the $900,000-1.350,00 tiburon/belvedere home, would be considered a starter home...hence, the velocity of activity around such moderately priced homes is significant...not inflated...a simple text book case of supply and demand.
We are recently calling the market more of a market of "competition" versus "comps" Meaning buyers are bidding against their competitive buyers who really want a home, versus what homes recently sold for.
I hope that helps!
Top Producer and Partner, McGuire Real Estate
Here in Tiburon we have a low inventory of homes and we have an increase demand. Our interest rates are at a 70 year low and the home affordablity hasn't been this high since 1971.
Last year we had the most sales in 5 years and our market is definately moving swiftly.
I would love to talk to you personly and sshare my experince. Call me today I will help you take advantage of this market and get you the most money for your home.
Miguel A Paredes III
TOP PRODUCER 2013
PRESIDENTIAL AWARD OF DISTINCTION 2012
FRANK HOWARD ALLEN REALTORS
#1 MARKET SHARE IN MARIN
As you may have noticed, the amount of homes for sale has actually diminished. In some neighborhoods its interesting that there is a lot of vacant homes but there is still a lack of inventory in those very same neighborhoods. What has happened is that it seems that Banks are holding on to inventory, manipulating inventory to increase demand. (The basic economics law of supply and demand). I do believe that the intention is to not totally depress any given neighborhood by just flooding the market with all available inventory.
You see, there were a lot of smoke and mirrors last year. Bank of America being the largest servicer in the U.S. but over 200,000 properties on hold from foreclosure with the pretense of going back and modifiying these mortgages or persuading homeowner's to short sale their property (sell it for less than its worth). http://www.cnbc.com/id/48243400 That's just B of A, who knows how many more properties are on hold from all the other Mortgage Servicers in the United States. To add insult to injury, a bunch of properties were also placed on hold from the whole "Robo-signing" scandal. http://www.dailyfinance.com/2011/03/04/hsbc-foreclosure-mora . On top of that, Banks are punishing folks that are trying to modify in a way to get back at consumers for the scandal the banks caused. http://www.tampabay.com/news/business/realestate/banks-find-
Only time will tell if this growth in appreciation will be sustainable as Banks commence to foreclose on all these properties. I would think that these Banks can only hold on to these assets (actually liabilities) for a limited amount of time, but the truth of the matter is that there are many empty homes that have been empty for years. I do hope that this growth will be sustained. Just keep your eyes open as to what is going on in your particular neighborhood.
Eddie W. de Leon
Senior Loan Officer
Dial **4Eddie from any Cell phone in order to be connected directly to me.