The typical question real estate agents get asked is “how’s the market”? But lately, the more frequent question is: “is there much ON the market”? Well, the short answer is no. Given the low inventory, one might think that the prices should go up, right? But we are not seeing too much of that either. We are seeing a lot of slow moving properties. Tam Valley is feeling the slow market just the same as many other Marin communities. Yet, consistent with the past: the pristine properties are still selling quickly and for top dollar. The properties that are priced higher than market value (perhaps sellers hoping for a miracle), and the homes not prepared well for this market, will sit and sit -- eventually implementing price reductions and finally selling for a fraction of it’s original listing price. What can you or your neighbor do to properly prepare a home for market? Well, that’s a whole conversation. But this is the right place to begin.
While the inventory of active listings is at a all time low, the number of listings that have closed escrow since our last analysis has fallen dramatically as well, from 26 Tam Valley closings to 12 in this time period. The interesting thing is also some of the current listings have been listed multiple times but multiple agents. Of our active listings, there are a few that are on their second or even third real estate professional. The primary issue here is a seller that believes their home is worth more than the market dictates and they are blaming the agent. After all, market value is what a seller is willing to sell and what a buyer is willing to pay. If you have a professional real estate agent, doing a professional job for you and you have properly prepared your home and given it the best marketing strategy, and your home isn’t selling, well, quite frankly, it is not priced right. You can price the home at any value, but if there is not someone willing to pay it, it will sit there and sit there. No one wants that. Price it right in the beginning! Hire a local real estate professional willing to properly market and promote your home, make sure your home is set up to show well and easily, and you are on your way!