent on their payment to how the home owner is foreclosed on and who then owns the property.

Start of foreclosure process. Initial notice recorded after borrower fails to meet the terms of their loan.
CC 2924c.(a)(1)

Sets auction date. Can be recorded 3 months after Notice of Default
CC 2924 c. (b)(1)

Initial auction date can be just 20 days after Notice of Trustees Sale is recorded.
CC 2924 f. (b)(1)

4 things can happen at the auction. The property can be sold to the bank or 3rd party. The auction is cancelled or postponed.

Auctions can postpone for up to one year.
CC 2924 g. (c)(1)

The property transfers to winning bidder. By default this will be the lender if no bid higher than the lender's opening bid is received. If the property goes back to the Bank, they typically list the home for sale and you may see it as a Real Estate Owned(REO) property. I have a great deal of experience with REO sales, feel free to call me with any questions.

September 7, 2011

Overall, housing inventory very low for this time of year, compared to prior years. Results in a lot of activity for attractive, well-priced new listings, which are often gone in the first 1 or 2 weeks, not infrequently with multiple offers. Most of them not going far over listing price, but a few are. Proper pricing still a major key to success, as overpriced homes tend to sit on the market while buyers wait for prices to get into line with reality. Many buyers making offers substantially below listing price, hoping to negotiate something in between their offer and the advertised price. Many of them successful!

Single Family Residences (SFR) inventory, at 710 units. To put this in perspective, in August of 2010, there were 1,237 SFR units listed, and in August of '09, 1,212. In December of '10, the low point for the year, there were 753 SFR units on MLS. In Dec. of '09, it was 809, and in '08, it was 805. On 8/30, the months' supply of inventory (MSI) for SFR's (CB MarketQuest) was 4.3, less than half of last August's 9 month supply. In the County, 1264 SFR units sold YTD as of 8/30, compared to 1222 at the same time last year, a 3.7% increase, so even with less inventory from which to choose, buyers somehow managed to find and purchase more property this year than last. Judging from the number of open escrows we are seeing, we are looking for that trend to continue through the fall. The big question is-- when will sellers start to turn the supply of homes back on??

Condominiums following a pattern similar to SFR's. Inventory severely constrained, with only 247 units available (CB Market Action Report) as of 8/30. Compares to 381 last August, and 344 in Aug of '09. The December figures for the last 3 years are: Dec, 2010----291; Dec 2009-- 260'; and Dec 2008----287. YTD condo units sold as of 8/30 were 358, up 11.5% from last August's 321. MSI for condo's as of 8/30 (CB MarketQuest) was 4.3, again less than half of last August's 10 month supply!

There seems to be a lot of pent-up buyer demand in the market. Normally, this would result in higher prices which, in turn, would pull more inventory into the market. Strict underwriting and appraisal standards are holding this in check to a large extent, so sellers are giving the contracts to the "gold plated" buyers--- the ones they think have the best chance of closing escrow. All-cash buyers, or those with a major portion of the purchase price in cash have a very significant advantage in this market, especially in sales involving new listings. Homes priced above $2million (mostly SFR's) declined to 9.86% in contract from last month's 17.72%. Previous 3 months had been in the 13% to 16% range. Unclear if this is a trend, but looks like a further opportunity for high-end buyers. Individuals thinking about moving up to larger homes would do well to focus more attention on the huge potential savings on a new upper-end home purchase as it will more than likely significantly outweigh any potential loss on the sale of the lower-priced current home. When opportunity knocks-------!

Juy 8, 2011

Mid Summer Update

City-by-City Report, out this week shows only 4 of 13 cities and towns covered by the report increased percentage in contract since May. Fairfax, with a slight bump from 45.95% to 46.67%, leads the pack. Larkspur (29%), Belvedere (22%), and Tiburon (18%) also up. Even though percentage in contract is down, Greenbrae (39%), Novato (38%), San Rafael (32%), and San Anselmo (31%)all doing relatively well.

According to the monthly Market Action Report, also out this week, Months' Supply of Inventory (MSI) at very low levels---3.7 months for Single Family Residences(SFR)---the lowest value in the last 24 months. The Condo Market Action Report shows 4.6 months of inventory---the lowest number since December of '09. Low inventory is typically a good sign for sellers since it creates more competition among buyers for existing listings.

Year-to-date units sold reversed course and headed in an upward direction for both SFR's and Condo's. SFR YTD units sold were 910 on June 28, compared to the year-earlier figure of 892. This represents an increase of 2% from the same period last year. On our last report, this figure was -.7%. Condo YTD units sold were 248 as of June 28, compared to 240 at the same time last year. This represents an increase of 3% from last year, and turns around the -1.3% statistic from our last report. These figures are particularly good news since sales were artificially inflated in 2010 due to Federal tax credits for homebuyers. This statistic is very encouraging, particularly if it continues.

This is the time of year that the local real estate market takes a siesta, waking up again after Labor Day when buyers and sellers return from vacation. Dedicated buyers and sellers are in the market until their goals/needs are met, regardless of vacations, holidays. This period of lower activity actually can benefit those who persevere by giving them the opportunity to shop with less competition from other buyers. Sellers can also benefit right now from the low level of inventory which has resulted in many more multiple-offer situations than we would normally expect in a market like this. There is something for everyone here!

Recent conversations with other agents and with escrow officers confirm our experience that the market has been up and down this year, reacting to financial and other news. Because of this, our local real estate market may or may not follow normal trends, but is is definitely active. Prices are reasonable, interest rates are favorable and there is opportunity for everyone!

May 27, 2011

Flipping Out!

Don�t flip out over flipped properties. A few years ago, buying a property, putting a few bucks in to repairs or upgrades and then immediately selling it made for some quick money. That was when homes prices were going up faster than the Endeavor Shuttle!

So, nowadays you don�t see that happening too often. But, I recently was involved in a transaction where I represented the buyer on a home where the seller had purchased the home at a foreclosure auction and turned around and sold to my client within 3 weeks. What came after we opened Escrow was a bit cloudy and needed some experienced navigating to get financing for the home. Banks and investors question when a home is purchased at one price and then sold for much higher so soon. So, they set waiting periods before they will lend or have different guidelines from their normal standards. After speaking with several mortgage brokers, I came to realize the various financing sources have varying guidelines, and may even have higher interest rates to do such loans. But it can be done!

So, the moral of the story, is make sure you know before you write an offer, if the home was purchased at auction and when the deed of trust was recorded. This could be a deal breaker after you are in contract or you may be scurrying to find someone who will finance your loan.

April 19, 2011

"10 Reasons Why Now Might Be The Best Time To Buy"

Given the challenges we�ve faced over the last few years in the real estate market, some may question whether buying a house now makes good sense. But take a look around at the housing market today and signs everywhere suggest that you �Buy Now.� The fact is, today�s market presents an excellent opportunity for buyers to find very competitive home prices and historically low interest rates.

The reasons for home buyers to purchase now keep adding up. Setting goals and adopting good habits, such as saving more, reducing debt and improving credit scores, will put buyers in a good position to get what they want when it comes time to purchase a home.

To help you along the way, I�ve put together my list of 10 reasons I believe now may be the best time to buy a home:

1. Right now, you may be able to get a very good deal. In some markets, prices have dropped significantly over the last four to five years; in some areas dropping 25-50%. Will prices fall further? No one knows for sure; but trying to catch the bottom is very difficult. You�ll never know if you have hit the absolute bottom until after it happens and by then it�s too late!

2. Greater variety from which to choose. Single-family homes, condominiums, townhouses, new construction and existing homes are plentiful in many communities today. As a buyer, the greater the investor the more likely it is that sellers will be motivated to sell.

3. New and improved research tools and technologies�like that of our Coldwell Banker Residential Brokerage website, CaliforniaMoves.com�make finding the right home in the best location an easy and enjoyable task

4. Modernized financing programs from the Federal Housing Administration that make buying more possible including options for first time home buyers as well as low and moderate income borrowers.

5. Mortgage interest rates remain at historic lows. Even though we�ve seen interest rates inch up in recent months, they still remain at near the lowest level in half a century. Of course, that won�t last forever.

6. We live in one of the most desirable areas in the country: Gorgeous weather. Beaches. Trails. Hiking. Boating. Skiing. Museums. Culture. World-class universities. And some of the finest restaurants in the country. You can do and see it all in California, which is exactly why so many people choose to call the Golden State home.

7. Owning a home is more than simply a place to live. According to MilitaryMoney.com�s article entitled �Home Ownership is Key to Building Wealth,� �The financial truth is that U.S. households build more wealth through home ownership than stock ownership.�

8. You may save on taxes. Generally homeowners can use the mortgage interest and real property taxes as deductions on their taxes. You may also get a tax break on any capital gains when you sell. Of course you�ll need to do the math with your tax professional, but many people find that these tax breaks can make homeownership less expensive than renting.

9. It will be yours. You will have the pride of ownership and greater flexibility to make the house your own home.

10. Sooner or later, the market will rebound. The population of the United States is going to continue to grow which traditionally increases the demand for housing; unless the supply of housing increases at the same rate as the population, basic economic theory will tell you that home prices should go up.

Buyers, my message to you is simple: Things are changing and the opportunities available today will not last forever. It�s human nature to wait for an �all clear� signal after the type of downturn that we have had. Unfortunately, once the market rebounds, the same price and interest rate opportunities may not be around.

If you are interested in the old-fashioned concept of buying a home to live in it for a number of years � there probably is not a better time than now to buy. If you are thinking about making a move please contact me today. I�d be happy to help.

February 22, 2011

A recent check of our local Multiple Listing Service revealed that 269 out of 823 total SFR listings in Marin (over 32%) and 138 of 274 Condo listings (about 50%) were some sort of distressed sale (foreclosure, NOD, REO, VA repo, or short sale). Much of this activity is in Novato and San Rafael, but there is a significant amount of it throughout the County and in Mariner Cove. Low prices generated by these distressed sales tend to keep a lid on non-distressed inventory as well. Inventory of homes for sale is low because owners who can postpone selling in this market tend to do so, hoping to get a better price later. Immaculate, extremely well-located homes do buck this trend a bit though they are still subject to its general influence. Owners who do choose to sell now are well-advised to pay careful attention to comparable sales and to dress their home for success by staging attractively and making it easy to show. Professional photography can make an enormous difference in a home's appearance on the MLS, generating more interest and more showings. An experienced, professional REALTOR, like myself, familiar with your neighborhood is your best ally when planning to sell your home in today's market environment.

Many buyers still feeling frustrated by lack of available inventory. Multiple offers often generated when several of them pounce on the same attractive listing at the same time. Some of these multiple-offer situations are going over asking price, but not anywhere near as much as in the hot markets of just a few years ago.

Many local real estate agents are optimistic about prospects for better sales in 2011. Open houses are well-attended. Buyers are out in force and writing offers. Escrows are being opened. Some are falling through, but many are closing. There is anticipation in the air. Stock market is up. News of interest rates heading up is starting to make some buyers wonder if it is time to jump on board the train before it leaves the station. Are they correct? We will see soon enough.

February 7, 2011

The following is a current article written by Coldwell Banker's S.F. Bay Area President. It has some solid information, worth a look:

The financial markets continued to improve over the past few weeks with both the Dow Jones Industrial Average and the S&P 500 reaching and surpassing two key milestones. The Dow eclipsed the 12,000 threshold and the S&P climbed over the 1300 level for the first time in two and a half years. Both milestones are viewed by market watchers as important barometers, not only of the health of Wall Street but consumer sentiment on Main Street.

Steady improvement in the financial markets is putting the Great Recession even farther behind us. It means that retirement accounts for millions of Americans have erased much of the losses inflicted by the sharp downturns of 2008 and early 2009. Two years ago next month the Dow stood at 6,547 and the S&P at 676. Since then, they�ve nearly doubled in value. It�s an encouraging signal that the economic recovery is gaining traction, albeit slower than most of us would like.

So what about the real estate market? In general, the nation�s housing market remains fragile. While there has been improvements in many communities since the depths of the recession, including here in the Bay Area, the market overall continues to be challenged by high unemployment rates and the shadow inventory of additional homes that could fall into short sales or foreclosures.

While acknowledging all of the economic headwinds, Rick Newman, chief business correspondent for U.S. News and World Report, wrote this week that the stage could be set for a solid recovery in the housing market this year. �A buzzer won't go off when it happens, but 2011 could be the year that the housing bust officially ends,� he said.

Nationwide, prices have fallen by about 30 percent since the peak in 2006, and Moody's Analytics thinks they could fall another 5 percent or so in 2011. �But improvements in the overall economy will lift the housing market sooner or later, with many buyers who have been sitting on the sidelines finally deciding to take the plunge,� Newman writes. �In a few markets, that already appears to be happening.�

U.S. News says home buyers are tiptoeing back into the market, amid an increasing number of signs that the fifth year of the housing bust might be the last. �Economists are watching closely for an inflection point at which the housing market turns upward for good. But for buyers planning to live in a home for years, precise timing matters less because they also need to take into account the direction of interest rates and their own personal need for housing,� Newman said.

�With flippers and speculators largely out of business, most buyers simply want to know that the home they buy won't plunge in value once they own it. In many U.S. cities, that now looks to be the case,� he adds.

U.S. News points to four reasons that home buyers may be feeling more confident that it's safe to step off the sidelines:

In some markets, homes are now undervalued. According to the Case-Shiller home-price index, overall prices nationwide have fallen 30.3 percent since peaking in 2006. Moody's, for instance, says that homes are undervalued in many cities, based on the ratio of home prices to median income.
Affordability is excellent. Falling prices, plus falling interest rates, have made homes more affordable than they've been in decades. The National Association of Realtors' affordability index, which goes back to 1970, is at the highest level it's ever been. The typical family today needs to spend just 13 percent of its monthly income to pay the mortgage on a median-priced home, compared with nearly 25 percent at the peak of the housing bubble.
Economic factors that affect housing are improving. Most economists believe the recession is over for good, with the risk of a double-dip fading rapidly. Consumers are spending again, and the economy is growing. Big companies have lots of cash and are in a good position to hire once business picks up. A rally in the financial markets is helping many Americans recover some of the wealth they've lost through falling home values. Those trends all support increased higher demand for homes.
The government will continue to support housing. There will likely be continued political debate over Fannie Mae and Freddie Mac, the troubled housing agencies now operating under government control. But despite some calls for a private system to finance housing, it's likely the government will remain a key player in the mortgage market until at least 2013, after the next presidential election. And once policymakers figure out how to replace Fannie and Freddie, it will probably happen slowly, so as not to upset the housing recovery.
While it�s still too early to tell for sure where we are in the recovery, anecdotal reports from our field offices tell us that things are gradually moving in the right direction. Buyers are easing back into the housing market in many Bay Area communities. As we approach the spring buying season it will be interesting to see how this translates into sales. Stay tuned!

January 10, 2011

A December 16 article by MDA DataQuick, a San Diego-based real estate news service, quoted their president,John Walsh, who, predicting recovery, but hedging his bets on timing, said:
�The thing is, demand is accumulating. And at some point the market will kick back into gear. It�s possible that prices have bottomed out, and it seems likely that today�s interest rates won�t be around a year from now. There will be catch-up activity, but the big question is timing. We�ll have to see what happens with employment, the economy, and with today�s tight credit,�

Here in Marin County the market is mixed, with some areas doing much better than others. Monthly City-by-City report out this week shows Greenbrae, which topped the charts last month at 46.15% in contract has extended its lead to an astonishing 60.87% in contract, representing 14 of 23 homes on the market in that area. Nothing else in the County even comes close. Novato in 2nd place at 39.76%, down just slightly from last month, a very popular market with lots of attractively priced homes as a result of REO's and short sales. Ross next at 33%, followed by San Anselmo at 29.8%. Belvedere, with its high-end homes still at the bottom of the sales heap with only 7.4% of listed homes in contract-- a fertile hunting ground for value-minded high-end home hunters.

Single Family Residences (SFR)
2010 ended with a total of 1836 sold SFR units in the County, compared to 1668 for the year 2009, hanging on to a year-over-year gain of just over 10% despite a constant erosion since last summer after the end of the buyer tax credits. Active inventory at 622 units, and months supply of inventory at 4.1 as of December 31. New listings in December were down to 110, all figures the lowest in over 24 months. There were 212 accepted offers on SFR's in December, bringing the ratio of accepted offers to existing inventory to 34.1%, and accepted offers to new listings to 192.7%, all three representing the greatest numbers in over 24 months. SFR percentage in contract down slightly overall from 28.17% to 27.14%, with the under-$1million segment down about 1.25 percentage points and the $1million to $2million segment down about 3 percentage points. Big news, though, is that the $2million-$3million segment up substantially from 7.25% in contract at the beginning of December to 17.39% on January 6. This due more to the decrease in listed homes from 69 units to 46 than to the increase of homes in contract from 5 to 8 units. Sold SFR units for December at 151. This compares to 180 in December of 2009 and only 91 in December of 2008. Inventory down, accepted offers up, months supply of inventory down.

Condo statistics reveal a similar story with months supply of inventory at 5.4, the lowest since December of '09 when it stood at 5.2. Since then, it has been as high at 10.6 (in July). The ratio of accepted offers to inventory for December was 32.8%, and the ratio of accepted offers to new listings 178.4%, both the highest in over 24 months. Active inventory at 201 condo units on Dec 31. This compares to 251 in December of '09 and 272 in '08. Number of condo units sold at the end of 2010 was 477, about 5.9% less than the 505 units sold in 2009.

A number of real estate agents in the County were unusually busy during the traditionally sleepy period between Thanksgiving and the end of the year. What this means is not clear at this time. Lots of discussion and conjecture among even experienced agents, but the truth is it will probably be about 6 weeks before a trend is established and we get a better idea of how 2011 may look for real estate. As in previous recoveries, we will probably not recognize the market bottom until after we have passed it and prices are on the way up. One thing we do know is that there are plenty of good real estate bargains out there right now. Picking a market bottom is extremely difficult and those who accomplish it often owe it to luck more than to skill. For the rest of us it may just be that waiting for a better deal later could deprive us of a very good deal now.

December 7, 2010

Signs to look for in a housing market recovery

While the nation�s housing market has bounced back from the depths of the recession, the nascent recovery has been slow and sporadic in many parts of the country, including here in the Bay Area. The question on everyone�s mind is, �When will the market return to normal?� No one knows for sure when that will happen (the definition of �normal� is rather subjective - it seems today�s market is the �new normal�), but there are a number of signs out there that we should be watching for � economic indicators that will point to a more robust recovery in the market.

On a macro-economic level, consumer confidence and unemployment levels are crucial, along with overall economic growth figures such as the nation�s GDP. Buyers won�t take the chance on purchasing a home if they�re out of work, or concerned they may be before long. If they don�t have confidence that things will be getting better, they�re not likely to move forward with a major purchase.

Additionally, because real estate is such a local business, our local market indicators will also give us some clear signals. In addition to seeing overall sales rise in our local communities, we will be looking for inventory levels to fall, median prices to edge higher, the average days on market figure to drop, and the upper end of the market to heat up. Historically, it�s been the high-end market that comes out of a recession first because buyers have the means to take advantage of good values.

So are we seeing these signs yet? Nationally, it was a mixed bag this week. We enjoyed a slew of positive economic data points early in the week � rising car sales, upward revisions to growth and productivity and a busy start to the holiday retail season. Private sector payrolls rose by the most in three years in November. And finally, the Conference Board reported Tuesday that the Consumer Confidence Index jumped to 54.1 in November, up from a level of 49.9 a month earlier. Although the index remains well below its prerecession levels (which were above 100), the boost provides an encouraging sign for the economy.

But as we took two steps forward with the positive economic data, we went one step backwards on Friday when the nation�s jobs report was released. November's job growth came in far lower than expected and the unemployment rate rose to 9.8%. U.S. employers added 39,000 jobs to their payrolls in November, the Labor Department reported. That marks a major slowdown from October, when the economy added an upwardly revised 172,000 jobs. The number also fell short of the 150,000 jobs economists were generally expecting. However, most economists are concluding by week�s end that the mixed bag of employment data was overall a bit more positive than negative.

Locally, we�ve seen encouraging growth in luxury home sales. It�s widely believed that the so-called �smart money� � well-healed investor � is the first to jump back into the housing market, ultimately leading a sustainable recovery in the overall market. The Month�s Supply of Inventory of San Francisco homes over $3M dropped to 6 months in November, 18% improvement over November �09 and 24% better than November �08 when it was at 8 months supply. While San Mateo County�s number is quite a bit larger at 15 month�s supply of homes over $3M, it�s a remarkable 34% improvement over November �09 when it was at 24 month�s supply.

Sales of million-dollar homes in Silicon Valley and the median sale price edged higher in October, according to Coldwell Banker Residential Brokerage�s luxury home report. It was the eighth time in the past nine months that year-over-year sales in the luxury market increased. Luxury sales also edged higher in the East Bay. In Marin, although sales dipped slightly in October, the median price rose 7 percent.

The broader Bay Area housing market, however, is still working to move back to normalcy. Sales in October were off sharply from year ago levels. Analysts believe much of the drop had to do with the fact that 2010 home sales were �front-loaded� earlier in the year as buyers rushed to take advantage of the tax credit before it expired. But certainly tighter credit and concerns over jobs played a role.

So where does this all leave us as we head toward year-end? Our local housing market recovery � like those in many regions � has been slow and choppy at times. Yet we are seeing enough positive signs overall to believe better days are ahead of us as we move into the new year. For those looking to buy a home, the stars are in perfect alignment. Interest rates are at historic lows in the low-4% level in 30-year fixed-rate loans. Home prices are very attractive. And housing affordability is at the highest point in years. Buyers need to examine their own �personal economy� and decide if they�re in a position to invest in a home. If they are, there may never be a better time.

Here in Marin, we are still getting word of good buyer traffic at open homes in all parts of Marin. Newer listings are getting the bulk of the traffic, showing that the buyers may be dissatisfied with what�s currently on the market (or perhaps the prices at which those homes are selling for). Our Greenbrae manager says that we many buyers are looking to close before the end of the year. In Petaluma, serious buyers continue to circle the new inventory, snatching it up as it comes on in the under $300,000 range. Open Houses are well attended. One west Petaluma property had 27 groups through. Inventory is scarce in the under $500,000. More and more buyers in the $600,000 to 800,000 range trolling the market. The Northern Marin market is reflecting a seasonal slowdown across the board- higher-end properties are the slowest moving. Investors are still looking for below market deals and often pay cash. A similar story is told by our Sebastopol office. The seasonal slowdown came early this year. The buyers that are looking want to see everything on the market and are slow to pull the trigger. In Santa Rosa, listing activity has slowed the past 2 weeks but sales are holding steady. Open houses are unpredictable; many get only a few groups while others are seeing 30 groups through. Likewise, Southern Marin has seen a typical end-of-year slowdown with both sales and inventory declining.

November 30, 2010

Flood Insurance Rate Map Zone Information:

When selling a home in California, there are certain statutory disclosures a seller is required to provide a prospective buyer. Some of these disclosures are covered via a Natural Hazard Report which includes whether a property is located in a Federal Emergency Management Agency(FEMA) flood zone. Lenders for homes in these areas may require the owner to purchase and maintain flood insurance for the duration of the loan.

While your property may not be located within a FEMA designated Special Flood Area, localized flooding can still affect you and your home. Any resident of Mariner Cove can vouch for that. FEMA redid their mapping about 2 years ago and there are some properties in our neighborhood that previously did not require flood insurance, but now do.

Regardless of whether your home is in a flood zone or not, you can check with the Town of Corte Madera which will provide you with information if your home is in a Special Flood Hazard Area as shown on the current Flood Insurance Rate Map of the town. They can provide you with additional flood insurance data and information on purchasing flood insurance. Again, even if your lender does not require flood insurance because you are not in a FEMA mandated flood zone, you may want to check with Public Works Department to see if you are in a special flood hazard area. They are open 8am to Noon, Monday through Thursday at 233 Tamalpais Drive #200, phone number 415-927-5057. This is a free service. Let me know if you have any questions or need more information.

November 23,, 2010:

The market in general has slowed, our Coldwell Banker Greenbrae office reports, though we are still seeing some nice listings coming on and open house traffic has been pretty steady. One house in Mill Valley came on for just over $2 million and is receiving quite a bit of attention. In the same breath, other homes that have been languishing are finally taking some deep, dramatic price cuts. Sellers really have to look at what they�re trying to accomplish � do they want to sell? Can they hang on for their price? Is it better to take the home off the market and try again later? Should they rent? All viable options, but really depends on each individual seller. In Northern Marin, while there continues to be heavy turnout at weekly open houses, the market remains slow due to buyers �fence sitting� with offers. The consensus regarding listings is that sellers are letting agents know they are going to wait until spring to put their properties on the market. According to the Santa Rosa office, new listings and sales are holding steady. We are still getting attendance at open houses even in the rain but it does feel like it is slowing. The Sebastopol office says the local market is very quiet. Buyers are very particular and sellers are very cautious. Review appraisals are common and deals falling apart at the last minute are becoming more common. Meanwhile in Southern Marin, well priced properties are still selling quickly. The Previews high-end market is substantially up year to date versus a year ago in units sold, but still down overall versus 2008 sales. In Mill Valley 3 properties in the $2 to $3 million range are in contract. In Belvedere 4 properties are in contract in the $3 to $4 million range. In Tiburon 7 properties are in contract from $2 million and up, and Sausalito actually has five in contract in the $2 to $3 million range (and only eight active.)

Mariner Cove : Corte Madera, California

Marin Real Estate News