Marin Real Estate Market Update

The Marin real estate market was on fire in 2020 with record-setting sales volume and an increase in median home price.  We saw an overall large 12% increase in prices in 2020 in Marin home sales.  So what is happening now in the Marin Real Estate Market?

January is typically a slow month in Marin activity and many Realtors were able to take a deep breath in this January (at least the first half).  We have seen the home sales market slow down, still busier than a normal January, but less activity than Q4 2020.  Why? Lack of inventory!  A small number of new listings are trickling into the Marin real estate market and buyers are waiting to gobble it up quickly, oftentimes with multiple offers.  A simple supply and demand situation.

So what will spring give us in the Marin real estate market?

As we progress through Q1 of 2021 we expect to see more listings hit the market.  As I am writing this blog, the MLS had the highest number of new listings we have seen so far in 2021 so things are heating up.  April and May are typically the most active and we usually see the most listings come to the market around this time.  Now with the COVID restrictions still in place for our county, the future is always unclear and historical data may not apply.  Only time will tell but the migration pattern of San Franciscans to Marin may still occur through Spring, perhaps all of 2021.

If you are a seller, it is a great time to sell with a pent up buyer demand you are likely to have multiple buyers wanting to buy your home, and buying is still a good idea with more purchasing power with interest rates staying low.

Useful Links

Learn more about my seller services: https://hollyinmarin.com/seller-services

To read about my buyer services: https://hollyinmarin.com/buyer-services

How to prep your home for sale: https://www.hgtv.com/lifestyle/real-estate/10-ways-to-prep-your-home-for-sale

More info about home sales in Marin…..

Here is a quick fact about home sales in Marin…………

As a Marin County Realtor, I thought it would be fun to share with you the least and most expensive home that sold in Marin County.  With a record-breaking year in home sales in Marin in regard to median home price and volume of home sales, we saw strong activity at ALL price points.  The least expensive home sale was a cute bungalow not far from the ocean in Bolinas for $780,000 2bedroom/1 bath and 898 sq ft.  The most expensive home sold in 2020 in Marin was in Tiburon with spectacular city and water views and a pool on 2.2 acres.  The buyer paid $15,043,000 for 6 bedrooms/7 bathrooms and over 10,000 sq ft and sold in just 14 days (all cash!!)

There were close to 3000 homes that sold, besides these 2 in 2020, so the migration pattern from the city was real.  As the COVID restrictions continue to loom, many buyers may still be looking to seek Marin to gain more space, more sunshine, easier access to outdoor space,  and zoom rooms.  We saw a huge uptick in demand for POOLS in Marin home sales!  With everyone being homebound, many wanted to create a summer resort in the own backyard.  Here is a link to some of the best home pools in the world https://www.urbandaddy.com/articles/43067/the-finest-swimming-pools-in-america

If you are a seller, it is a great time to sell because with pent-up buyer demand you are likely to have multiple buyers wanting to buy your home (of course you need to properly prep and price your home).   And buying is still a good idea with more purchasing power with interest rates staying low.

I service all of Marin County helping sellers, buyers and investors make informed decisions about  Marin Real Estate.  Please contact me if you want more information about home sales in Marin. I am here to help!

Useful Links

Recent solds:  https://hollyinmarin.com/properties/?agent_user_id=107387&mls_status=Sold,Sold%20Off%20MLS&per_page=72

https://www.facebook.com/hollyinmarin

https://www.instagram.com/hollyinmarin/

Realtor referrals anywhere in California

Back in January 2020, which seems like a lifetime ago during COVID, the brokerage I worked for, Zephyr, became the first franchisee of the new Corcoran Global Living (CGL).  Now, what does that mean? Zephyr had been a strong independent brokerage in the Bay Area since the 1970s and when Michael Mahon, the CEO of Corcoran Global Living, approached Zephyr to become a franchisee of the brand the offer was too good to pass up.  Corcoran Global Living’s mission is to find successful strong independent brokerages in California and Nevada (and soon to expand further) and collect them under one umbrella so they can have brand recognition, premium marketing materials, respected and connected Realtor referrals, and most importantly, each franchisee could maintain their local management and culture so their independence could continue.   Why is this important?  Because each local market is different than the next and to best accommodate those agents and clients you need to be able to do what is best on a local level!  This is the best of both worlds (the fiercely independent brokerage and the national brand brokerage).  Corcoran Global Living draws on the larger mothership, Corcoran Group, which is a high-end luxury brand in NYC, Hamptons, Chicago, Denver, Hawaii, and many other cities for name recognition, agent training, branding, Realtor referrals, and so much more.

So if you are thinking of moving or know someone moving out of Marin – I can help find trusted Realtor referrals with strong local knowledge of their real estate market.  I have already referred a client to a CGL agent in Tahoe to purchase a second home and they had a 5 -star level of service.  That is what you will get with all CGL agents!  So hit me up with a Realtor referral!

To read about Corcoran Global Living: https://hollyinmarin.com/about/

To learn more about Corcoran Group: https://www.corcoran.com/northern-california

The Homes I sold in Marin……

2020 was a year to remember, or most likely to forget, but thankfully I was able to help some people find happiness in a new home.  But there were a lot of sleepless nights to get there.

So when the shut down happened in March 2020 Real Estate shut down too.  I had a family in escrow to sell their home and 2 weeks away from closing. They had just bought a new home and they had a bridge loan in place to help them transition.  I was concerned the county would not be able to process their deed and delay their close which would cause additional fees on their bridge loan. Oh no!  So I was able to negotiate a quicker close with the buyers and do an electronic close.  PHEW!

I had a repeat investor client purchase again, several first time home buyers relocating from the city, Marin residents looking for a larger home, and a Dad with his 2 teenagers move from their townhome to a single-family home so they can have their own backyard! But out of all the homes sold in 2020, one of my favorites is a young couple moving from the city and we had made several offers only to be outbid each time.  I searched off-market properties and found them their dream home and they moved in days before their first baby was born.  Again PHEW!

“Home” became the most important place in 2020. Preview how my clients bought and sold to find their perfect one! As a luxury Marin County Realtor, I can answer your questions about selling or buying Marin real estate to find your perfect home in 2021.

Useful Links

Search active listings: https://hollyinmarin.com

To connect with a trusted lender that can help your buying dreams come true:  https://crosscountrymortgage.com/Larkspur-CA-4078/Marney-Solle/

Watch my video on how to prep your home to sell:  https://hollyinmarin.com/uncategorized/4-tips-to-prep-your-house-for-the-market/

Click this link to read my Marin Real Estate Market Tracker for Oct. 2020 and see how it is still a seller’s market, for example, days on market are low, inventory remains low and prices are high.  It is a great time to sell your home in Marin. Contact me if you have questions about Marin County Real Estate.

http://www.inkswitch.com/viewItem.php?itemID=356326&rev=7714

What does a Seller’s Market Mean?  

It is a simple supply and demand example.  When there are more buyers than sellers (or houses on the market) then the sellers have more control over price and terms thus having more control.  Marin has been in a seller’s market for almost 10 years.

Going North for the Winter
Marin continues to enjoy the migration of city dwellers across the Golden Gate. San Francisco and Peninsula transplants are seeking out larger homes and easier access to open spaces. Prospective homeowners who were considering the move to a warmer climate and improved school district have been catalyzed by the pandemic.

These newcomers translate into major growth in sales figures. The median sales price (MSP) for single-family homes is up 6% since October 2019, and that of condos is up 13% since 2019. The number of homes going into contract in October tells the same story. We saw 210 October sales of single-family homes in 2019, and 319 October sales in 2020. That’s a 51% increase! Condos went from 53 October sales in 2019 to 77 in 2020—a 45% increase.

Understanding Buyers
In order to understand the buyer pool relative to the selection of property being sold, we look at the percent of the list price received. In 2019, the percent of list price received was 97%. In 2020, we reached an even 100% for October. This means that buyers are feeling more competitive and placing higher bids.

Useful Link

Find out more about Marin schools: https://hollyinmarin.com/marin-county-public-schools/

Carve your pumpkin and post it on Instagram with #HollyCarvingContest2020.  Also, tag me @HollyinMarin.

The top 3 liked posts will win $25 to World Wrapps.

Ends Oct 31, 2020, at 3 pm.

Start carving!

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!

Learn more on my seller services: https://hollyinmarin.com/seller-services/ or my buyer services:  https://hollyinmarin.com/buyer-services/

Tour a Home during COVID 19 – 4 Things to Know

4 Things Before You Can Tour a Home during COVID 19

1.  Connect with a local real estate agent to guide you safely through this process.  They will help you access all the virtual media before you visit the property to minimize uninterested traffic in homes.  These may include websites, photos, videos, 3D Matterport, and floorplan drawings.  I also recommend you drive by the location if possible to see if it fits your needs.  If after reviewing all of this first, you are still interested then an agent can make an appt for you to tour the home in person.
2. You need the required PPE gear which includes a mask, gloves, hand sanitizer, disinfecting wipes, and shoe covers.  As a courtesy to my clients, I provided those items for each showing.  And at times they were hard to find!
3. You need to sign a waiver (both seller and buyer) before you can access the home.  It is known as the PEAD form and can be signed via DocuSign.  Contact me if you would like a copy.
4. Sometimes the sellers require buyers to show proof of funds or a pre-approval letter from a lender to ensure only qualified buyers are entering.  Here is just one of a few trusted lenders I recommend if you need to be pre-approved.   https://www.flagstar.com/mortgage/ashley-card-home-loan-mortgage-lender-san-francisco-california-291630.html

It is so interesting to me how people responded to the quarantine by deciding to change their living situation.  No matter what their current housing was everyone seemed to crave a change!

If you are interested in buying or selling during COVID, it can be done safely!  Contact me if you would like to hear more about the COVID guidelines and because they are changing often it may be different by the time you call.

You can search active properties on this link https://hollyinmarin.com

Other lenders I recommend:

https://crosscountrymortgage.com/Larkspur-CA-4078/Marney-Solle/

https://dominicpomilia.supremelendinglo.com/

https://www.wfhm.com/loans/douglas-barta/about.page

Mortgage Calculator Link:

https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx