Posts Tagged ‘Marin Real Estate’
This market profile is a snapshot of what is happening in San Rafael. Home prices are down again this week in San Rafael while the average days on market continues to to climb. Inventory has been tightening. The market action index remains flat. (more…)
This market profile is a snapshot of what is happening in Corte Madera. Home prices are down again this week in Corte Madera while the average days on market continues to to climb and home inventory is tightening. The market action index remains flat. (more…)
This market profile is a snapshot of what is happening in San Anselmo. The median list price bounced up this week in San Anselmo while home inventory and days on the market are climbing. The market action index remains flat. (more…)
This market profile is a snapshot of what is happening in Fairfax.
Home prices are down again this week in Fairfax while the average days on market continues to to climb. The market action index remains flat. (more…)
This market profile is a snapshot of what is happening in Tiburon.
Home prices are down again this week in Tiburon while the average days on market continues to to climb. The market action index remains flat. (more…)
This market profile is a snapshot of what is happening in Mill Valley. The number of listings has been tightening and days-on-market increasing
recently. (more…)
In response to the slowing pace of economic activity and intensified turmoil in financial markets, the Federal Reserve cut the its key rate by 50 basis points, or 0.5%, last week ahead of its regularly scheduled meeting at the end of October. The action was globally orchestrated with banks around the world, including the Bank of England, the European Central Bank and others in Canada, China, Switzerland and Sweden, who also cut rates on the same day. There are multiple ways this cut will have a direct effect on consumers:
- The Prime Rate will follow the Fed Fund rate cut and also drop by 0.5% – currently standing at 4.5%
- Auto loans, equity lines and credit cards with rates tied to prime will now be cheaper
So why didn’t mortgage rates go down? Two main reasons…
- Mortgage rates are set based on where mortgage bonds trade in the open market. They are not directly tied to the Fed Fund Rate although monetary policy does play a big part in mortgage rates. However, the bond market tends to anticipate any monetary policy action the Fed takes so usually by the time the Fed acts, the rate cut has already been fully priced into the bond market.
- Also, amid the current financial chaos, investors are selling assets across the board – equities and bonds included. This sell-off, combined with record volatility in the market, is causing a short-term increase in rates. Don’t get me wrong…rates are still quite good…just a bit higher than we saw the past week.
Along those lines, I keep hearing in the media (as I’m sure you do!) that banks aren’t lending to each other or to consumers and that borrowers are unable to get mortgages, car loans or equity lines due to the credit freeze. This is absolutely not the case so let me once again be clear on this…WE ARE CLOSING MORTGAGE LOANS!! We are processing, underwriting, and closing loans daily and have money to lend!
So…as usual…don’t believe all you hear from the supposed experts on TV!
Stacey Fleece is a Mortgage Loan Consultant with Countrywide Home Loans in Mill Valley.
We’re entering yet another week of turmoil in the financial markets and we’re still trying to work our way out of this mess. In the recent days, we continue to see challenges for financial companies and our economy as a whole including:
- The failure of Washington Mutual (the largest bank failure in our nation’s history) and the subsequent buyout by JP Morgan Chase.
- The buyout of Wachovia by Citibank…note that Wachovia did not fail but rather took the opportunity to sell itself before it came to that.
- The $700 billion bailout package made it out of committee on Sunday and headed to the floor for a vote – only to miss approval by The House of Representatives falling 13 votes shy.
So now what? Well, I don’t know where Washington goes on the financial bailout in their effort to “get battered US credit markets working normally again”. We continue to hear that without this bailout, the credit markets are coming to a grinding halt – with banks unwilling to lend to businesses, individuals and even to each other. I don’t want to comment on the credit crisis from a Wall Street perspective but I do think it is important today for us as consumers to understand what is happening from a Main Street perspective. So here it is…and let me make this very clear…
Here in Marin, we are still lending on real estate and closing on mortgage loans daily! The media would have you believe otherwise and I can certainly only speak from the perspective of Countrywide/Bank of America (where I work) but it is pretty much business as usual…only with AMAZING rates due to the chaos that continues to swirl around the equity markets.
Last week, Countrywide got very aggressive on jumbo 30-year fixed (yes…jumbo….like loans more than $729,750) as we are pricing below all major competitors right now. We have not seen rates on jumbo 30-year fixed loans this low since before the credit crisis began back in August 2007. Now is the time to grab these – for a purchase or a refinance – as you can borrow up to $3mm with rates around 6.375% with no points!
How long will these rates last? No one knows…but I do know that when Congress gets the bailout figured out (and I suppose eventually they will), that should provide a level of comfort to the equity markets. The potential fallout from that is a shift of funds in the market from mortgage bonds to stocks which would cause mortgage rates to rise. The advantageous low rates are available to consumers now…get ‘em while they are HOT!
Stacey Fleece is a Mortgage Loan Consultant with Countrywide Home Loans in Mill Valley.
What a mess. In a two week period the government nationalized Fannie, Freddie and AIG and let Lehman take a tumble. The government proposed the largest bailout in 80 years, and taxpayers are concerned about fronting the bill. The election campaign is in high gear, debates are happening, and the political landscape also looks scary to a lot of people.
I loved the Time magazine cover this week “Who can rescue the economy?”
- a) John McCain
- b) Barack Obama
- c) None of the above
Everyone is concerned about politics and the economy. At every dinner, BBQ, play date, or even a casual run in at the grocery store, I find people want to know “What is all of this mess doing to the housing market?”
It is hard to tell. The government bailout may slow the decline of housing prices. Presumably, jumbo loan rates will stabilize and be more affordable, which will definitely help the Marin real estate market. Buyers may start to feel like the bottom is near and get off the fence. I do think people are having a hard time focusing on buying real estate with the impending election, so this October could be a tough one in Marin.
Buyers with cash or who can qualify for a good loan program are sitting pretty- this is definitely a great opportunity to find good bargains in Marin County. Yes- I said bargains and I can’t believe it. There are good homes for sale in Marin just waiting for a buyer to make an offer.
If you want real time Marin real estate market reports to see exactly how the turmoil is impacting Marin real estate, you can always see them live here on my site.
This market profile is a weekly snapshot of what is happening in Tiburon.
Home prices are down again this week in Tiburon while the home inventory and days on market continues to to climb. The market action index remains flat.
| Tiburon Real Estate Market Update | |
| Median List Price | $2,747,500 |
| Asking Price per Square Foot | $916 |
| Average Days on Market | 97 |
| Percent of Properties with Price Decrease | 28% |
| Percent Relisted | 1% |
| Median House Size (sq ft) | 3,166 |
| Median Lot Size | 0.25-0.50 acre |
| Median Number of Bedrooms | 4.0 |
| Median Number of Bathrooms | 3.5 |
| Market Action Index | 14 – Cold! Buyer’s Market |
The Market Action Index answers the question “How’s the Tiburon Real Estate Market?” By measuring the current rate of sale versus the amount of inventory. Index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.
Tiburon Real Estate Market Data effective as of September 21, 2008. Data provided by AltosResearch. Are you a Marin real estate junkie? Sign up below to my Real-Time Market Report for each city in Marin. You can also sign up to receive very detailed real-time market reports in your email. Just register below and let me know which neighborhoods you are interested in. Download a sample report.