9 Fabulous New Luxury Homes on Olive Court. Novato, Marin County

9 Fabulous New Luxury Homes on Olive Court, Novato, Marin County

Please make appointments with Sylvia Barry or your Realtor if you want to see these new Craftsman Style Homes located on Olive Court in Novato.

Novato Real Estate Market Overview, September 24, 2008

Novato Real Estate Market statistics continues to inch upwards in overall sales percentage compare to two weeks ago on September 10,

The overall inventory dropped 10%, from 410 to 370, results of more pending sales and sellers taking properties off the market unless they ‘have’ to sell.  Less inventory will have a positive effect on housing prices as there are less supply. 

The highest increases in pending sales are the starter / investment homes – condo/townhomes and single family residences under $500K – mostly fixers, REOs (bank owned), short sales, all bargains from one or two years ago. 

Both categories, with more than 50% sales, are now a ‘seller’s’ market – or shall we say a ‘bank/REO sellers’s market.  Some enjoy multiple offers, although not as much frenzy as when Marin was at the top of the market.

First time buyers, investors, people who relocated out of areas and want to move back, and the ones who could not afford before but would love to be in Marin are all taking this great opportunity of lower (and relatively affordable) home prices and lower interest rates to test the waters here in Marin.  

Higher end homes are staying stale – difficulty in getting financing, uncertainly about the market, excessive inventory from sellers who do not have to sell (‘not motivated’) can hold the sales down.

My office, Frank Howard Allen Realtors in Novato, is buzzing with sales activities we have not seen in a long times, walk-ins, calls, showings, offers, inspections; a lot of activities which is putting great, positive energy into the office; and hopefully bringing the energy to all our clients!

Best, and stay tuned!

Give me a call at (415) 717-0293 or email me at sylvia@SylviaSellsMarin.com for inventories on the market, whether REO, Trust Sale, start home, luxury homes.. I will be very happy to find the best house / investment property for you! 

It will be a pleasure to serve you!  

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 09/10/08

All SFD’s and CID’s

 

370/123

 

67%

 

33% (N)

+2%

SFD’s

 

269/65

 

76%

 

24% (B)

-2%

CID’s

 

101/58

 

43%

 

57% (S)

+12%

$0 -$500K SFD

 

59/30

 

49%

 

51% (S)

+9%

$500,001-$600K

 

31/6

 

81%

 

19% (B)

-9%

$600,001 – $700K

 

36/11

 

70%

 

30% (N)

-6%

$700,001 – $800K

 

32/6

 

81%

 

19% (B)

-10%

$800,001 – $999,999

 

36/6

 

84%

 

16% (B)

-8%

$1M – $1.25M

 

27/2

 

93%

 

7% (B)

-7%

$1.25M – $1.5M

 

18/1

 

95%

 

5% (B)

-12%

$1.5M+

 

30/3

 

90%

 

10% (B)

+7%

  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%
Sylvia Barry, Realtor, ePRO
Marin Realtor for Marin Luxury Real Estate 
Marin, San Francisco North Bay
Frankk Howard Allen Realtors
 
website: www.SylviaSellsMarin.com
Blog: www.AllAboutMarinHomes.com

MARIN, SONOMA, S.F. BAY AREA REAL ESTATE – Beveldere, Corte Madera, Greenbrae, Kentfield, Larkspur, Marinwood, Mill Valley, Novato, San Anselmo, San Rafael, Sausalito, Tiburon; Cotati, Penngrove, Petaluma, Rohnert Park, Santa Rosa.   Starter Home to Luxury Property.  REO (Bank Owned), Short Sale, View Homes, Architecural Distictive Homes. Investment, 1031 Exchange. 

Novato Real Estate Market Overview, July 9th, 2008

                                      Novato Old City Hall 
Another positive trend since June 25th, 2008 weekly statistics.  Total inventory actually dropped by 1 while pending increased by 7. 

From a price range point, starter condos/townhomes as well as starter single family homes up to $800K, while $800K and up homes suffered slightly. 

With Fannie Mae tightening guidelines for people who are thinking about using their current home as a 2nd home or investment property, this might be the time to lock down that loan and purchase your dream home. 

Check with your mortgage broker for the details and how that affect the specific lenders they work with.

Check with your trusted Realtor about inventory on the market and what’s the best house for your needs and wants!  

category

 

Total Units/ In Escrow

 

% Active

 

% Pending

% +/- since 5/28

All SFD’s and CID’s

 

455/124

 

73%

 

27%

+1%

SFD’s

 

336/81

 

76%

 

24%

+2%

CID’s

 

119/43

 

64%

 

36%

+1%

$0 -$500K SFD

 

55/27

 

51%

 

49%

-3%

$500,001-$600K

 

38/11

 

71%

 

29%

+7%

$600,001 – $700K

 

58/15

 

74%

 

26%

+9%

$700,001 – $800K

 

40/8

 

80%

 

20%

+6%

$800,001 – $999,999

 

50/7

 

86%

 

14%

-5%

$1M – $1.25M

 

34/6

 

82%

 

18%

-3%

$1.25M – $1.5M

 

25/3

 

88%

 

12%

-0.5%

$1.5M+

 

36/4

 

89%

 

11%

-1%

  • Buyer’s Market  < 25%
  • Neutral                25% – 40%
  • Seller’s Market   > 40%

Fannie Mae Tightens Guidelines for Retaining Current Residence as 2nd Home or Investment Properties

In today’s Frank Howard Allen Office meeing, Andy Shine, mortgage broker with Residence Pacific Mortgage, discussed the new guideline by Fannie Mae, which will be effective on August 1. The guidelines affect loans for purchase a new home while retaining the current residence as 2nd home or investment porperty.

Might be time to buy the house you always wanted if you are sitting on the fence.

Here are the details:

Situation New Requirement
Current Principal residence is pending sale but the transacction will not be closed (with title transfer to a new owner) prior to the new transaction  Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction
Coversion to a Second Home – Both the current and the proposed mortgage payments must be used to qualify the borrower forthe new transaction, and- 6 months of PITI for BOTH properties is required to be in reserves.  Lender may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property
Conversion to an Investment Property Fannie Mae continues to permit up to 75% of rental income to be used to offset the mortgage if there is document equity of at least 30% in existing propertyThe rental income must be documented with:

– Copy of fully executed lease agreement

– Receipt of security deposit from tenant and into borrower’s account

If not meeting 30% equity requirement, rental income may not be used to offse the mortgage payment.

– Both the current and the proposed mortgage payments must be used to qualify the borrowers for the new transaction; and

– 6 months of PITI for BOTH properties is required to be in reserves.