Real Estate Market Update in a Minute
Real Estate has been fast-paced in Marin lately and it is a strong seller’s market.
What does that mean? It means there are more buyers than sellers so sellers have more control over price and terms, especially in multiple offers.
Where are the buyers coming from? Typically San Francisco supplies the most buyers for Marin and this migration pattern has exploded since COVID started.
Why do some many people want to move? Buyers are looking for similar things – more interior space, resort-type backyards including pools, more rooms inside to accommodate zoom rooms and home offices, quicker access to the Marin outdoor lifestyle, and warmer weather.
Where are the sellers moving to? Marin sellers are upgrading to a larger home in Marin or it seems they are moving out of state. Popular choices seem to be Idaho, Florida, Oregon, Utah, Texas, and Arizona. These are all less expensive real estate markets and an easy transition financially.
Here is an interesting article about some of the hottest real estate markets in 2020 https://www.forbes.com/sites/andrewdepietro/2020/10/26/the-hottest-housing-markets-right-now-in-2020/?sh=13bafbb8347c
In Marin, Oct 2020 vs 2019, home prices have increased 13% and days on market have decreased. If you are a seller, it means you are selling your house for top dollar quickly. If you are a buyer, it means you should expect competition when you are submitting offers and will have to be aggressive on price and terms to be considered.
To be successful in this hot market you need to prep your home properly and price it well to attract the savvy buyers of today. Opposite of popular belief, city buyers won’t just buy anything. And if you want to prevail against all the other buyers you need a knowledgeable and local agent to guide you. Local expertise is essential in getting offers accepted!