Marin County Real Estate Market Report | February 2023

Feb 1

Written By Dana Williams

Marin Market Update

February 2023

Top of Mt Tamalpais - Feb 24, 2023

The Skinny

WELCOME WORDS

A few thoughts on seasonal real estate market trends.

SOLD in NOVATO

A contemporary home that was the right fit for a clients 1031 Exchange.

MILL VALLEY LITTLE LEAGUE

Play ball! Baseball season is upon us, and supporting community benefits us all.

TIPS: APPRAISALS AND PRICING

Selling a home involves many steps. A focused strategy offers the highest probability of success.

• • •

...and lastly

MARKET STATS - MARIN,

FEBRUARY 2023

Welcome Words

We often see an increase in the amount of new listings coming onto the market this time of the year with the holiday season behind us. Over the years, many sellers and buyers have shared with me they have more time to focus on real estate transactions during the 2nd half of winter or spring, especially if their children are back in school.

Current interest rates seem to be keeping more buyers and sellers on the 'sidelines' as they wait for them to come down; the 30-year fixed rate for a mortgage 12 months ago was ±4.026% compared to ±6.928% today. A few lenders I know have shared that a popular mortgage strategy more buyers are currently utilizing is taking on an Adjustable Rate (ARM) or Interest-Only loan now with the idea of refinancing when rates come down.

We are seeing more inventory come on the market in Mill Valley and Marin. New or recently renovated properties in convenient locations with a modern contemporary design receive the most attention and usually sell for the highest price.

While interest rate shifts may be top of mind for many, we should also not forget to analyze the other aspects of assembling a sale or purchase strategy.

As always, reach out to me at any time. I enjoy talking about real estate, but also always happy to just catch up.

- Dana

Sold in Novato

70 Oak Shade Lane

Buyer representation by: Dana Williams of Compass

70 Oak Shade Lane, Novato

5 Bed | 4.5 Bath

While searching for an investment property that offered an attractive return on investment when comparing purchase price to rental rate, my client selected this beautiful property in Novato.

Supporting Mill Valley Little League

I know I'm excited for baseball season!

Here in Mill Valley, the little league season is just around the corner with the Opening Day parade set for Saturday, March 18th. It starts at Old Mill Park, goes through downtown and finishes at Boyle Park.

If you know me, you know I'm a fan of supporting the local community. I believe we all win when we support each other. Subsequently, I'm proud to once again have the opportunity to be a team sponsor of the league. In large part, this can happen because of the community members who support and trust me to be their resource for real estate.

Finally, I love seeing the joy my kids get to have while playing the sport....and hopefully they won't be too embarrassed when dad is coaching them this season. Play ball!!

Tips:

Appraisal and Pricing

Below is information on appraisals and pricing a home to sell from a few recent posts on my social media. Although many Realtor's social media can often be compared to a beauty pageant ????, I try to offer information of value related to real estate. I hope you find the information helpful if you decide to follow me.

WHAT HOME SELLERS NEED TO KNOW ABOUT APPRAISALS

As a seller, a low appraisal means you may have to lower your home’s price to get it sold. If your neighborhood has experienced recent distress sales, it can lower your home's appraisal value. However, if you feel that your home’s value has been dragged down by the sale of nearby foreclosures and short sales, you may try to convince the appraiser that your home is worth more. Especially if it's in significantly better condition than those properties.

*Click on the image to be directed to the post*

PRICE STRATEGY WHEN SELLING YOUR HOME

Price high or low?

A strategy that typically favors a Seller is to price it in the middle - not too high, not too low, but close to market value.

Your real estate agent will help you based on the knowledge of the value of homes in your neighborhood, the current demand for houses in today’s market, and the condition of your house.