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Marin Property Values May Have Hit Bottom
Property values, experts say, may be on the verge of stabilizing for the first time in nine years. The Marin real estate market is no exception, as many areas are showing signs that the bottom is here. Two of the areas that seem to be stabilizing the most is the Mill Valley real estate and Tiburon real estate markets. Across the nation, recent reports indicate that median selling prices are about 3 times median incomes. This is a very comparable ratio to that of the real estate boom during the eighties. Just 3 years ago, when the housing market began its downward turn, this ratio was about 4.6. Factor in the lower interest rates today and homes are even more affordable than they were back then.
Qualifying for a home loan is more difficult than it was in the eighties, but if potential buyers are willing to conform to the standards of that time, they should have no problem in acquiring financing. These standards include a twenty to twenty-five percent down payment, income-tax returns from several years, and a realistic appraisal of the property’s value.
At the current rate of houses selling, the inventory of unsold houses is about ... more

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