The latest figures for Marin County real estate are in. Inventory is down, prices are down and the market is in a holding pattern. The median price for a single-family home in Marin dropped to $830,000 last month – down from February 2007 and down from last month. Property is still selling, however, and generally close to asking price – there just isn’t as much on the market as we once saw. It is important to note, however, that Marin County is a small market and fluctuations are to be expected. In the overall picture, Marin’s numbers are relatively stable.
With the new government increase on conforming loan rates, I think it is only a matter of time before lenders regroup and begin making loans under the new guidelines, which increased the ceiling on Fannie Mae and Freddie Mac mortgages from a $417,000 limit to $729,750. This can only mean good things for the Marin market, as prospective buyers will be able to borrow enough via a conventional loan to finance their home instead of going the more expensive “jumbo” loan route to homeownership.
With all that said, there are still some fantastic homes on the market – and for those considering a purchase in Marin, now might be the time to take the leap. I have a new listing for a beautiful home at 191 Crest Road Novato and another for a terrific condo at 206 Albion - Novato that I invite you to take a look at. Novato recently garnered a lot of attention by being named BusinessWeek's "best affordable suburb" in California, yet Novato continues to fly under the radar, and Novato real estate remains a Marin County bargain -- for now.
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