In statistics released yesterday by Core Logic, home prices are still going up in February, 2019, both in comparison to January and compared to a year earlier. Fueled in large part by anticipation of a number of IPO’s, more people are jumping onto the market and spending more money to claim the home they want. Last month, total sales in Marin were 180 homes sold. This figure is 26.8% higher than the number from January, while it simultaneously is 7.1% higher than the same month in 2018. Similarly, the median price for the period, at $1,025,000, showed an increase of 11.4% from that of January and–hang onto your seats–15.7% higher than a year earlier!
These numbers were also fueled by a reduction in 30 year mortgage rates. The average 30 year rate dropped last week to 4.06%, down from 4.28%. As always, when interest rates drop, more folks get into a buying mode.
So, what does all of this mean for you? Simple! If you are a Buyer, it means that you can afford more house for your money, but you’d better hurry before the resulting prices eat up all of your rate savings. If a Seller you be, it means that there are more people competing for your home and, as with all commodities, that will lead to you receiving more money for your property. As an example of this competition, one of my recent listings received five offers from buyers.
Want to know your home’s value or what getting into the market will cost? Call us now!! The numbers are: Peter: (415) 279-6466; Jane: (415) 531-4091. WE look forward to being of service.