What is Happening in Residential Real Estate Right Now!
April 25, 2020
I’m fielding many calls about what is happening with residential real estate right now and doing a lot of TV interviews, podcasts and radio interviews (super fun!) on the state of affairs in our industry in real time. Here are my thoughts:
So far, we are not seeing prices “come down” as much as we are on hold for showings for occupied homes right now. Homes in Marin that are vacant are able to be shown. I am successfully transacting those homes at pre-coronavirus valuations as long as the price of the home is considered to be “fair market” based on data for prior closings. In many ways, I feel that the events of late could actually be an opportunity for the Marin County real estate market to benefit from buyers wanting to move from the density of San Francisco. Prices will fall only if there is enough stress on the market that sellers are forced to sell and reduce prices to sell quickly.
I do NOT see that happening now and don’t anticipate that happening in the immediate Bay Area for homes in prime locations and/or homes that are new/er and of current design. I am optimistic about Marin real estate based on the ease of commute into SF, multitudinous recreational opportunities, proximity to the ocean and wine country and strength of our public schools. For some additional market insights, please read this incredibly helpful Curbed SF story which I contributed to - What Bay Area Homebuyers Need to Know During the Coronavirus Pandemic: https://sf.curbed.com/2020/4/9/21211549/coronavirus-buying-house-san-francisco-real-estate
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