Posts Tagged ‘Ginger Wilcox’
It is with great excitement that I announce that I have joined Alain Pinel Realtors. I will be following Steve Dickason, my former Marin county manager and Craig Silvestri, my former branch manager. I have worked with Steve and Craig for almost four years and am excited to continue my affiliation with them while undertaking a fabulous opportunity to work with one of the top real estate firms in California.
Alain Pinel will be opening its first office in Marin County but they are not new to the Bay Area. Alain Pinel Realtors is the largest privately owned and independent residential real estate company in California. Locally owned, the firm has been consistently ranked in the Top 10 firms in the United States based on total sales volume. It was founded in 1990 by its current Chairman and CEO Mr. Paul Hulme (pictured below with me). Alain Pinel is a leading luxury real estate broker known for its professionalism, commitment to client services and cutting edge marketing programs. The firm is also on the bleeding edge of technology- something near and dear to my heart! I am thrilled to be joining a team with such a strong reputation and commitment to providing quality service to its clients.
- AWESOME Interest Rates
- Less Competition- you have a better chance of getting the home you want without feeling the pressure to bid against several other buyers (in most cases).
- Reduced Home Prices- values have come down approximate 10-40% (depending on location) over the last 2-3 years. 2008 will see the first year over year price decline in Marin County since 1992. This is a rare opportunity to purchase a great asset at a discount.
- Motivated sellers-for the first time in over a decade the buyer has the upper hand over the seller in (most) negotiations.
- Top Notch Schools- The public and private schools in Marin are outstanding with test scores off the charts.
- Fabulous Lifestyle -Marin is a wonderful place to live. The natural beauty is awe inspiring and we enjoy vast areas of protected open space for hiking, biking and gazing at, which is all free and part of the privilege of living in Marin.
- Location, Location, Location- proximity to San Francisco, the wine country, the California coast and the Sierras.
- Weather- On Monday, the high in Chicago is expected to be 33 degrees and snowing. In Marin, 65 and sunny.
- Rent vs Own Gap Decreasing- The gap between what you pay for rent vs. what you pay to own is closer than it has been in years especially when taking tax breaks into consideration. The combination of increasing rents and declining property values has tilted the opportunity towards owning.
- Timing is everything- Looking back throughout history the best time to buy any valuable asset is when the headlines are the bleakest. Buy when others aren’t.
Have a home equity line of credit you were planning on taking money out of for an upcoming remodel, home purchase, or other need? It may not be there when you need it!
Sofia Nadjibi, Mortgage Broker at Union Trust Mortgage in Marin County gave me some words of wisdom to pass on to my clients:
If you consider your HELOC your “emergency account,” you should consider drawing some of that money out TODAY and putting it in a good interest-bearing account like ING Direct or a Money Market account. This is especially true if you don’t have at least 3-6 months of liquid savings already.
If you were planning to use your HELOC to purchase a real estate investment, or for remodeling, etc – same advice as above – draw it out and put it somewhere safe. You can always put it back later if you don’t need it- but very soon you may not be able to access this money at all.
What’s happening? Chase Home Equity announced that they are exiting the lending market. Other lenders (such as Citi, Washington Mutual, National City and Wells Fargo) are expected to freeze existing home equity lines of credit balances, meaning no more cash out.
Need a HELOC? Local Marin County banks are expected to still offer home equity lines of credit- think Bank of Marin, Tamalpais Bank and others, but of course if you really need that HELOC money, I wouldn’t “bank” on it!
Single Family homes under contract in Marin County
April 2008 vs. April 2007
| Belvedere | +200% |
| Corte Madera | +8% |
| Fairfax | -38% |
| Greenbrae | +25% |
| Kentfield | +40% |
| Larkspur | -75% |
| Mill Valley | -36% |
| Novato | -20% |
| Ross | -50% |
| San Anselmo | -12% |
| San Rafael | +7% |
| Sausalito | +17% |
| Tiburon | +85% |
Countywide, the number of Marin homes for sale was up almost 16% from last April. The number of homes under contract was down about 13% while the number of units sold is down about 31%.
While the number of homes sold in April 2008 vs April 2007 is dismal, the glimmer of hope is in the units under contract. We have gradually seen this number get closer to 2007 numbers for many Marin cities, indicating next month’s sold number may be even better.
Starting to think about buying a house in beautiful Marin? You probably start your search on the internet. You start looking at what homes are selling for, doing your initial research to see what you can afford, you might even call a realtor.
You aren’t really ready to look seriously for a home, just doing a little initial research and then you see it- your perfect dream home. It is “the one” and you HAVE to have it. You call your favorite Marin county realtor and say Ginger, “I want to put an offer on that home.”
“Great Joe,” I say, “did you call the mortgage broker I referred you to and get pre-approved?”
……
……
“Joe, are you there?” 
A year ago, you could almost get an approval in a hour or so. It wasn’t a good one, but nobody really cared. Right now, pre-approvals are taking about two weeks for Marin home buyers. Why so long? Well, there are a lot fewer places where you can go to get a jumbo loan in California, and even fewer lenders with reasonable rates.
What we have here is called a roadblock.
Fewer lenders available = a serious back log of buyers all going down the same single lane. The road isn’t closed, but traffic is pretty slow. The mortgage brokers I work with say it takes about two weeks for a pre-approval and suggest 60 days for a close of escrow.
I have a secret for you. (There is a way around the roadblock!) Listen close…
Get pre-approved BEFORE you find your perfect Marin County dream home!
You might have seen an article in your latest water bill from the Marin Municipal Water District about Bay-Friendly Landscaping. To make it easier for Marin Municipal Water District customers to adopt bay friendly gardening practices, the district is introducing a new rebate program on efficient irrigation equipment and supplies.
If you’re planning an irrigation project this spring (or even if you’ve done one since March 1, 2007), you probably can claim a rebate of up to $350!
If you live in Novato, they have a different program available
Happy Landscaping!
According to a MarketWatch article, wealthy Americans see the sluggish economy as a great opportunity to purchase real estate. The full article, Sunny Side of the Street, is well worth a read. Some highlights:
- 77% of wealthy (defined as people earning more than $500,000/year in discretionary income) think real estate presents a buying opportunity right now. Yes, you can finally find a “deal”!
- 40% of those people are expected to purchase real estate in 2008.
- 41% of the wealthy think owning a second home is a “requirement” for people of their economic means
- The number of millionaires is expected to increase by 6% this year
I think those surveyed are wealthy and wise. Even in Marin, you can actually find “a deal”. I know buyers who have been looking for “a deal” for years. What are you waiting for now?
The median home sale price in Fairfax, CA was $630,000 in February 2008, down from $672,00 in January, and down from $735,000 one year ago in February 2007. The number of Fairfax homes on the market stayed flat from one year ago, while the number of Fairfax, CA homes under contract increased.
The number of closed sales was down almost 45% from one year ago. The average days on the market in Fairfax was 110 in February.
| Fairfax, CA Homes | Feb 2007 | Feb 2008 | ∆ | % ∆ |
| For Sale | 17 | 17 | 0 | 0 |
| Under Contract | 4 | 7 | 3 | 75.00 |
| Sold | 9 | 5 | -4 | -44.44 |
I work up to this gorgeous Marin sunrise this morning. Happy March and happy Sunday!
Many cities and towns in Marin County require mandatory re-sale inspections before a seller transfers home ownership to a buyer.
Marin Cities that require resale inspections
- Belvedere
- Corte Madera
- Fairfax
- Larkspur
- Mill Valley
- Novato
- San Anselmo
- San Rafael
- Tiburon
Fees range widely from about $100 to close to $300 in Novato. Ouch! In addition, what is inspected during these inspections vary widely. Most check to make sure permits for any property improvements have been pulled. The cities also note issues that may not be compliant with current building codes, check on zoning, property usage, etc. Re-sale inspections in Marin county do not cover property condition, quality of construction, general defects with the property, termites, etc. Look for a general home inspection and a termite inspection to cover these items.
Marin sellers are strongly encouraged to perform the city/town re-sale inspections prior to going on their market. Your Marin real estate agent should help you arrange this. Some Marin cities and towns take an extended period of time to schedule inspections and also to return the inspection report. If you do not get the report in time, you could end up delaying close of escrow.
If you have not pulled permits, you may be fined, asked to pull those permits retroactively and in some instances, sellers have been asked to remove unpermitted improvements.
I have seen many deals fall apart after the reports are returned on a city/town resale inspection. Buyers don’t like surprises at the last minute. It is much better to know any issues relating to the city inspection before you find a buyer!
Marin home buyers: Never sign off on your resale inspection unless you have seen the report in your hands. Even if you attend the inspection, the city inspector may add mandatory items that you aren’t expecting. View the actual report. Some Marin cities and towns (such as Tiburon)do a re-inspection of required items (with an additional fee). If you fail to make corrections within your allotted time period, you may get fined per day. At last check, Tiburon fines racked up fines at a cool $103 a day. Now that can add up quickly!