Marin County Real Estate in 2015
During an average workweek in 2014, I toured approximately 15 homes, I talked with 5-10 potential sellers and with 7,000 buyers. That gives you a glimpse of the market as a whole. What is in store for Marin County real estate in 2015? Let's start with the core facts:
- Mortgage rates are low & lending is loosening up a bit
- Affordability is still good and price gains are slowing
- Foreclosure & delinquency rates are low & distressed sales are well under 10% of the total market
- Overall homeownership rate has stabilized
- International demand for housing continues to be strong
- The demand and supply are far from synchronized
Homeowners in Marin County were slow to put their properties on the market in 2014 even as sales prices continued to rise. I anticipate this trend to continue in 2015. Sellers worry about their own chances to find a replacement home after the transaction closes as they too will become buyers in a tight market.Overall, buyers seemed to be more selective by the end of the year and did not settle for anything less than exactly what they wanted. This trend to is likely to continue in 2015 and I believe the logic behind it is that buyers now are buying LONG term. They need to buy "the right home" to avoid having to sell, buy and refinance 3 years from now when rates may have spiked.
I further believe that 2015 will bring rising sales prices overall (but not more than 5%) and that the multiple offer situations are here to stay. Homes priced from $1 million to $2 million saw the biggest increase in sales in the last quarter of 2014 and it seems that high-end buyers are on the rise for 2015 as well.
The Bay Area's vibrant economy will continue to encourage buyers, aided by near-record-low mortgage rates. Marin's market is always relying on the San Francisco and South Bay markets as Silicon Valley's effects can be felt all the way up here. So far, all is looking good. If you are looking to buy or sell anywhere in Marin County this year, please let me know. For two years in a row, I am one of Marin County's top producing realtors. I assure you'll be in good hands. You can reach me at Helen@marinmodern.com or (415) 244-4414. I look forward to hearing from you.*Source: California Association of Realtors