The Sterley Team Report

THE BUZZ

It’s time to evaluate the value of owning a home. Housing is a good long-term investment, a necessary shelter, a place to call home and build community, and it offers significant tax advantages. So is this the right time to buy or sell? It’s important to note that every market is different. With all the national press about a housing recession, we need to understand our local market. The economic conditions of an area directly correlate to the rise and fall of home values. There are “oases” where inventory is low but sales remain high. San Francisco is one example, where sales are down due to lack of inventory but sales prices are up. National Association of Realtors President Richard Gaylord recently reported that many local areas continue to have healthy or improving local housing markets, citing San Antonio, Texas, Syracuse, New York, Springfield, Illinois, and Sarasota, Florida as showing higher home sales last month. Marin County has gotten off to a slow start in 2008 with 103 sales of single family homes as of February 9th, compared to 153 sales for the same period in 2007, representing a decline of 32.68%. Condominiums fared even worse - off 54.53%. But, as always, results vary dramatically when broken down into price ranges. The following chart shows that the lower-end market in still suffering, but sales improve as you move up in price range. The 2 year Supply and Demand Chart shows that inventory is following the usual seasonal trend down through January. The good news is that activity in February appears to be improving. More homes are coming on the market although inventories are still very low. Buyers appear to be out looking at homes, and we’ve even had some sales with multiple offers. The question of the day is: What will be the effect of the law that would raise the conforming loan amount to $729,750? Once the bill (HR5140) is signed by the President (which will probably have happened by the time you read this newsletter) it will mean that purchasers will have the opportunity to obtain a 30 year fully amortized fixed rate mortgage with an interest rate based on today’s quote, Feb.8th, at 5.75% with no points. The effect should be a significant increase in sales and refinance activity. The change is only going to be effective for one year, so we expect that a lot of buyers will rush to take advantage of this tremendous opportunity. The lack of sales over the past few weeks may have been due in part to buyers anticipating this increase in the conforming loan amount. As purchase offers increase, sellers will scramble to get their homes on the market. If you are thinking of selling this year, give me a call. It could be a good strategy to bring your home on the market before the inventories increase and prices soften. I can provide you with a detailed analysis of your specific marketplace and recommend a price and marketing strategy to get your home sold at the highest price based on your time schedule.

Featured Listings:

www.9AcreNewMarinEstate.com - $3,795,000

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Grand Mediterranean 9 acre retreat nestled on a magnificent ridge. Brand new – 5400 sq ft* on main entry level overlooking Grecian-style pool. Seller will customize 2700 sq ft* on Pool Deck Level: pool house, 20-seat theater, wine cellar, fitness center, billiards room, sauna, au pair apartment 2 more full baths. (And there is room for all!). Located at the end of a private road and boarded by permanent open space on three sides, this special property offers privacy, seclusion and breathtaking 300 degree views!

For more details and a photo gallery, please visit: www.9AcreNewMarinEstate.com

www.SleepyHollowVilla.com - $3,250,000

<http://www.reacheach1.com/newsletter/newsletter_listings.cgi?lst_id=1400&nid=55493>

Not yet on MLS! This striking, contemporary Mediterranean home is situated on a private acre* that includes gardens, lawns, fruit trees stream with trees. This 5000 sq ft* estate also includes beach-entry pool, spa, waterfall separate 500 sq ft* pool house. Set back a long drive, this property is gated and maximizes the private setting that is nestled up against Triple C Ranch. The views include the rolling hills and far reaching vistas across the valley. ‘Smart house’ wiring: broadband internet, key pad music system home theater ready.For more details and a photo gallery, visit: www.SleepyHollowVilla.com

Additional Listings: 7th Street (2 Lots), Novato, CA 94945

<http://www.reacheach1.com/newsletter/newsletter_listings.cgi?lst_id=1400&nid=55493>

Since 1975, Pacific Union GMAC Real Estate has thoughtfully matched generations of buyers and sellers throughout the entire Bay Area. Pacific Union GMAC focuses on delivering outstanding quality and unparalleled service to a full spectrum of discerning clients. Pacific Union GMAC is the only firm in California to receive a distinguished International Property Award in association with CNBC for superior marketing materials and client services in the luxury marketplace. A premier, locally managed brokerage with knowledgeable, experienced real estate professionals, Pacific Union GMAC takes a leading edge to new technology applications designed to enhance the client experience. Pacific Union is a GMAC Home Services company. For more information, visit www.pacunion.com.

Contact Info:

The Sterley Team
Pacific Union Real Estate
Jeff Sterley
189 Sir Francis Drake Blvd.
Greenbrae, CA 94904
W: 415-464-3760
sterleymgr@pacunion.com

 

 

 

 

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