Latest Marin Market Conditions Survey Shows Buyer & Seller Expectations
Posted by Karen Monroe — January 21, 2008
MARIN, Calif. – (Jan. 22, 2008) – The results of the latest Marin Market Conditions Survey are in and, according to 64 of the top-producing REALTORS® from different firms in the area, more than half of today’s buyers expect prices to drop and are willing to wait for it. They also reported that more than 80 percent of sellers in Marin are relocating within the area, and nearly all participants agreed on the importance of staging a home to best present it for sale. Written and published three times a year by Tom Dreyer of Pacific Union GMAC Real Estate, local agents are able to anonymously respond to survey questions and provide valuable insight into current market conditions.“I created this survey to provide a reliable collective view of the local home sales market for both buyers and sellers,” said Dreyer, who works from Pacific Union’s Greenbrae office. “The results offer a unique insight into the market from these professionals’ responses to questions about the current market as well as their predictions for the coming three months of home sales activity. It helps the reader reduce the chance of being mislead by either market hype or overly pessimistic media portrayals.”Results of the latest Marin Market Conditions Survey, completed January 15, are now available for public view on www.MarinSelect.com. Some key findings are:· 69% of REALTOR® respondents said their buyer clients expect local prices to drop.· 52% of respondents said they have buyers who are unwilling to bid near current asking prices and/or are waiting for a price reduction on a specific house.· 33% of respondents said they have a seller client who is leaving Marin.· 82% said their seller clients are relocating within Marin.· 37% said they sold a house to a first-time buyer during the past quarter.· 40% said the buyer from a recent sale was moving from San Francisco.· 60% said the buyer of their most recent sale saw the property online then contacted their REALTOR® for more info.· 93% of agents said they would spend between $5,000 and $30,000 to stage their own home before showing it to prospective buyers.· 9% said that they have a client who may be facing a short sale or foreclosure in Marin.· 49% of agents predicted the spring market for homes in the $2,000,000 and $4,000,000 price range will be a moderately-active balanced market between buyer and seller expectations.Dreyer is a certified Estates Properties Specialist and served on the Board of Directors of the Marin Association of REALTORS®. For information, contact him at 415.412.3443 or email Tom@MarinSelect.com.Pacific Union GMAC Real EstateSince 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.