Your Guide to the Current Marin County Real Estate Climate
Putting a property on the market can be daunting, especially if you’re unsure of what’s currently going on in the real estate world. It can be equally stressful to put an offer on a home without knowing who the other potential buyers are. The easiest way to learn more about the current market is to find out if it’s trending toward buyers or sellers—but what do these terms mean exactly, and which one is Marin County currently?
A Buyer’s Market Means
- Lots of homes on the market
- A shortage of interested buyers
- Lower real estate prices
- Properties stay on the market longer
A Seller’s Market Means
- Lots of interested buyers
- A shortage of homes on the market
- Higher prices because buyers are willing to pay more
- Properties move quickly
As of January 2021, Marin County is considered a seller’s market. The area is currently a popular location for real estate with lots of interested buyers; the area’s median house sales price hit a new high this year, and luxury homes remain popular with those who are buying. However, there are not as many homes available, creating a higher demand. Much of this could be due to the pandemic, especially right after the holiday season, when many people chose to shelter in place.
The Marin County real estate market has been faring reasonably well since the summer, with more luxury homes becoming available every passing month. Sales activity has strongly increased, and luxury homes are selling quite well. The Marin County median house sales price experienced a significant high during July 2020, likely as stay-at-home orders were lifted and people began to feel comfortable listing their homes.
Tips for Selling During a Seller’s Market
- Clean and maintain your property. Buyers will likely be more interested in an attractive, neat house
- Set a fair price. With lots of buyers looking for homes, a reasonable price can grab attention.
- Carefully review all offers. You’ll want to make sure that the offers are being placed by serious buyers who can afford the property and that anyone who requires financing is already preapproved.
Tips for Buying During a Seller’s Market
- Don’t hesitate! If you see a home you love, jump on it before another interested buyer has the chance.
- Arrange your finances. Make sure to get preapproved for a loan ahead of time. If you’re able, consider making a cash offer to boost your chances.
- Step back if you get frustrated. With few homes up for sale and tons of buyer interest, you may face some setbacks and rejections. This can be disheartening, so don’t be afraid to take a break and wait for the market to cool down.
Looking to buy a home in Marin County? Contact the Bernard Link Group
today. We’ll be happy to help you navigate the Marin County real estate market.