Bay Area Real Estate Sales.com Newsletter

January 2007

 

IN THIS ISSUE:

 

Marin Home Sales Statistics

Update On Liz’s Micro Preemie Daughter

Map Based Home Search Announced On Bay Area Real Estate Sales.Com

What Did Your Neighbors’ House Sell For?

How To Find A Real Estate Bargain

Is It Time To Refinish Your Hardwood Floor?

What Do Liz’s Clients Say?

Fast Facts

MARIN HOME SALES STATISTICS

 

2006 Year in Review

After a year of media headlines shouting “The Bubble is about to burst”, “Home prices being slashed,” and so on, I was surprised to discover that as 2006 has come to a close the Median Marin home price WENT UP in 2006.  (Not a lot, but it did go up a very small amount (down slightly for single family homes and up slightly for condos). These are just my informal statistics, pulling data from our local MLS system (BAREIS).  But I showed that in 2005, the Median home price (including Condos and Single Family Residences) was $850,000 and for 2006 it is $864,000.

I created charts for 2006 showing the average and median Marin home prices with Condos broken out from Single Family Residences. To view these charts, go to:  http://www.bayarearealestatesales.com/marin.html  and click on the charts titled: Marin County Average and Median Home Prices. Additionally, I’ve included link to additional charts with average home prices broken down by city and by month. There is a lot of good data here for you to review in your spare time!

Now that 2007 is here, I was surprised to see a lot of Marin Real Estate activity already. Some of my clients put an offer in on a well priced Mill Valleyhome this week, and we competed against 8 offers!! Yes 8 offers! I don't know yet how much over asking the house went into contract for (but list rprice was $995,000). As I've mentioned, there seems to be a continued shortage of well-priced homes in Marin, especially in areas like Mill Valley that has so much to offer. Additionally, at an open house I held open this last weekend, I had over 25 groups of buyers through to view the $1.4 Million dollar property.

Monthly Stats
These statistics show how many homes are available for sale in Marin, and of those how many are currently in contract (either pending or contingent. For the 4th month in a row, the Marin overall real estate market is in a "Buyers Market".

There are 110 more Marin homes for sale this January (720) then there were in January 2006 (611).  The percentage of homes in contract went down slightly as compared to last month, but is considerably higher than 12 months ago, (when only 19% of available Marin homes were in contract).  My feeling is that many of the homes that did not sell have been pulled from the market, anticipating the slower months during the holiday season, or to possibly restart the Days on Market clock for that house trying to regenerate interest.

I believe that the market is going to start heating up, just a bit. I'm basing this on the fact that in just these first few weeks of the year, I’ve received a lot of phone calls from interested buyers on listings, and I held a $1.5 Million dollar home in San Rafael yesterday and I saw no less than 28 parties come trough to view the home.  I think because interest rates have stabilized and the talk of the housing bubble has cooled down a bit that there is some pent up demand for homes (at least in Marin County).  Again, this is just my $.02. I’d love to hear your thoughts!

 Although the overall Marin Real Estate market is in a “Buyers” market, where almost 24% of all listed homes are in contract, there are some interesting facts to note:  Greenbrae and Kentfield are both in a Sellers Market this month, and homes priced from $2,000,000 to $2,500,000 are in a Balanced Market.

And for those of you who do read these stats, I’d love to know that you find the information useful!  It actually takes me quite a lot of time to track, compile and post the data each month – and I’d love to know that it is being utilized!  Send me an email to let me know you like getting it!

I'm always searching for ways to bring my clients and readers more local real estate statistics.   I’m pleased to announce the launch of my new Marin home Sales Statistics page.   To view, go to:  http://www.bayarearealestatesales.com/marin.html.

If you know of anyone who would like to receive this monthly newsletter or is thinking of either buying or selling a home please let me know.   I’d love your referrals!

 

 

**Based on information from Bay Area Real Estate Information Services, Inc. (BAREIS).   Information has not been verified, is not guaranteed, and is subject to change and is based on one period of time.”

***Includes all: Sale Pending & Contingent properties

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com:  Search for Homes

 

UPDATE ON LIZ’S MICRO PREEMIE DAUGHTER

 

Many of my clients are aware that I gave birth to Micro Preemie Twins 13 weeks early in October of 2005. Both of my daughters together weighed a tad over 3 pounds. Sadly, my first born, Corinne only lived for 3 hours.  Her surviving twin, Kaitlyn spent 127 days in the NICU.

Kaitlyn has been home with us now for almost a year and is 15 months old.  She is doing amazingly well for how sick and tiny she was at birth.  She now weighs 18.5 pounds (that’s almost 12 times her birth weight:  1.5 pounds).  She is crawling all over the place and prefers to pull herself up whenever she can.  Sadly, she still does have some medical issues that we are dealing with on a daily basis.  She has a paralyzed vocal chord and doesn’t vocalize much.   Kaitlyn doesn’t eat anything by mouth; she is fed 100% via a feeding tube, which has been surgically implanted into her stomach - she has horrible reflux and oral aversions and still vomits multiple times a day.  She is also socially delayed; she only started smiling a few months ago.  After spending your first 4 months of life in a hospital being prodded and poked and then vomiting every day since, I don’t think I would smile much either.  With all she’s been though she’s an incredibly good natured baby, and has quite an energy about her.

I have been changed forever by experiencing the pain of loosing a child and having a medically fragile daughter.  I have been amazed by all the people that have reached out to us to give us support during these tough times that I want to try to give back to the community of premature babies.  I have started a local support group for preemie moms, a support group for children with feeding issues, as well as a virtual micro preemie support group.  If you know of anyone who can benefit from these groups, please let me know!  I continue to chronicle Kaitlyn’s progress and am absolutely amazed that her blog has received 70,000 visits!  She has a fan base from all over the world.  If you would like to check in on Kaitlyn, you can visit her blog at:  http://lizmccarthy.blogspot.com/

 

MAP BASED HOME SEARCH ANNOUNCED ON BAY AREA REAL ESTATE SALES.COM

 

We’ve added a new map based home search on BayAreaRealEstateSales.com  This will allow you to search in any particular area via map,  narrow down the specific homes that are available in that area.  You can then view specific home sale details like pictures, square footage and price.  I hope you like this new feature – be sure to give me any feedback!

Map Based Home Search

 

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WHAT DID YOUR NEIGHBORS’ HOUSE SELL FOR?

 

The Neighborhood Homes Sold listing is a weekly reader feature of the Sunday San Francisco Chronicle and is provided by California REsource, a title abstracting company.  The data posted here is typically months after the property officially sold.  This is the public data available in the published tax records.  The home addresses, sales price, number of bedrooms, square footage and the year the homes were built are based on information supplied from Bay Area counties' property transaction records which, in some cases, may not be complete.

Neither The Chronicle nor California REsource guarantees the completeness or accuracy of the information. Questions or requests for additional information should be directed to Cal Resource

 

Click on the following links to see what price homes sold for in your neighborhood:

 

December 17, 2006: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/17/REHS_marin.txt

December 24^rd  2006:  http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/24/REHS_marin.txt

December 31, 2006:  http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/12/31/REHS_marin.txt

January 7, 2007  http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/01/07/REHS_marin.txt

 

Previous editions of Neighborhood Homes Sold

 

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com:  Search for Homes

 

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HOW TO FIND A REAL ESTATE BARGAIN

By Dian Hymer

Everybody wants a bargain. Last year, good real estate deals were few and far between. This was due to the fact that inventories of homes for sale were at record low levels. And, there was an abundance of buyers, all looking for the same thing. Today in most areas, buyers have the luxury of choice. So, there's less of a chance you'll overpay because you have to outbid another buyer. However, even though there is a lot to choose from, this doesn't mean that it will be easier to buy a property at a bargain price.

One reason is that most sellers aren't desperate to sell. Just because the market has changed doesn't mean that sellers are slashing their prices dramatically. Many listings that have price reductions were overpriced to begin with. Another factor is that there is usually little consistency in pricing. Some listings are well-priced, others are overpriced, and then there is the occasional listing that is actually priced below market value.

Another complicating factor is variability. Unless you're looking at listings in a single tract development, where each house is a cookie cutter of the others, you'll find disparities in age, condition, size and amenities. Each of these variables has an affect on market value.

HOUSE HUNTING TIP: In order to find a good deal, you need to be able to identify a fairly priced property when you see it. This requires intimate knowledge of home values in the area.

A good real estate agent can help you to develop this product knowledge. But, there is no substitute for doing your own due diligence--driving the area, researching the local economy, viewing listings online and visiting open houses. This gives you the confidence you need to make an educated decision about what constitutes a good deal. Even though the pace of the home sale market has slowed, you may have to make a snap decision or risk losing out on a great buy. Many home sellers price their homes too high for the market. They usually sit for a while before the sellers realize the house can't sell without reducing their price.

But sellers who understand the market and have a pressing need to speed the process along will price their properties at or under market value. If you aren't up on current market values, you could let a good deal slip by because you didn't act quickly enough. Part of buying at the right price is being there when the well-priced listings come on the market. Don't wait until a Sunday open house to see a new listing if your agent thinks it will sell quickly.

It's possible to create a good deal. One way is to research the listings that have been on the market a while without any offers. Find out why they haven't sold. If there isn't anything wrong except the price, ask the listing agent why the seller is selling and whether there's any flexibility in the price. Sellers who have a real reason for selling, like a divorce, death in the family or job transfer, will soften on price in time.

Be sure to find out the amount of the outstanding loans secured against the property. If the sellers are mortgaged to the hilt, you might want to move on and negotiate with a seller who has a strong equity position in the property. Even if he sells for less than he'd hoped, he'll at least sell for a profit.

THE CLOSING: Steer clear of listings that aren't selling because they have an incurable defect, like a location on a busy street. You may be able to negotiate a bargain price, but you'll also have to discount your price when you resell the property.

 

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com:  Search for Homes

 

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IS IT TIME TO REFINISH YOUR HARDWOOD FLOOR?

by: Rob Buenaventura

 

 

How do you know when the time is right to refinish your hardwood floors? Hardwood floors tend to be quite durable and the stains long lasting. There are, of course, places in high traffic areas that will begin to show signs of wear long before the floors have worn out their beauty of usefulness. With that in mind, how do you know when the time is right for refinishing?

Refinishing hardwood floors doesn’t have to be the stuff that nightmares are made of. In fact, if at all possible this is the kind of chore you should really entrust to professionals (this way someone else is responsible if something gets messed up). Another reason to entrust this to professionals is that they have access to the best of power tools for this specific job. And using the right tools is sometimes all the difference in the world. While it wouldn’t be cost effective for the average home owner to purchase these tools for a one time project, a professional floor person would often have cause to use these tools.

So what is the difference between a floor that simply needs to be cleaned and one that needs to be completely refinished? One way to do this is to go to one of the high traffic run down areas of your floor and spill a few drops of liquid onto the floor. If the liquid beads up there is still some life left in your original finish and you are not quite ready for a major overhaul. If on the other hand, the wood soaks the water right up, it is time to refinish.

One of the great things about refinishing is that you can choose to go lighter or darker than before or even to use the exact same finish. If you’re looking for a way to change the look of a room, changing the finish of your floors is definitely a way to make a large impact on a room. Keep in mind that stain samples will look different when they are on the entire floor and that different stains react differently to different hardwoods, you definitely want to choose a stain that is compatible to the hardwoods of your floors. The age of your floor also has a tremendous impact on how the stain will look when the floor is finished. A good place to try stain samples is the floorboard of a closet.

Hardwood flooring comes in many different stains and colors, the more popular stain options include stains that appear natural, light stains that don’t significantly altar the look of the wood, medium stains, which bring out a darker tint in the grain of the wood, and dark stains, which provide a rich, velvety feel to the floor.

If you haven’t something that reaches out and grabs you, you can also go to a local hardware store and have a stain custom blended for your floors. You can get really creative for these stains and have a lot of fun in the process, but remember this is your home and you have to live with the floors once they are finished.

 

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FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com:  Search for Homes

 

WHAT DO LIZ’S CLIENTS SAY?

 

“Thank you so much for being our broker during our first-time home purchase.  Though we did a reasonably good job of doing “our homework” in preparation for buying a house, your experience and knowledge of the local Marin real estate market was invaluable in all aspects of the process.  By the end of the process, we came to think of you as much more than just our agent; we think of you as our friend.

If you ever need a reference, we would be more than delighted to describe our experience of being represented by you.”

-J. Nides & S. Spencer

If you would like to have Liz help you sell your Marin home or help you in finding a home, or you know of someone that could benefit from her services, just send her an email: 

liz@BayAreaRealEstateSales.com

 “High-Touch through High-Tech”:  Did you know that Liz McCarthy is ePro Internet Certified by the National Association of Realtors and that 70 percent of home buyers today use the internet in their home search?  Why are you still working with a Realtor who isn’t a technology expert?

 

What this means to you:

 

Home Buyers:  Liz is an expert in helping save you time by using the internet, email and other technology resources to help save your valuable time and money.  She knows how busy you are! 

 

Home Sellers:  Liz will hire a professional photographer and market your home extensively on the internet:  a personal property website (see www.417Greenfield.com or www.50milland.com for samples), she will post your home on over 50 websites.

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FAST FACTS

 

Marin median home price– 1/1/06 – 12/31/06:  $864,000 [Source:  BAREIS]

Marin average home price- 1/1/06 – 12/31/06:  $1,089,129  [Source:  BAREIS]

Marin median SFR home price – 1/1/06 – 12/31/06:  $$956,000 [Source:  BAREIS]

Marin median condo price – 1/1/06 – 12/31/06:  $$548,000 [Source:  BAREIS]

Calif. median home price –November 06: $555,290) (October 06 $548,680) [Source: C.A.R.]

Calif. highest median home price Nov 06:  Santa Barbara So. Coast $1,083,000   [Source: C.A.R.]

Calif. lowest median home price by C.A.R. region Nov 06:  High Desert $332,340  [Source: C.A.R.]

Calif. First-time Buyer Affordability Index - Third Quarter 06: 24 percent [Source: C.A.R.]

 Mortgage rates - week ending 1/11/07:  (Source: Freddie Mac)

·          30-yr. fixed: 6.21%; Fees/points: 0.4%

·          15-yr. fixed: 5.96%; Fees/points: 0.4%

·          1-yr. adjustable: 5.42%; Fees/points: 0.6%

FREE…..You can search for Marin listings directly on BayAreaRealEstateSales.com:  Search for Homes

 Be sure to check out all the other great content & features of my website:

www.BayAreaRealEstateSales.com

View the newsletter archives

 

The Bay Area Real Estate Newsletter is provided to you by:

 

Liz McCarthy

Real Estate Broker, e-PRO certified

Liz@BayAreaRealEstateSales.com

415-250-4929

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