Looking at BAREIS MLS this morning (as of July 10th, data is not guaranteed and has not been verified but is deemed reliable), there are 38 properties on the market in the 94903 zip code and 19 of them have accepted offers. With 50% of properties in escrow, we have extreme seller’s market conditions. In some pockets of San Rafael sellers have even more power. Take Terra Linda as an example where there are only 7 properties on the market and 4 have accepted offers. There’s very little inventory for buyers to fight over. And buyers are fighting over inventory. I received 12 offers on my fixer listing at 579 Wisteria Way!
The non-senior condo/townhouse market is a little more balanced, with 25 homes on the market and only 6 in contract. In fact, a 24% figure in contract maybe skews a little more towards the buyers. High HOA fees, high property taxes and average mortgage rates around 6.5% make it hard for buyers to get into the market. HOA fees have really risen across the board because insuring properties in California has become so expensive. And yet, properties are still selling. I’m scheduled to close escrow on my listing at 67 Roundtree Blvd on Monday, one business day from today. We only received one offer on this townhome that shows nicely, and we had to reduce the asking price to attract an acceptable offer.
Here are the hottest properties I see in the market right now:
Fixers! There are a lot of contractors out there looking for their next project, and even some ambitious pedestrian home buyers are willing to take the plunge if the house is not too far gone. 579 Wisteria Way is a perfect example of this. Unfortunately, it was too far gone to attract anyone not in the construction industry.
Well Maintained & Presented Homes: Even if a house is a bit dated, if it’s been taken care of these are very attractive for families who can them update in time. My listing at 656 Bamboo Terrace sold quickly this spring with multiple offers for $75,000 over our asking price! It had some nice updates, but the bathrooms both are likely to be remodeled eventually.
Recently Updated: There’s always a market for recently updated homes. In fact, buyers are willing to pay a premium for these properties because they just want to move in and don’t want to do a thing. Last fall I had buyers who scored a deal on 1081 Las Raposas, a recently remodeled Terra Linda Eichler that we didn’t need to get into a bidding war over. Buyers need to be on the lookout for these deals.
Single Level, Ground Floor Condos: Older downsizing buyers don’t want stairs. Bonus points for condos with a small backyard and nobody living above. My single level listing at 32 Dockside Circle sold right away this spring.
As always, pricing right is the most important element to a successful sale. If you are considering selling, listen to your Realtors’ suggestions. They know the market. This is what they do day in and day out. Trust the process, enjoy the results.