Interesting Novato Real Estate Market Trend, May 28, 2008
As there are more Short Sales and Bank Owned (REO) properties on the market, the trend is driving prices for short sales and REO properties downwards; attracting bargain hunters while higher end properties move slower and more cautiously.
Coupled with the new programs since the announcement of the new Jumbo Loan limits, the consumers are out shopping again and will not wait when the right property comes along. Instead of two loan threasholds, conforming (up to $417,000) and Jumbo (over $417,000); there are now three brackets - Conforming (up to $417,000), Super Conforming (between $417,000 and $729,250) and Jumbo ($729,250 and up). The consumers are certainly taking advantage of that!
For the lower end properties, some borrowers are checking into certain low income financing plan as well as the revived FHA loans (Check out FHA loans in another post).
Many first time home buyers and people relocating from out of state or other california housing markets are quite excited about the prospect of finally being able to own a home in Marin county.
Keep a close eye on the market. Make sure you get all your ducks in a row and jump in when a great deal comes along! you informed!
|
category |
Total Units/ In Escrow |
% Active |
% Pending |
% +/- since 4/30 | |||
|
All SFD’s and CID’s |
|
459/112 |
|
76% |
|
24% |
+3% |
|
SFD’s |
|
326/70 |
|
79% |
|
21% |
+3% |
|
CID’s |
|
133/42 |
|
68.5& |
|
31.5% |
+4.5% |
|
$0 -$500K SFD |
|
48/23 |
|
52% |
|
48% |
+24% |
|
$500,001-$600K |
|
41/10 |
|
76% |
|
24% |
-3% |
|
$600,001 – $700K |
|
43/9 |
|
79% |
|
21% |
-3% |
|
$700,001 – $800K |
|
51/12 |
|
76.5% |
|
23.5% |
+3.5% |
|
$800,001 – $999,999 |
|
56/6 |
|
89% |
|
11% |
+6% |
|
$1M – $1.25M |
|
39/5 |
|
87% |
|
13% |
-7% |
|
$1.25M – $1.5M |
|
13/1 |
|
96% |
|
4% |
-12% |
|
$1.5M+ |
|
25/4 |
|
84% |
|
16% |
+12% |
- Buyer’s Market < 25%
- Neutral 25% – 40%
- Seller’s Market > 40%
