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Selling your house
Bay
Area Real Estate Sales.com Newsletter
March
2009
IN
THIS ISSUE:
Marin
Home Sales Continue To Fall
Stimulus
Package Update – What Does It Mean To You?
New
Listing In Sycamore Park
What
Did Your Neighbors’ House Sell For?
Search
The Marin Multiple Listing Service
The
Bay Area Real Estate Newsletter Is Provided To You By
MARIN
HOME SALES CONTINUE TO FALL
Sales
of single-family, resale homes fell for the seventh month in a row in
February. The 61 homes sold broke the record low set in January
and are the lowest monthly total since we've been keeping track:
January 1998. Year-over-year, sales were off 34.4%. That's eighteen
out of the last nineteen months home sales have been lower than the
year before
.
The
median price for single-family, re-sale homes reversed course again
in February, falling 15.2% from January. Year-over-year, the median
price is down 30.1%.
The
reason for the continued decline in the median home price is directly
related to the foreclosures here in Marin. At one time everyone
thought that Marin County would be insulated by the foreclosures
happening in the rest of the country. For a certain period of
time we were at the tail end of the crisis but it caught up with us
head on in all areas of Marin. We once thought there would be no
distressed properties in Southern Marin locales but the same people
that over-reached for a home in San Rafael and Novato did the same in
Mill Valley, Corte Madera and Sausalito. As of March 15, 2008 here is
the breakdown of distressed properties in the County:
-
|
Type
|
Number
|
|
Pre-foreclosure
|
374
|
|
Auction
Sale
|
133
|
|
Bank
Owned
|
345
|
|
TOTAL
|
852
|
Now,
lets get into the detail on these homes and others that are on the
MLS. The majority of the bank owned properties are listed on the MLS
as the banks hire local real estate agents to sell the properties. In
addition to these 345 bank owned there are also approximately 500
additional homes on the MLS being marketed along with these bank
owned. These distressed properties will pull down the sales price for
any home in the neighborhood.
Below
are details of sales for 2008 and 2009 year to date:
|
2008
Closed Sales
|
|
Month
|
#
of Listings
|
#
of
Closed Sales
|
Value
of
Closed
Sales
|
|
Jan
|
318
|
105
|
$137,440,397
|
|
Feb
|
412
|
131
|
$149,339,585
|
|
Mar
|
513
|
146
|
$151,974,175
|
|
Apr
|
534
|
189
|
$236,282,733
|
|
May
|
487
|
216
|
$274,447,644
|
|
Jun
|
428
|
225
|
$249,869,544
|
|
Jul
|
393
|
249
|
$264,920,518
|
|
Aug
|
374
|
228
|
$227,872,982
|
|
Sep
|
429
|
211
|
$226,530,805
|
|
Oct
|
311
|
204
|
$190,269,950
|
|
Nov
|
208
|
145
|
$111,743,252
|
|
Dec
|
167
|
413
|
$122,158,835
|
|
TOTALS
|
4574
|
2192
|
$2,342,850,420
|
|
2009
Closed Sales
|
|
Month
|
#
of Listings
|
#
of
Closed Sales
|
Value
of
Closed
Sales
|
|
Jan
|
327
|
110
|
$73,090,837
|
|
Feb
|
308
|
92
|
59,880,244
|
|
Mar
|
|
|
|
|
Apr
|
|
|
|
|
May
|
|
|
|
|
Jun
|
|
|
|
|
Jul
|
|
|
|
|
Aug
|
|
|
|
|
Sep
|
|
|
|
|
Oct
|
|
|
|
|
Nov
|
|
|
|
|
Dec
|
|
|
|
|
TOTALS
|
635
|
202
|
132,971,081
|
As
you can see sales dollar volume is down 53.6% for the same period
Jan-Feb 2008 versus 2009. March is trending to be even slower than
February.
Even
though these numbers are disturbing Marin is a market of many micro
markets. For example, there is a newly constructed home in Homestead
Valley in Mill Valley (Melrose) which came on the market last week
for $3,595,000. It is 3,500 square feet of living space on a
half acre of level land. Very nice dramatic home which will seduce a
buyer quickly. The sellers are asking over $1000 per square foot for
the house. My sources tell me there is an offer on the table now with
the seller. So there is not all doom and gloom when it comes to Marin
real estate. You do need to work with an experienced and connected
agent.
Condo
sales were down 11.1% year-over-year. The median price for condos in
Marin County rose 18.1% from January, a drop of 37% compared to
February 2008.
Of
course, if you have any questions please call me at 415-250-4929 or
drop me an email at Liz@BayAreaRealEstateSales.com
.
Monthly
Statistics
The
sales price to list price ratio for homes fell one point to 93.9%,
while days on market dropped 20 days to 86 days.
If
you would like to see all of the recent home sales (by address) in
Marin my Real Estate company (Vision Real Estate) publishes these
here: http://westbayre.com/frame_main.htm
Below
you will find a break down by city and price range of how many homes
are in contract compared to how many homes are listed. Overall Marin
is in a “Buyers Market” category, but this is a bit
misleading. The very low end of the market is actually close to a
“Strong Sellers” market, which tips the overall averages.
I think if you took out the low end of the market (condo sales) the
market would be in an overall “Strong Buyers” market.
We are seeing more homes being put on the market every week, and
unless the number of houses going into escrow increases, the market
will tip even stronger into the Strong/Extreme Buyer’s Market
categories.
|
MARIN
HOME (CONDO + SFR) SALES STATISTICS - BY CITY AS OF 3/30/2009
|
|
City
|
Total
|
Active
|
Number
in Contract***
|
Percent
in Contract*
|
Type
of Market*
(See
Key)
|
|
Belvedere
|
27
|
22
|
5
|
19%
|
Strong
Buyers
|
|
Corte
Madera
|
42
|
32
|
10
|
24%
|
Buyers
|
|
Fairfax
|
40
|
32
|
8
|
20%
|
Strong
Buyers
|
|
Greenbrae
|
31
|
25
|
6
|
19%
|
Strong
Buyers
|
|
Kentfield
|
21
|
19
|
2
|
10%
|
Extreme
Buyers
|
|
Larkspur
|
34
|
30
|
4
|
12%
|
Strong
Buyers
|
|
Mill
Valley
|
140
|
124
|
16
|
11%
|
Strong
Buyers
|
|
Novato
|
330
|
203
|
127
|
38%
|
Sellers
|
|
Ross
|
19
|
18
|
1
|
5%
|
Extreme
Buyers
|
|
San
Anselmo
|
83
|
68
|
15
|
18%
|
Strong
Buyers
|
|
San
Rafael
|
321
|
229
|
92
|
29%
|
Buyers
|
|
Sausalito
|
60
|
48
|
12
|
20%
|
Strong
Buyers
|
|
Tiburon
|
99
|
91
|
8
|
8%
|
Extreme
Buyers
|
|
Others
|
76
|
65
|
11
|
14%
|
Strong
Buyers
|
|
Total
Marin 3/30/09
|
1323
|
1006
|
317
|
23.96%
|
Buyers
|
|
Total
Marin 2/18/09
|
1136
|
870
|
266
|
23.42
|
Buyers
|
|
Total
Marin 1/22/09
|
1037
|
819
|
218
|
21.02%
|
Buyers
|
|
Total
Marin
1/22/08
|
1037
|
819
|
218
|
21.02%
|
Buyers
|
|
Total
Marin11/24/08
|
1244
|
965
|
279
|
22.43%
|
Buyers
|
|
Total
Marin10/29/08
|
1377
|
1096
|
281
|
20.41%
|
Strong
Buyers
|
|
Total
Marin 6/16/08
|
1586
|
1220
|
366
|
23.08%
|
Buyers
|
|
Total
Marin 5/21//08
|
1582
|
1226
|
356
|
22.50%
|
Buyers
|
|
Total
Marin 4/15/08
|
1375
|
1085
|
290
|
21.09%
|
Buyers
|
|
Total
Marin 3/16/08
|
1157
|
913
|
244
|
21.09%
|
Buyers
|
|
Total
Marin 2/18/08
|
949
|
742
|
207
|
21.81%
|
Buyers
|
|
Total
Marin 1/17/08
|
802
|
674
|
128
|
15.96%
|
Strong
Buyers
|
|
Total
Marin 12/18/07
|
932
|
757
|
175
|
18.78%
|
Strong
Buyers
|
|
Total
Marin 11/17/07
|
1,146
|
904
|
242
|
21.12%
|
Buyers
|
|
MARIN
HOME SALES STATISTICS - BY PRICE RANGE AS OF 3/30/09
|
|
Price
|
Total
|
Active
|
Number
in Contract***
|
Percent
in Contract*
|
Type
of Market*
(See
Key)
|
|
$100,000-$499,999
|
114
|
59
|
55
|
48%
|
Strong
Sellers
|
|
$500,000-$749,999
|
215
|
150
|
65
|
30%
|
Buyers
|
|
$750,000-$999,999
|
202
|
166
|
36
|
18%
|
Strong
Buyers
|
|
$1,000,000-$1,499,999
|
191
|
164
|
27
|
14%
|
Strong
Buyers
|
|
$1,500,000-$1,999,999
|
102
|
87
|
15
|
15%
|
Strong
Buyers
|
|
$2,000,000-$2,499,999
|
60
|
55
|
5
|
8%
|
Extreme
Buyers
|
|
$2,500,000-$2,999,999
|
41
|
37
|
4
|
10%
|
Extreme
Buyers
|
|
$3,000,000-$3,999,999
|
38
|
35
|
3
|
8%
|
Extreme
Buyers
|
|
Over
$4,000,000
|
44
|
42
|
2
|
5%
|
Extreme
Buyers
|
|
Total
Marin 3/30/09
|
1007
|
795
|
212
|
21%
|
Buyers
|
|
*Key
to
market type:
|
|
0%
- 10% of Homes in Escrow: Extreme Buyers
|
36%
- 45% of Homes in Escrow: Sellers
|
|
11%
- 20% of Homes in Escrow: Strong Buyers
|
46%
- 55% of Homes in Escrow: Strong Sellers
|
|
21%
- 30% of Homes in Escrow: Buyers
|
56%
- 100% of Homes in Escrow: Extreme Sellers
|
|
31%
- 35% of Homes in Escrow: Balanced Market
|
**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
The
real estate market is very hard to generalize. It is a market made up
of many micro markets. For complete information on a particular
neighborhood or for an evaluation of your home's worth, call me. If
I can help you devise a strategy, call or click the buying or selling
link in the menu to the top.
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!
Back
to top
FREE…..You
can search for Marin listings directly on BayAreaRealEstateSales.com:
Search
for Homes
STIMULUS
PACKAGE UPDATE – WHAT DOES IT MEAN TO YOU?
Recently
the California Association of Realtors put together a document for
it’s member Realtors (like me) that was so helpful I had to
pass it on to my readers. Here are some of the FAQ’s:
Q
When does the Home Affordable Modification program take effect?
A
The intent is for Home Affordable Modifications to begin
immediately. However, the contracts that the Treasury
Department will require participating loan servicers to enter into
are not expected to be available until April 2009. Once
contracts with servicers and investors are signed, a list of
participating lenders will be made available to the public at
www.financialstability.gov.
Q
What are the eligibility requirements for a Home Affordable
Modification?
A
The eligibility requirements for a Home Affordable Modification are
as follows:
• Borrower
occupies the property as a primary residence;
•
Property is one-to-four units;
• Loan to be
modified is a first trust deed;
• Borrower’s
monthly mortgage payment (including taxes, insurance, and homeowners
association dues) exceeds 31% of the borrower’s gross monthly
income;
• Borrower has experienced a significant
change in income or expense to the point that the current mortgage
payment is no longer affordable;
• Unpaid principal
balance is $729,750 or less (for one unit properties and higher for
two-to-four units); and
• Loan was originated
before January 1, 2009.
In
addition to the above, a borrower with a “back end” debt
(i.e. monthly housing, credit card, and car payments) of 55% or more
of his or her income will be required, as a condition for the
modification, to enter into a HUD-certified consumer debt counseling
program.
Q
How will a participating lender reduce a borrower’s monthly
payments?
A
A participating lender may elect to reduce the interest rate on a
loan down to a 2% minimum. If the borrower’s
debt-to-income ratio is still above 31%, the next step for the lender
is to increase the amortization period up to 40 years. If the
borrower’s debt-to-income ratio is still more than 31% then the
lender must forbear (defer) principal.
A
lender may always elect to forgive principal rather than lower the
interest rate, extend the amortization, or forbear on the principal
balance. However, loan servicers are not required to offer
permanent principal reductions.
If
a lender reduces the interest rate under the Home Affordable
Modification program, the interest rate must be a minimum of 2% and
fixed for five years, after which the lender could gradually raise
the interest rate no more than one percentage point per year until
the note rate reaches the Freddie Mac Primary Mortgage Market Survey
rate on the date the loan modification was executed. If the
modified rate is higher than the Survey rate, the interest rate for
the remaining loan term will be the modified rate.
Q
How does a forbearance of principal work under a Home Affordable
Modification?
A
If a participating lender agrees to forbear (defer) principal, the
deferred principal will be owed when the house is sold or refinanced
or the loan is otherwise paid off. The amount of the deferred
principal will be a balloon payment, but it will not accrue
interest. If the lender extends the amortization period without
extending the loan term, the balloon payment may be even bigger.
Q
How
do homeowners determine whether they qualify for a Home Affordable
Modification?
A
A self-assessment tool is available for homeowners to determine
whether they are eligible for a Home Affordable Refinance or
Modification at
http://www.financialstability.gov/makinghomeaffordable/.
The
downloaded pdf of the entire FAQ will also be able to answer
questions like:
What,
in a nutshell, is the $8,000 tax credit for first-time homebuyers
under the new law?
Who
is eligible as a “first-time homebuyer” for the $8,000
tax credit?
Is
there an income restriction to be eligible for the $8,000 tax credit?
What
are the loan limits under the Recovery Act?
What
are the Fannie Mae and Freddie Mac loan limits in California?
What
are the other housing stimulus provisions or provisions of interest
in the Recovery Act?
What
is the Home Affordable Refinance program? And what is it’s
purpose?
What
are the eligibility requirements for a Home Affordable Refinance?
How
do homeowners determine whether they qualify for a Home Affordable
Refinance?
What
is a Home Affordable Modification?
To
download the pdf of this document click here to see the Houseing Stimulus FAQ:
Here also is a document to download that lists all the Foreclosure Scams to be aware of: click here to learn how to avoid foreclosure scams
Back
to top
NEW
LISTING IN SYCAMORE PARK
Special
announcement: Liz is getting a fabulous new listing in Sycamore
Park. This home is on a 1/3 of an Acre! Yes, you read that
correctly, it is the 2nd
largest lot in all of Sycamore Park.
This home is due to be listed the week of April 20th and it cannot be seen beforehand.
Here is a bit more information: 4 Bedrooms, 3 full bath
rooms, 2250+ Square Feet, Separate finished office (or storage shed), (the 4th bedroom can also be used as an au-pair suite, Family Room) an a quiet
cul-de-sac with a fabulous back-yard! If you’d like to know
more, please let me know! email Liz McCarthy (listing Broker) The price is not yet set for this
property.
To see some back yard pictures click here
If you would like to see all the currently listed Mill Valley Homes for sale: Mill Valley Homes For Sale
WHAT
DID YOUR NEIGHBORS’ HOUSE SELL FOR?
Are
you Curious to know what the Median home price is in your
neighborhood?
View all the current recent home sales here:
http://westbayre.com/frame_main.htm
SEARCH
THE MARIN MULTIPLE LISTING SERVICE
Do you want to see all of the currently listed Mill Valley homes?
The
following links will take you to home searches for different cities
in Marin.
All
search results are displayed from the highest price to the lowest
price. You can scroll through pages at a time.
Belvedere
homes for sale: Belvedere
Homes For Sale
Corte
Madera homes for sale: Corte
Madera Homes For Sale
Fairfax
homes for Sale: Fairfax
Homes For Sale
Greenbrae
homes for sale: Greenbrae
Homes For Sale
Kentfield
homes for sale: Kentfield
Homes For Sale
Larkspur
homes for sale: Larkspur
Homes For Sale
Mill
Valley homes for sale: Mill
Valley Homes For Sale
Mill
Valley condos for sale: Mill
Valley Condos For Sale
Novato
homes for Sale: Novato
Homes For Sale
Novato
Condos for Sale: Novato
Condos
Ross
homes for sale: Ross
Homes For Sale
San
Anselmo homes for sale: San
Anselmo Homes For Sale
San
Rafael HOMES for sale: San
Rafael Homes For Sale
San
Rafael CONDOS for sale: San
Rafael Condos For Sale
Sausalito
homes for sale: Sausalito
Homes For Sale
Tiburon
homes for sale: Tiburon
Homes For Sale
Back
to top
LIZ
HAS A NEW LISTING TOOL TO MARKET YOUR HOME
As
Liz is a certified e-Pro Internet Expert, she is constantly on the
look-out for the best technology tools to help market your home. Liz
recently listed 2 Floating Homes in Sausalito and is using an
incredible new internet marketing property service. Click on the
following links to see the listing sites of my 2 new listings:
www.47LibertyDock.com
www.48LibertyDock.com
And
if you’d like to see the DETAILS of all that this new service
provides to you, my client, click on this
48LibertyDockFlipShow
One
of the great features: interested buyers who drive by the house will
be able to text message pictures and more information right from
their cell phone in from of your house!
LIZ
MCCARTHY HAS BEEN CREDENTIALED AS A NUMBER1EXPERT!
Why Do Some Real Estate Agents
Outsell Others 5 to 1?
Verified
Number1Expert Realtors:
They
negotiate the best deals, list the best homes, have the biggest
network of active buyers, and market properties more effectively.
That's why people come back to them again and again. That's why they
sell more homes! They are proven winners - and people know it.
Only
real estate agents who meet or exceed $5 million in sales can
receive NUMBER1EXPERT™ credentials and premium Internet
marketing across an expanding network of websites. Currently 2,500
agents and 90,000 listings receive premium advertising and
distribution, generating over 25,000 exclusive leads weekly.
What
does this mean to you?
...that's
why buyers and sellers insist on them. Shouldn't you?
Liz
has just launched her Number1Expert Marin Real Estate website:
www.MarinHomeStore.com
THE
BAY AREA REAL ESTATE NEWSLETTER IS PROVIDED TO YOU BY:
If
you would like to have Liz help you sell your Marin home or help you
find a home, or you know of someone that could benefit from her
services, just send her an email: liz@BayAreaRealEstateSales.com
or give her a call: 415-250-4929
“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.SonomaHorseProperty.com
or www.48LibertyDock.com
for samples), she will post your home on over 50 websites.
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
Liz
McCarthy
“High-Touch
through “High-Tech”
Real
Estate Broker, e-PRO certified
Vision
Real Estate
Liz@BayAreaRealEstateSales.com
415-250-4929
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this email going into your junk folder? If so, add
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