Home Selling in Novato>Question Details

Michael Kell…, Home Buyer in Novato, CA

What is the average number of day a home stays on the market in Novato?

Asked by Michael Kellenbach, Novato, CA Fri Feb 15, 2013

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That's a rather "loaded" question, Mkelly. I concur w/ what my fellow Realtor pals, M. & K. Yamamoto, noted before. As a seller who's already listed their property... 2 weeks on the market w/o an offer should indicate the most obvious - pricing (though not exclusively).

Much like most of last year, Novato's (and pretty much the entire Bay Area) housing inventory across the board has been slim, thus, a return of multiple offers that helped predicate an overall home pricing increase (particularly single family residences priced under $500k) and the same could be said of condos/townhomes w/ 3 bedrooms. Presently, it appears to be a continuous trend though the start of the housing market traditionally begin in March thru July, then, again, post-Labor Day thru November.

The "entry" level (homes under $500k) of SFRs is by far the most competitive whereby we have 3 groups of buyers vying for a home purchase: first-timers, relocators and investors. Presently, it is not unlikely for a property to be in contract in less than 7 days as predicated by the listing agent establishing a specific date for any/all offers to be reviewed by the seller. For example: The property enters the open market (MLS) on Tuesday, then the broker's tour (which is Wednesday for Novato) followed by a Sunday open house and offer to be reviewed on Monday.

"Mid" level homes (those priced above $500k to around $800k) are also experiencing shorter "days on market" (DOM) than back in '11. However, it would be difficult to provide you w/ specifics due to not knowing the neighborhoods of interest w/in Novato (say, Bel Marin Keys, Country Club, Green Point, Hamilton, Loma Verde, Lynwood Hills, Pacheco Valle, Pleasant Valley, the Presidents, and San Marin just to name a few).

"Upper Mid" level homes ($800k to $1m) tend to be an exception. Ever since "Fanny Mae and Freddie Mac" reduced the jumbo conforming loan limits from $729k to $626 (rounded up and for single units, only) back in Oct. '11, homes priced in this level have experience longer DOM. I anticipate a continued pattern for homes priced w/in this group.

What was surprising for '12 were the increased number of home purchases priced $1m and higher compared from the previous year. And I anticipate the same pattern to repeat here as well.

Overall, the current market suggests a great time to sell one's home. In turn, it is still a great time to purchase a home considering the continued trend of historically lower interest rates (though they have recently edged up a bit). So, if you (or anyone you know) is interested in purchasing a home in Novato, I would advise to go w/ your best offer up front particularly in our "entry" home range.

I hope I've been able to answer your question based on the experiences I'm witnessing as a seasoned Realtor in Novato. I welcome your feedback should you feel incline.

Kindly,

Rod MacDougall
Bradley Real Estate
1 vote Thank Flag Link Fri Feb 15, 2013
it depends on the price. Most homes that are listed between $400,000 and $550,000 have been selling within days of it coming on the market. Same with condos under $450,000. Homes that are over $600,000 that have been remodeled also sell quickly. It depends a lot on supply and demand. Right now there is more demand than there are homes available.
0 votes Thank Flag Link Mon Feb 18, 2013
In order to use DOM in your dealings, you would need to know WHY a place had so many DOM's:
Was the LISTING PRICE too high?
Has it been in Escrow and fallen out?
Was there work being done?
0 votes Thank Flag Link Fri Feb 15, 2013
The average numgber of days on the market depends on MANY factors!! Are you asking about only single family detached homes or condo/townhouses as well? Agressively priced homes and condo/townhomes in the lower price range that are regular sales or bank owned properties (REOs) are receiving offers within a week of going on the market and closing within 30-45 days of acceptance of the offer. Homes in higher price ranges that are priced properly may take a little longer to sell. Short sales take longer due to the necessity of getting approval from the lender/lenders holding the loan on the property prior to the contingency periods beginning, but they usually close with 30-45 days of short sale approval. Proper pricing is crucial, location is definitely important, and condition & special features are also a factor.

Inventory of available homes and condo/townhouses is low throughout the county, which has generated multiple offer situations for MANY properties. It has quickly become a seller's market as buyers scramble to get an accepted offer on desirable properties.

If you would like more specific information about a certain neighborhood or development...please let us know. We are very familiar with Novato and could easily and quickly do research regarding a specific area. We tour the new listings in Novato almost every week and are very familiar with the Novato market.

Looking forward to hearing from you!!

Mary Kay and Kathy
0 votes Thank Flag Link Fri Feb 15, 2013
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