While there are some home buyers and sellers who are shrugging off our current self-inflicted economic debacle as a necessary disruption, other potential participants in the market are taking a wait and see approach. I have a few Republican friends who believe whole heartedly in what our president is doing with the economy. I respectfully disagree and it’s not going to make any difference to how I feel about my friends because we are friends and acceptance is essential to friendship. My father always voted Republican. My mother voted Democrat. They effectively cancelled each other out every election and they had a great, long lasting marriage. I like being able to accept what other people are thinking, especially if it’s not how I think.
At the end of April we find ourselves in unfortunate circumstances that could actually be worse. Interest rates have been dropping. According to Bankrate the national average of a 30 year loan is under the 7% threshold. If the interest rate were to drop from here, I’m sure the market would be in a more favorable position. From what I’ve been hearing and reading many buyers are sitting on the sidelines, waiting for some resolution to the economic turmoil. As a result, we are experiencing our influx of spring inventory with an absence of many would be spring buyers.
Some buyers have lost money in the stock market that they would otherwise be using as down payments. Other buyers don’t want to jump into the real estate market while there is so much uncertainty in the economy. They are tarriffied of the tariffs. This brings me to Warren Buffet’s famous investment advice, “Be fearful when others are greedy and greedy when others are fearful.” With a drop in demand we are seeing some great buying opportunities in the market.
Every few years I find a short-lived window to write about jumping in the water while others remain on shore. It’s becoming a buyer’s market. These times don’t come around that often in the Marin County market, but it seems like we’ve moved in that direction for the time being. My advice to would be buyers is always the same. If you can find the property want to live in and you can afford it, put a ring on it! Mortgage brokers advise you to date the rate, and marry the property. More often than not in Marin County we are in strong seller’s market conditions. Buyer's market conditions are fleeting are fleeting in Marin County. Take advantage of the situation if you can, before everyone starts jumping in the water again.