Marin County, people, places, culture and real-estateWe all know 9-1-1 is the number to call in an emergency from a land line, but did you know that 9-1-1- calls generated from a cell phone are answered outside Marin? If you call 9-1-1- from the cell, it is likely to be answered by the CHP in Benicia.
While still useful, it may take longer to generate a response. Program in the local emergency number for the Marin County Communications Center for the most direct response. The local Marin County Emergency number is 415-472-0911.
I was reviewing sales statistics in Mill Valley and pulled these two charts. The first chart is not anything surprising, the average days on the market of a Mill Valley home listing has been increasing while the median price of a Mill Valley home has been declining.
I then pulled the chart below which shows the number of new listings versus the median home price for Mill Valley. Median Mill Valley home prices have been declining with the number of new listings.
As new late winter/early spring listings start to come on, the question is whether the median Mill Valley home price will see some recovery OR if home prices will continue to fall.
Unless you’ve been living in a cave as of late, you are probably well aware that the financial and lending climate has changed dramatically…and it continues to be very dynamic. Every week, we have lender changes, investor changes, market changes, etc. that can affect how borrowers can structure both purchase and refinance loans. Rates have been and continue to be extremely attractive…are they the absolutely lowest we’ve seen in the past month? No, not today. But sometimes waiting for that lowest point can hurt your ability to get your financing completed. Here’s a real life example…
I have a client who wants to refinance her condominium. She currently has a 30-year fixed loan at 6.625%…way above the market. A few weeks ago, I quoted her a new 30-year fixed at 5.25% with no points which would save her $520 per month! The client, in listening to the misguided media and well-meaning but misinformed parents, decided to wait until rates dropped to 5.125% as she did not feel they were “low enoughâ€. I counseled her about the possibility that rates could worsen while she waited for that 0.125% and that the current option would save her over $6,200 per year but agreed to monitor the market for her.
While she was waiting to pick the bottom, rates moved up as we saw selling in the mortgage-backed securities market. Then, to add insult to injury, Fannie Mae and Freddie Mac rolled out a new set of risk-based pricing “add-ons†that are MANDATED by Fannie and Freddie for all lenders. Factor in these “add-ons†to her refinancing pricing and now she’s even FURTHER away from that 5.125% she wanted…and not even in the 5.25% mix right now, either.
Moral of the story…a bird in the hand CAN be worth two in the bush. While waiting to save another $46 per month, she missed the opportunity to capture an additional $520 in her pocket! Will rates come back down to where she can even get the 5.25% again? No one knows for certain…but it will definitely be harder to get there for her particular file given the changes.
If you have a loan opportunity in front of you at a competitive rate which saves you money and/or satisfies what you’re looking to accomplish, jump on it while you can! You don’t know what changes lie in wait from the lenders in terms of structure and pricing or, even worse, if your company is about to go through layoffs, paycuts, etc. where your personal finances may no longer qualify you for a loan. Don’t miss the boat as opportunities may be fleeting.
Stacey Fleece is a Mortgage Loan Consultant with Countrywide Home Loans in Mill Valley in Marin County, California.
This market profile is a snapshot of what is happening in Fairfax. Fairfax home prices are down slightly this week but have basically settled at a plateau. Listing inventory has been tightening and days-on-market has been increasing. The Market Action Index has been essentially flat.
| Fairfax Real Estate Market Update | |
| Median List Price | $704,500 |
| Asking Price per Square Foot | $505 |
| Average Days on Market | 144 |
| Percent of Properties with Price Decrease | 46% |
| Percent Relisted | 0% |
| Median House Size (sq ft) | 1,808 |
| Median Lot Size | 8,001-10,000 Sq. Feet |
| Median Number of Bedrooms | 3.0 |
| Median Number of Bathrooms | 2.5 |
| Market Action Index | 14 – Cold! Buyer’s Market |
The Market Action Index answers the question “How’s the Fairfax Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Fairfax Real Estate Market Data effective as of January 20, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.
This market profile is a snapshot of what is happening in San Anselmo. San Anselmo home prices have seen a downward trend in prices again this week. Listing inventory has been tightening and days-on-market has been increasing. The Market Action Index has been essentially flat.
| San Anselmo Real Estate Market Update | |
| Median List Price | $839,000 |
| Asking Price per Square Foot | $548 |
| Average Days on Market | 135 |
| Percent of Properties with Price Decrease | 47% |
| Percent Relisted | 12% |
| Median House Size (sq ft) | 2,239 |
| Median Lot Size | 8,001-10,000 Sq. Feet |
| Median Number of Bedrooms | 3.5 |
| Median Number of Bathrooms | 2.6 |
| Market Action Index | 16 – Cold! Buyer’s Market |
The Market Action Index answers the question “How’s the San Anselmo Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
San Anselmo Real Estate Market Data effective as ofJanuary 20, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.
This market profile is a snapshot of what is happening in Tiburon. Tiburon home prices have been bouncing around in the same basic level. The number of homes listed has actually declined but the Market Action Index has also declined- meaning buyers are slowing down. It is a strong buyer’s market in Tiburon.
| Tiburon Real Estate Market Update | |
| Median List Price | $2,495,000 |
| Asking Price per Square Foot | $863 |
| Average Days on Market | 153 |
| Percent of Properties with Price Decrease | 42% |
| Percent Relisted | 7% |
| Median House Size (sq ft) | 2,915 |
| Median Lot Size | 0.25-0.50 acre |
| Median Number of Bedrooms | 4.0 |
| Median Number of Bathrooms | 3.4 |
| Market Action Index | 14 – Cold! Buyer’s Market |
The Market Action Index answers the question “How’s the Tiburon Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Tiburon Real Estate Market Data effective as ofJanuary 20, 2009. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.
Despite our affluent community, homelessness is still a problem in Marin County. Project Homeless Connect is an initiative that was created by San Francisco Mayor Gavin Newsom, in collaboration with the Department of Health, the Department of Human Services, other government agencies, the private sector and community non-profits and individuals. The program helps the homeless with access to key services such as dental services, DMV IDs, Family Services and more. This program has been brought to Marin and will be held for the fourth time on January 29. You can help out by volunteering for Project Homeless Connect!
Did that headline make you think I am nuts? I probably hear this question at least ten times a day- what is happening in the Marin Real Estate Market? The real estate market isn’t pretty, anyone who tells you differently is likely to be blowing smoke. Below is a historical look at the Marin real estate market from December 2007 to December 2008. These numbers are for single family homes in Marin County (no condos). It is not an easy time to be a seller in Marin. In the majority of communities, the real estate market stinks. Despite the horrible market, it may not be a bad time to sell.
Why? If you are a home owner who is planning on making a move in the next 18-24 months and you are purchasing UP, buying a larger home, it is a great time to buy. Ideally, we could all time the market to have sold in the hey day, rented and purchase now. The reality is that most people didn’t. If you are buying up, you may eat it on your home sale. Excuse the brutal truth, but the market isn’t great for sellers. Most people cannot hold on to their existing home and make a new home purchase. The good news is that on the buy side, you might be able to find a deal. You will in almost all cases pay less for that new home than you would if you purchased it 12 or even 24 months ago and that is the bright light in this kind of real estate market.
| December 2007 | December 2008 | |
| # Marin Homes For Sale |
501 | 710 |
| # Marin Homes Sold |
111 | 82 |
| # Marin Homes Pending |
101 | 84 |
| Months of Inventory based on closed Marin home sales | 4.5 | 8.7 |
| Months of inventory based on pending Marin home sales | 5 | 8.5 |
| Average Active Price for Marin homes | $1,571,000 | $1,379,000 |
| Average Sold Price for Marin homes | $1,364,000 | $845,000 |
| Average Price/Sq. Ft for Marin homes | $590 | $438 |
| Sold vs. List Price Difference | 96% | 94% |
| Sold vs. Original List Price Difference | 91% | 87% |
| Days on Market for Marin homes | 94 | 100 |
| Median Price for Marin homes | 900 | 675 |
*Marin Single Family Homes Statistics. Data pulled from Trendgraphix & BAREIS Multiple Listing Service.
It is with great excitement that I announce that I have joined Alain Pinel Realtors. I will be following Steve Dickason, my former Marin county manager and Craig Silvestri, my former branch manager. I have worked with Steve and Craig for almost four years and am excited to continue my affiliation with them while undertaking a fabulous opportunity to work with one of the top real estate firms in California.
Alain Pinel will be opening its first office in Marin County but they are not new to the Bay Area. Alain Pinel Realtors is the largest privately owned and independent residential real estate company in California. Locally owned, the firm has been consistently ranked in the Top 10 firms in the United States based on total sales volume. It was founded in 1990 by its current Chairman and CEO Mr. Paul Hulme (pictured below with me). Alain Pinel is a leading luxury real estate broker known for its professionalism, commitment to client services and cutting edge marketing programs. The firm is also on the bleeding edge of technology- something near and dear to my heart! I am thrilled to be joining a team with such a strong reputation and commitment to providing quality service to its clients.
I will be away from beautiful Marin this week on a business conference in New York City. Today I will be presenting at Real Estate Barcamp NYC about “Using Social Media to Develop Offline Relationships”. On Thursday, I will be presenting to real estate brokers at Inman Connect New York in the broker track on using “Innovative Techniques to Market Listings” on the web.
In between my sessions, I will have an opportunity to attend some phenomenal sessions about real estate, marketing, the future of the real estate economy and more. Some of the speakers include Craig Newmark, founder of Craiglist.com, Robert Schiller, Co-creator of the Case-Shiller Home Price Indices, and Lawrence Yun, Chief Economist of the National Association of Realtors.
I look forward to sharing my conference insights with you when I get back!