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Blog by the bay

Home loveMarin County, people, places, culture and real-estate

Moving to Marin? What can you afford to buy?

If you are considering moving to Marin County, trying to get a feel for what you can afford to buy in the different neighborhoods can be daunting, especially with some of Marin’s steep price tags. Fortunately, not every home in Marin is a multi-million dollar luxury home.

So what can you buy in Marin?

Mill Valley

Many first time home buyers moving from San Francisco start their home search in Mill Valley. It’s charming, close to the bridge, and has a lively downtown area.  Its proximity to the city also comes with a much steeper price tag then some of its counterparts.  The median list price in Mill Valley is $1,140,346.

Fortunately, not every Mill Valley home is over a million dollars.  Here are a few Mill Valley homes listed for sale under one million:

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View all Mill Valley Homes for Sale

San Anselmo

The town of San Anselmo is also known for it’s charming downtown area, proliferation of antique shops, and its proximity to hiking, biking and all of Marin’s fantastic scenery.  The commute times in San Anselmo are longer, but your house money will go a lot further as evidenced by the chart below.

Here are a few San Anselmo homes listed for sale under one million:

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View all San Anselmo Homes for Sale

San Rafael

Moving on to San Rafael, the county seat of Marin, we also see more affordable homes with a median list price of $702,045.

Here are a few San Rafael homes listed for sale under one million:

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View all San Rafael Homes for Sale

Learn More

These are just three of Marin’s cities. If you are interested in moving to Marin, please contact us to get a more in-depth look at where you can afford to buy.

If you are interested in learning more about Marin County price trends, supply and demand and leading indicators, check out our weekly Marin Market Trends Report By City.

Home sellers can avoid surprises with pre-listing inspections

It’s pretty common in Marin County for sellers to have a pest inspection done before putting their home on the market so potential buyers can know going in about issues like termites and dry rot, and whether they’ve been remedied. But it’s much less common for sellers to do other pre-listing inspections. Traditional thinking says that any buyer who gets into escrow will be ordering additional inspections (and paying for them), so why would a seller bother? Actually, there are some great reasons to do more than just a pest inspection up front.

Many sellers simply don’t want to spend the money when they don’t have to, which is understandable. A typical home inspection runs in the $400 to $600 range, so why not let the buyer bear that expense? That may seem like a smart way to see it, but that thinking can lead to surprises in the middle of the escrow and can end up costing much more than the inspection would have. What can end up happening is a buyer gets into escrow, tying up your property for weeks, and then uncovers previously unknown issues and proceeds to negotiate hard for the money to remedy them. You then have to decide whether to make considerable concessions or run the risk of having the deal fall through, which would leave you back at square one, but with a home that’s no longer new on the market and with issues that now need to be disclosed to any new prospective buyer.

If you know about problems before you bring your house on the market you then have time to figure out the best way to address them. Getting bids from tradespeople and deciding on the smartest and most cost effective course of action is an easier proposition when you’re not under the gun, negotiating with a clock running. Uncover those problems yourself beforehand, decide which make sense to deal with and how, and then you nip them in the bud before they have a chance to mess up your deal. And if you provide reports detailing any issues up front, a buyer will then need to take them into account when writing the offer rather than asking for a credit or repairs once in escrow.

Of course there’s quite a variety of inspections you could do depending on your situation, so your agent can help you determine which might make sense to spring for. In addition to the termite and home inspections we often recommend a sewer scope, for example. The $200-$300 it costs can be money well spent and give you some really important info. If your sewer lateral is shot and needs a $10,000 overhaul would you rather know that going in or have that news dropped on you in the middle of the escrow? And if you’re in the Ross Valley Sanitation District you can benefit from their Lateral Replacement Grant Program, whereby they’ll pay up to $4,000 of the cost.

Pre-listing inspections are about avoiding surprises and heading off problems before they can complicate your deal. Every situation is unique, but often doing investigations up front and getting needed repairs done prior to marketing your home can benefit you as a seller. You’ll be able to show your home in the best possible light, giving buyers confidence about their buying decision, and limit the potential for messy complications popping up down the road.

Levin

Marin Views: Crown Road & Mt. Tam


I snapped this photo on a hike this morning of Mt. Tam from Crown Road in Baltimore Canyon. The colors were amazing after the evening rains. This hike is one of my favorites. You can take Crown Road to the left and down to Dawn Falls. We choose the trail head to the right, which leads you up on the ridge to view all of Marin’s gorgeous hills.

The Crown Road trail is accessible via Kentfield.

Driving directions:
From Sir Francis Drake, take College Avenue into Kentfield. Turn right on Woodland, left on Evergreen. Follow Evergreen up the mountain. Turn left Crown Road and continue to the end of the road. Parking can be difficult on weekends.

Top 10 Most Expensive Marin Homes Sold in 2010

Despite a tough luxury home market, luxury homes are still selling in the San Francisco Bay Area.  Marin County saw some of it’s most expensive homes sell in 2010.  There were 61 Marin County homes sold over three million dollars in 2010 representing a total sales volume of $269,944,655.  This compares to 50 homes sold over three million dollars in 2009, representing a total sales volume of $214,291,988.

2010’s Top 10 Most Expensive Home Sales in Marin County

1 Upper Rd Ross, CA 94957 $14,000,000
67 Belvedere Ave Belvedere, CA 94920 $11,750,000
7 Laurel Grove Ave Ross, CA 94957 $8,000,000
3680 Paradise Dr Tiburon, CA 94920 $7,800,000
8 Eucalyptus Rd Belvedere, CA 94920 $7,140,000
4639 Paradise Dr Tiburon, CA 94920 $7,000,000
133 Sugarloaf Dr Tiburon, CA 94920 $6,900,000
77 Harrison Ave Sausalito, CA 94965 $6,834,000
3910 Paradise Dr Tiburon, CA 94920 $6,500,000
232 Trinidad Dr Tiburon, CA 94920 $6,500,000

Data from BAREIS MLS. Information deemed reliable but not guaranteed.

2010 Mortgage Roller Coaster

Mortgage rates had their share of ups and downs in 2010. Loan officer Dan Green put together this 2010 Mortgage Roller Coaster video which enables you to actually jump on board and see the roller coaster first hand, along with a a great narrative explaining what was happening. Despite some bumps and a year end rise, 2010 rates ended below 5%. Dan predicts we will see rates rise in 2011. Buckle your seatbelt and enjoy.

If you are considering making a move in 2011, advance preparation is the key to surviving the roller coaster. Send me an email of what your plans are and how we can help.

Hiking Roy’s Redwood Grove…in About an Hour

My wife and I recently went on a great one-hour hike at Roy’s Redwood Grove in San Geronimo Valley. It’s a super nice 3.5 mile loop that meanders through an old redwood grove and open meadows, with a nice view of the valley. To get there head west out Sir Francis Drake Blvd. from Fairfax and turn right after the golf course. It’s up on the right about a 1/4 mile. It’s great to find a one-hour loop like this for those days when you feel like a hike but don’t have a lot of time. Awesome!
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“Fix” Your Loan & Cash In To Your Mortgage?

The new trend in mortgages appears to be “fixing” your loan – moving from adjustable rate mortgages to fixed rate loans.

Mortgage broker Dan Green, Author of The Mortgage Reports Blog says:

Between June-September 2010, Refi Boom participants “went fixed” 19 times out of 20.

That’s an astounding percentage. For several reasons, really.

The first is that the interest rate spread between the 5-year ARM and the 30-year fixed was historically large last quarter, registering 0.81% on average. By comparison, during the 12 months prior, the spread was just 0.66%.

Relative to recent history, therefore, homeowners had a large incentive to take the ARM last quarter, but chose not to.

Here is an interesting chart from Dan:

Image Courtesy of The Mortgage Reports Blog

My  friend and fellow real estate agent in Northern Virginia wrote about it on her blog, “Getting Off the Horse Before She Bucks You.”

Heather says:

The other interesting thing from the third quarter numbers is that 33% of homeowners who refinanced brought money to the table to do a “cash-in” refinance, and effectively bought more equity in their homes. That’s the second highest “cash-in” quarter since Freddie Mac began keeping records in 1985.

So, people are actually putting money into their homes.  They are looking for stability.  And, there is seems that would show some confidence in the real estate market long term.  These actions seem to echo the new study by Trulia and RealtyTrac which found that 58% of Americans believe the real estate market will recover after 2012.

Oddly enough, the study also showed 48% of people would be willing to walk away from their homes if they were under water, up from 41% in years past.  There is less of a stigma against those who choose to walk away because it makes financial sense.

So are home buyers looking at the home buying process as more of a business decision than in the past?  Not necessarily, because their desire for certainty does not necessarily make financial sense.  Perhaps what we are seeing is damage mitigation – a cutting of losses from past mistakes with a desire to avert risks in the future.

Regardless, it looks like there is a glimmer of optimism among Americans about the future of the real estate market.

Views of Marin – Shady Lane in Ross

Shady Lane is a beautiful tree lined street in Ross. I took this photo this morning in the aftermath of the weekend storms.