This was too easy! Could it be that the lenders are getting on top of their short sale processing? Today I received an approval from the 1st lender, Select Portfolio Servicing, for this short sale after having sent in only the Purchase Contract and the estimated HUD-1. I had submitted these on Oct 25, just 15 days ago! Maybe it was because they had approved a sale on this property last summer, which was later put off when the owner agreed to make trial payments hoping for a loan modification. Still, this interaction was a world of difference from the first go 'round. Now, I need to get approval from the 2nd lender.
Peter Nielsen Peter@MarinRealtyExperts.com 415-472-6243.
I had a conversation with a client this morning who was concerned about the crime rate in a neighborhood where we had looked at homes. I showed her a report from www.CrimeReports.com which is a terrific site. Similar to Google Maps, you just type in a location and you get a map with labeled "push pins" that show where crimes have been reported, and the nature of the crime (T=theft, V=vehicle theft, B=break-in, etc.) You'll be surprised at what goes on all around you! Even Marin County has its share of theft and other crimes.
The S.F. Chronicle reported this morning that the Case-Shiller/S&P Home Price Index for the S.F. metro area, which includes Marin County, rose 2.8 percent in August , following an increase of 3.3 percent from June to July and a 3.8% increase the previous month. This index tracks changes in home values by comparing recent home sales with previous prices for the SAME home. This eliminates the bias introduced when one segment of the market is more active than another, which has been the case recently, with multiple offers on low-priced homes. More activity in that segment, which has seen more than its share of short slaes and foreclosures brings down the widely reported median price when in fact the typical home my actually be increasing in value.
For the complete report, see http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/28/BU6F1ABEUI.DTL.
Peter Nielsen, Peter@MarinRealtyExperts.com, 415-472-6243
I lost my cell phone today, so it's time to upgrade to a smart phone. What do you recommend? The Blackberry?
The Big Picture: The Marin County market continues to struggle, but with some bright spots. The volume of sales continues to increase; median prices have risen by 3% for single family homes, and are down just 1% for condos. Prices however are still down about 10% from where they were year ago. Sales for homes priced under $750,000 continue to have the most activity, with fully 70% of all homes under contract being in this price range. In the lower-priced homes and condos, we are seeing multiple offers, with homes in Novato and condos in San Rafael showing a surge in price. The number of distressed properties (short sales and foreclosures) listed on the MLS remains steady at 119.
Prices: The median price for a single family residence in Marin in Q3-2009 was $800,000, down 11% from the same quarter a year ago but up 3% from the previous quarter. The median price for a condo was $355,000, down 8% from the same quarter a year ago but down only 1% from the previous quarter. A more accurate reading is that for each area, within which home values are more comparable. The Q3 median price by area and the percent change from the same period in 2008 and from the previous quarter (Q2-2009) is shown below:
Inventory and Time on Market: As of Oct 11, 2009, there were 1,046 residential properties on the market in Marin, down from the same quarter last year when there were 1,104 homes on the market. The median time it takes to sell remains steady at 65 days on market. With 606 homes having sold this quarter, the time it would take to sell the current "inventory" has dropped from 6 months to 5 months.
Buyers or Sellers Market?
It's generally considered a Buyers Market when less than 25% of listings are in escrow, a Balanced Market when 25-40% are in escrow, and a Sellers Market when more than 40% are in escrow. By this measure,
- It is even more of a Seller's Market for homes priced less than $750,000 (51% are in escrow).
- It remains a Buyer's Market for homes priced between $750,000 - $1,750,000 (20% are in escrow).
- And it's a Strong Buyer's Market for homes priced more than $1,750,000 (only 10% are in escrow).
For a complete report, including prices by town, click here:
www.MarinRealtyExperts.com/Current_Market_Report.
Peter Nielsen, Peter@MarinRealtyExperts.com 415-472-6243
Your Marin County Real Estate Expert!
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