Marin Real Estate Blog

Novato Real Estate Market Trend, June 25, 2008

As can see from the list below, the entry level Novato homes are enjoying a high percentage of pending sale than two weeks.  With the starting home price drops in Novato, and the avaiability of Short Sales and Bank Owned (REO) properties on the market, the first time homeowners and investors are out looking and actually buying. 

Several nicely priced mid range and higher end homes ($800K and up) are quickly claimed by ready buyers at the beginning of the summer housing season; a great time to shop and move. 

One reason of seeing increasing inventory, higher DOM (Days on Market) and higher pending rate is houses take longer to get out of pending status due to the much longer time required for lender to approve or disapprove the purchase. 

With proper guidance and patience, a savvy homebuyer will be able to get a fabulous buy. Make sure you do your research and your financing arrangement is ready when a great deal shows up.  With proper guidance from your Realtor and patience, a savvy homebuyer will be able to get a fabulous buy now!    

• Buyer's Market  < 25%
• Neutral                25% - 40%
• Seller's Market   > 40%

Interesting Market Trend since April 30, 2008

As there are more Short Sales and Bank Owned (REO) properties on the market, the trend is driving prices for short sales and REO properties downwards; attracting bargain hunters while higher end properties move slower and more cautiously.   

Coupled with the new programs since the announcement of the new Jumbo Loan limits, the consumers are out shopping again and will not wait when the right property comes along.  Instead of two loan threasholds, conforming (up to $417,000) and Jumbo (over $417,000); there are now three brackets - Conforming (up to $417,000), Super Conforming (between $417,000 and $729,250) and Jumbo ($729,250 and up).  The consumers are certainly taking advantage of that! 

For the lower end properties, some borrowers are checking into certain low income financing plan as well as the revived FHA loans (Check out FHA loans in another post). 

Many first time home buyers and people relocating from out of state or other california housing markets are quite excited about the prospect of finally being able to own a home in Marin county.  

Keep a close eye on the market. Make sure you get all your ducks in a row and jump in when a great deal comes along! you informed!   

• Buyer's Market  < 25%
• Neutral                25% - 40%
• Seller's Market   > 40%

Compare to four months ago, in the middle of winter, the number of inventories almost doubled (from 844 to 1586).  The good news is, the market has started to move again, after the dramatic slow down. 

The percentage of pending sales for bread and butter homes priced under $1M increased a healthy 6%, from 20% to 26% (brings it right to neutral market).  Homes priced higher than $2M stays the same at 15% and homes priced between $1M and $2M dropped 2% from 22% to 20%.  

The lowered price for start homes are allowing buyers who were not able to afford a Marin Home to start buying again. 

There is a silver lining in all that cloud! :-)  

As property prices fall, the homeowners in Marin County are requesting their home to be reassessed, hoping to lower their property tax.

Assictant Assessor-Recorder Rich Benson said most homeowners seeking reassessments should receive assessor's office response by July 1, 2008.  The office is getting requests from accross Marin that involve all values from condos to luxury homes. 

The county assessors' office expects to received 1,000 requets, which is about 1 percent of all homes and condos. 

State law requires county assessors to roll back assessments if tax values of real estate - those printed on property tax bills - are lower than the current market value. As real estate prices have been sliding, assessors in some counties have ordered reassessments without waiting for homeowners to file requests.

Joan Thayer, Marin County assessor said that the likely candidates for reassement are homes purchased after January 2006, when most local prices peaked. 

Richard Benson, Marin County's assistant assessor, estimated that more than 1,000 homeowners will have requested reductions in their assessed valuations - and thus their property taxes - by the end of June, the deadline for making such requests.

HOW TO DO IT: For questions, call county Assessor-Recorder Joan Thayer, an elected official, at 499-7215, or go to Room 208 of the county Civic Center in Sa-n Rafael on weekdays between 9 a.m. and 4 p.m.

As property prices fall, the homeowners in Marin County are requesting their home to be reassessed, hoping to lower their property tax.

Assictant Assessor-Recorder Rich Benson said most homeowners seeking reassessments should receive assessor's office response by July 1, 2008.  The office is getting requests from accross Marin that involve all values from condos to luxury homes. 

The county assessors' office expects to received 1,000 requets, which is about 1 percent of all homes and condos. 

State law requires county assessors to roll back assessments if tax values of real estate - those printed on property tax bills - are lower than the current market value. As real estate prices have been sliding, assessors in some counties have ordered reassessments without waiting for homeowners to file requests.

Joan Thayer, Marin County assessor said that the likely candidates for reassement are homes purchased after January 2006, when most local prices peaked. 

Richard Benson, Marin County's assistant assessor, estimated that more than 1,000 homeowners will have requested reductions in their assessed valuations - and thus their property taxes - by the end of June, the deadline for making such requests.

HOW TO DO IT: For questions, call county Assessor-Recorder Joan Thayer, an elected official, at 499-7215, or go to Room 208 of the county Civic Center in Sa-n Rafael on weekdays between 9 a.m. and 4 p.m.