Gerstle Park Home Values--October 2011 Update

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People ask us all the time,“how’s the market”?  The best way to answer that question is to look at the specific area where one lives.  We can watch the news and see that our state is struggling and homeowners in various parts of the country are ‘underwater’ with respect to their home values.  The news about real estate is not always as it appears.  There are many, many different real estate markets in the state – even in our Bay Area … and in Marin County.  So, to answer the question, “how’s the market”, we need to get to the micro area of which “market” the question is referring. 

Here we have provided the data for Gerstle Park.  You will notice that half of the homes have been on the market for less than two months.  The rest have been on for four or more months without selling.  Why?  Each home has its own story, but to sum it up: it’s often that homes are not priced appropriately.  Of course other factors come into play—the house showing its best, great marketing and being available for show.  We have found by watching homes and market dynamics over the years, that it is often in the Sellers best interest to price their homes around the market value.  The reason is many buyers are discouraged and don’t even write offers if they believe a home is offered at a price that is way to high. The buyer’s thought is that a Seller may be unrealistic.  As time goes by, fewer buyers will look at this home, as they assume something is wrong, and you will experience diminishing returns.

The home at 7 Espalda Court came on the market and went into contract in less than a week—an example of a home that is well priced, e.g. realistically for the market.

A few homes are new to the market in the last month.  5 Ross Street, 240 C Street and the home at 31 Grove (new to the market—not in the attached report). We’ll be watching them and showing them to interested Buyers.  Interest rates are about as low as we can ever remember so we are optimistic for a strong fall market in Gerstle Park.