Sitting on the fence and wondering about if thisi is a good time to buy Real Estate in Marin? kim Locklin from North Coast Mortgage provided the following insights at our office meeting today on why this is still a good time to buy real estate in Marin or the Bay area:
- Housing pricings locally relative to income and interest rates are not over-valued.
- Local in come are rising and the unemployment rate is LOW. The last housing bust happened when there was a very high unemployment rate. Marin's unemployment rate is below the national average.
- Companies are expanding. Commercial space has the lowest vacancy rates for the last 14 quarters in San Francisco. Marin has had the strongest quarter since 2001. Think: Hamilton Field Park expansion quickly (possibly Disney), Genentech, Autodesk and all the support services around them.
- Interest rates are still at 30-year low levels.
- If interest rates drop next year, more buyers will enter the market. More buyers means more competition, possibly multiple offer situations. Buyers who buy now can always refinance at a lower rate. But, they get a home at a lower price today and can bank the appreciation!
- According to the statistics on Foreclosure rate - Foreclosures in Marin for second quarter, 2007 were up 103.4%, but this only represents 118 units total being foreclosed on. To put this into perspective, there were 53,943 units statewide that went into foreclosure in the same period.
