Higher interest rates continued to effect prices and unit sales across Marin. Unit sales fell in all areas, except Belvedere and Larkspur, while median prices reflected somewhat greater variability. The trend for much of the year has been a lower number of homes for sale due to the avalanche of refinancings that were completed at 2.5% - 3.0% rates during the pandemic. Prices for a large number of homes are now starting to soften due to the effect of higher loan rates, currently 7.25% - 7.50%.
“Cash is king” and “all cash” Buyers now face less competition, as Buyers with loans withdraw from the market and wait for lower rates. In any shifting market, there are opportunities and “contrarians” are often rewarded: Buyers who continue to shop will find prices softer, Sellers a little more negotiable and we’re even seeing some Sellers offering Seller financing. In our supply constrained county, Sellers still have attractive alternatives. Want to know how to get the best out of this market? Call me today. My guarantee to you remains unchanged: candid, truthful and professional real estate advice and services. Always!
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