As we welcome the new decade of 2010 I thought I would provide you with some data in regard to 2009 and some thoughts for 2010. I hope this information is helpful to you or someone you know who may be considering buying or selling In Marin. It is difficult to make predictions this early in the year but, I am noticing that buyers are ramping to make purchases in 2010 that they may have been putting off. I think many buyers feel that finally we may have hit the “bottom” that they have been waiting for. Interest rates will remain historically low but are anticipated to creep up in 2010 to be in the 6’s. Buyers notice a lack of inventory (supply) and are hopeful for more choices as the year moves forward.
Meanwhile, sellers are increasingly more aware of the reality of the market and are making decisions based on lifestyle. Some sellers have made decisions to stay put for now and others are deciding that transitioning to a new chapter in their life is more important than waiting for a perceived increase in sales price at some unknown point in the future.
The question is will the amount of buyers jumping into the market create a positive year for sellers? Or will they just be hunting the bargains, REO’s etc… That remains to be seen. Ideally we will see Days on Market (DOM) go down, see a stabilizing of prices and a higher list price to sales price ratio YTD 2010 vs.2009.
As always, I welcome any comments or discussion that you would like to have and am grateful for your referrals.
Warmly,
Linda
