Kevin McGinnis- Marin County Real Estate CA Realtor

The U.S. government announced this week it is going to help some first-time home buyers with their down payment.

U.S. housing officials are working on a plan that would allow some first-time buyers to apply the $8,000 income tax credit toward their down payment on loans backed by the Federal Housing Administration. The idea is to allow home buyers to "monetize" the tax credit. Right now, home buyers must wait until they file their taxes to receive the credit.

The FHA program would allow approved lenders, non-profits, and state and local governments to fund short-term loans that could be used as down payments to be repaid once the borrower received the tax credit. Once they received their tax credit, they would pay off the short-term loan and put equity into their home.

The FHA requires a minimum 3.5% down payment on loans backed by the agency, which means that buyers could put little or nothing down on homes up to $230,000. This is drawing fire from some economists, who are concerned that this plan resembles the no-money down programs the FHA has worked to shut down.

The government, though, hopes this move will further stimulate the housing estate market. This incentive is set to expire December 1, 2009, so be aware of that. If you are a first-time buyer, you have a lot going for you in 2009: this $8,000 incentive, low interest rates, non-inflated prices and a large selection of homes for sale!

Questions? Conact me at kmcginnis@fhallen.com or (415) 899-9210. Search ALL Marin and Sonoma homes - including daily foreclosure updates - at www.BestHomesMarin.com

((SCROLL DOWN for *all* bank-owned/foreclosure listings by area))

**Marin County HOTSHEET: Novato and San Rafael Homes $499,000-$700,000**

The $500,000-$700,000 is hot right now in Marin County, especially in Novato and San Rafael. Buyers are finally coming out to pick up some great values. We're providing the only up-to-date listings for homes in this price range in Novato and San Rafael.

These are all AVAILABLE homes. We've weeded out the ones in escrow. These include "regular" sales as well as foreclosure and short sales.

MAY 15, 2009

ALL NOVATO SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 38)

What's new today:

• 2 new listings (93 Pinheiro Cir. $700,000; 324 Grandview Ave. $550,000)
• 3 into escrow (15 Balboa Ct. $515,000; 340 Grandview Ave. $510,000; 53 Pizarro Ave. $515,000)

---------------Search ALL homes and FORECLOSURES at www.besthomesmarin.com-------------------

ALL SAN RAFAEL SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 35)

What's new today:

• 1 price reduction (1444 Nye St. $699,000)
• 1 into escrow (39 Sequoia Rd. $499,900)

TO SEE any of these properties, or for more information, please contact Kevin McGinnis at kmcginnis@fhallen.com or at (415) 725-1911. Search ALL homes at www.besthomesmarin.com

((SCROLL DOWN for *all* bank-owned/foreclosure listings by area))

**Marin County HOTSHEET: Novato and San Rafael Homes $499,000-$700,000**

The $500,000-$700,000 is hot right now in Marin County, especially in Novato and San Rafael. Buyers are finally coming out to pick up some great values. We're providing the only up-to-date listings for homes in this price range in Novato and San Rafael.

These are all AVAILABLE homes. We've weeded out the ones in escrow. These include "regular" sales as well as foreclosure and short sales.

MAY 13, 2009

ALL NOVATO SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 38)

What's new today:

• 5 new listings (51 Martinez Ct. $640,000; 35 Laurie Dr. $499,000; 130 San Felipe Way $639,000; 135 San Carlos Way $525,000; 50 Calypso Shr $650,000)
• 2 back on market (104 Somerset Dr. $649,500; 1 Jackson Ct. $549,000)
• 2 price reductions (129 Corte Alta $525,000; 4 Jackson Ct. $659,000)
• 2 into escrow (4 La Noche Ct. $649,000; 1409 Buchanan St. $525,000)

---------------Search ALL homes and FORECLOSURES at www.besthomesmarin.com-------------------

ALL SAN RAFAEL SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 35)

What's new today:

• 1 new listing (317 Paloma Ave. $630,000)
• 1 back on market (853 Patricia Way $699,000)
• 2 price reductions (2347 5th Ave. $699,000; 353 Hyacinth Way $679,000)

TO SEE any of these properties, or for more information, please contact Kevin McGinnis at kmcginnis@fhallen.com or at (415) 725-1911. Search ALL homes at www.besthomesmarin.com

((SCROLL DOWN for *all* bank-owned/foreclosure listings by area))

**Marin County HOTSHEET: Novato and San Rafael Homes $500,000-$700,000**

The $500,000-$700,000 is hot right now in Marin County, especially in Novato and San Rafael. Buyers are finally coming out to pick up some great values. We're providing the only up-to-date listings for homes in this price range in Novato and San Rafael.

These are all AVAILABLE homes. We've weeded out the ones in escrow. These include "regular" sales as well as foreclosure and short sales.

MAY 11, 2009

ALL NOVATO SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 33)

What's new today:

• 3 new listings (1409 Buchanan St. $525,000; 2136 Center Rd. $549,999; 170 Pizarro Ave. $610,000)
• 2 back on market (53 Pizarro Ave. $515,000; 275 San Carlos Way $539,000)
• 1 into escrow (265 Corte Colina $505,000)

---------------Search ALL homes and FORECLOSURES at www.besthomesmarin.com-------------------

ALL SAN RAFAEL SINGLE FAMILY HOMES, $500,000-$700,000 (Total: 33)

What's new today:

• 1 new listing (39 Sequoia Rd. $499,900)

TO SEE any of these properties, or for more information, please contact Kevin McGinnis at kmcginnis@fhallen.com or at (415) 725-1911. Search ALL homes at www.besthomesmarin.com

Marin County Market Update - 1st week of May 2009

How's the Marin market? It all depends on where you live and what price range you're talking about. In general, the "lower" end of the market (up to $600,000) is surging. The higher end, though, is suffering.

What's Hot

The market is cooking for homes below $500,000 as buyers come off the sidelines and swoop in to pick up some great deals. We're looking at pending sales here because the number of homes in escrow, or pending, is an important indicator since it represents today's news, whereas closed sales are yesterday's market.

As you can see in the chart, a whopping 61% of homes up to $500,000 are pending right now, indicating a seller's market. But unlike the recent past, buyers are not going crazy with overbids. In general, even homes that receive multiple offers are selling at or just slightly above the asking price (versus tens of thousands of dollars over the asking as in 2003-2006).

Homes in the $500,000-$600,000 range are selling well, too. Right now, 49% of homes are pending. This is considered a seller's market. (Traditionally, when 0-25% of homes are pending it's considered a buyer's market; 25-40% is a neutral market favoring neither buyers nor sellers and 40% and above is a seller's market.) This is not a perfect system; think of it as a rough rule of thumb.

Homes between $600,000 and $800,000 are seeing moderate buyer activity, and it's a neutral market.

What's Not

The higher end of the market, though, is stressed, and it has been for about the last five or six months. In Marin, of all homes priced in the low one-millions, only 19% are pending. Between $1.25M and $1.5M, it's 12%. Suffering most is the $1.5M+ market, with only 1% of homes in escrow.

Year over year, sales of Marin County luxury homes ($1M and up) are down by almost half - 47%. Prices in this end of the market are down 13% when you compare April 2008 to April 2009. Marin County is not alone. The high end is stressed in cities and all over the country, with home prices down 12-24% in some places. While typicaly the luxury market is protected during tough economic times, things are different in 2009. The move up/move around buyers are in "delay" mode, in some cases because bonuses are not coming this year or investments are way down. Plus, foreign investors have turned to the low end of the market where they can buy in all cash.

People who are able to buy right now are in an excellent position to get a great deal and take advantage of low interest rates. Sellers out there: don't forget you still have some power if you are flexible and price aggressively off the bat. This will get you the most money possible for your homes.

Condo Sales

Year over year, condo sales rose only slightly in Marin County for the month of April. However, prices took a huge hit - down 32%. The condo and townhome market has been greatly impacted by foreclosures, which have put pressure on all values. That's why there are so many short sales now too as homeowners discover their homes are worth less than what they owe on them.

The good news is that the market decline is slowing and stabilization is near - many expect 2010 to be the year of stabilization with a slow comeback beginning in 2011.

If you are thinking of buying or selling, contact me today. I am happy to provide whatever information you need. This is a changed marketplace, and I have experience with all types of today's sales. Kevin McGinnis (415) 725-1911 or kmcginnis@fhallen.com

Search the latest homes for sale at www.BestHomeMarin.com Daily list of foreclosures, too