With the slow real estate market this week, I found time to attend the auction on the San Rafael City Hall steps. Approximately eight Marin homes were on the schedule to be sold, and all eight sales were postponed. In talking with the auctioneer and another real estate agent who lives and breathes foreclosures afterward, I came away thinking 2010 is going to be another very chaotic year.
We’ve all heard about the backlog of bank-owned homes that have not been auctioned or marketed yet. I have no doubt that many of them will be released in 2010. What that will do to prices remains to be seen. Marin County, being such a desirable place, has enjoyed relatively high home values even during the recession. So will we see a bigger reduction in asking prices in 2010 even in desirable places like Marin? I think we’ll see the writing on the wall by February.
Next week, I’ll provide a sneak peek of some bank-owned homes that may be coming on the market soon.
Betty and Jeff are downsizers who worked hard at getting all the pieces in place for a move to be closer their their kids and grandkids. We worked hard at finding just the right place and then negotiated for a lovely one-level 4 BR with a gorgeous Mt Tam view. Because they had sold their home in Southern California first, they were in an excellent position to purchase in a highly sought-after area…. for a great price.
When more than 35% of homes are in contract, that is when he call it a ‘seller’s market’. This chart shows 6 towns have moved into that territory. Sellers should enjoy it while it lasts…. there could be another dip coming as a result of high end home prices becoming softer.
Yes, Marin County, on the whole, has 36% of the homes on the market in contract….just over what is considered a “seller’s market”.
The inside story has reason for caution: Many homes have been taken off the market for the holidays, and many sellers have postponed putting their home on the market due to market conditions. What that adds up to is surprisingly low inventory, giving motivated buyers very little to look at for a change!
My guess is this will change very quickly starting in February. The moral of the story if you’re a Marin County home seller: have your home ready to go in January!