The market in Marin continues to be hot. And we are hearing stories of buyer fatigue: after losing in multiple multiple offer situations, buyers are pulling out and waiting for things to calm down. Is this a smart move?
Interestingly, we think there continues to be value in this market. The key is to look at homes that have been on the market for more than two weeks, and they are out there. We just ran a CMA for Corte Madera and Larkspur single family homes and of the 24 homes listed as active, 11 have been on market for 14 or more days. And some of those have pretty good addresses!
The issue is typically pricing. In this market we recommend to our Sellers that they go on market very slightly below the market rate. This creates excitement, often multiple offers, and often a sale over asking price.
But many do not do that, and instead price it above the market rate. And despite what many people may think, the market is remarkably astute about pricing. And if it is priced too high, it won’t get offers.
And if the Seller is motivated to sell, that creates an opportunity for a buyer to come in and be the ONLY offer on a house. There are not a ton of opportunities, but they are out there. And sometimes they may be willing to negotiate. Despite the enthusiasm that is out there, everyone knows it may not last, and they don’t want to be the one trying to sell if the market suddenly disappears.