Good news!

Just in time for the Thanksgiving, we’re seeing good news with optimism about inflation and the Federal Funds Rate. The CPI, Consumer Price Index, came in at 3.2% for October, down from 3.7% in September. As a perspective, inflation was 7.8% a year ago, and peaked at 9.1% in June of 2022. Do you remember those days?

Here’s a few excerpts from a November 14 Wall Street Journal article:

  • “Cooling inflation likely ends federal interest rate hikes”
  • “The hard part of the inflation fight now looks over,” said David Mericle, chief U.S. economist at Goldman Sachs.”
  • “Reduces the prospect that the Fed will have to resume rate increases early next year”

We're hearing to expect 4 rate cuts in 2024. This bodes for an active Marin real estate year. Expect many more buyers to enter the market. Cash buyers, who are over 30% of the purchases, will have more confidence in their investments. A growing number of borrowers will look to buy at current interest rates, and refinance later as rates go down. We expect an increase in listings, but many more buyers competing for properties.

Looking at 2023, we have seen prices go down. Here’s some year to date perspectives:

  • Marin’s median price is $1,690,000, -7%, with dollars/square foot at $960, -5%. 
  • Mill Valley’s median price is $2,200,000, -1%, with dollars/square foot at $1,115, -8%.
  • Novato’s median price is $1,203,000, -9%, with dollars /square foot at $632, -8%.

Now is a good time to buy…if you can just find the right house. Inventory continues to be very low!

If you're thinking about selling, early this year should be timely and successful. "The trick is to beat the crowd". (WSJ)

Do you know anyone interested in the Marin/Petaluma market? Contact us! We give any referrals the utmost attention, and are always happy to answer questions about buying or selling.

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Whether a buyer, a seller, or an investor, we think of our clients as family. Lean on us – we are here to keep the process fluid, successful, and as low-stress as possible.
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