What Effect Will Softening Real Estate Market Have
The nation’s housing prices held steady last month while the number of homes sold continued to fall. While the number of homes sold in California declined 15.3 percent, a more dramatic drop then in other parts of the country, median prices rose, climbing 3.7 percent for an existing single-family house and condo according to the California Association of Realtors.
The last year was a great year for Sellers. Low inventory coupled with strong demand drove home prices in many regions of the Bay Area. Sellers called the shots as they turned equity into cash effortlessly. It was a tough year for buyers, however. Many were discouraged after making offers in vain on one house after another.
Well, as you know, that’s all changed. If you’re tired of listening to all the speculators and media pundits on what’s happening with the Bay Area Real Estate market, here is a link that simply and clearly will show you what every Realtor knows.
You’ll see that the Market for sellers peaked in July. If you’re thinking of selling or buying this is critical information to have. For sellers, the Real Estate Market in Marin is more competitive now than it has been for a long time. For buyers, there are wonderful opportunities if they are patient, persistent, and diligent in their efforts.
A slowdown will affect one area differently then it wills another. Prices may soften in your area, or they might not. To guard against paying too much, or offering too little and losing out to another buyer, you need to work with a Local Agent who has intimate knowledge about the neighborhood where you want to live.
Right now, Bay Area Real Estate Information Services (B.A.R.E.I.S) has opened up the Multiple Listing Services for Marin County to agents outside of Marin. Realtors, that are possibly unfamiliar or have never worked in Marin County, will now have the opportunity to represent buyers and sellers in Marin.
Will they have to join our association, the Marin Association of Realtors, which has always been a safeguard for buyers, sellers, and Realtors when something goes wrong?
Marin is a very unique community, as are the surrounding Bay Area communities, and historically working with a local Realtor has its obvious advantages for buyers or sellers. When Real Estate markets soften, sellers are often the last ones to acknowledge the fact. Buyers, on the other hand, are usually ahead of the game.
Sellers who don’t understand market dynamics could easily fall into the trap of pricing their home for yesterday’s market.
In closing, an irony of the housing market is that some buyers who have been begging for lower home prices will put their house hunt on hold if prices soften.
Great buys are made during down markets. Just make sure your buying for the long term. (Some information for this article was gathered from Dian Hymen – author “Starting Out, The Complete Home Buyer’s Guide” … and, a columnist for the San Francisco Chronicle and the Marin Independent Journal.)