Market Update: Buyer, Buyer, Pants on Fire?
Wow, that’s a convoluted pun. But it feels like that is what’s happening out there.
First the numbers:
Total Homes on Market:Â Â Â Â Â Â Â Â Â Â Â Â Â 1,372
Marin, Percent in Contract:Â Â Â Â Â Â Â Â Â Â 21%
Under $1MM, Percent in Contract: Â Â 24%
$1-$2 MM, Percent in Contract:Â Â Â Â Â 19%
$2-$3 MM, Percent in Contract:Â Â Â Â Â Â 18%
Remember, it’s a Buyers Market when Percent in Contract is less than 25%. We’re still there, in all price segments.
Inventory remains high, although it is starting to decline a bit. As days on market increases, and the rainy season approaches, some sellers are taking their homes off the market until spring, and taking advantage of the strong rental market in Marin.
We’ve had a number of buyers come to our listings, spend all kinds of time, ask lots of pointed questions, and tell us they’re seriously thinking about an offer…and then they wait. It’s like a big game. No one wants to be first, no one wants to be the dumb one who bought the house only to find out if they had waited, they could have saved a ton of money.
I don’t blame them one bit. It’s a scary thing, buying a home in one of the most expensive markets in the country. I know I was terrified when I did it for the first time.
But are people buying? Every single day. Sometimes with multiple offers. We closed two sales last week, one a listing and one a buyer. We have one other offer outstanding right now.
It’s a great time to make a deal, and there’s plenty of them out there. Sellers have moved, sometimes out of state, and have bought a new home. Some developers are already onto their next project, and need to get their money out of the current one before they can do anything, or the carrying costs eat them alive.
Find one of those situations, and you’ll end up with a deal you’ll be smiling about for years to come. There’s lots of them if you know where to look.
