Marin Luxury Report (April 2009)

July 10, 2009 by  

Despite my self-imposed limited media diet, I do read headlines. And the headlines are becoming more optimistic. This is a prerequisite for increased buyer confidence. I remain convinced that with minimal social proof, buyers will return to the market and pent-up demand will create a surge in sales figures. Increased conforming loan limits and a pronounced level of increased affordability across the board is a recipe for sales. Buyers with 25% down (and who otherwise qualify) will be able to obtain top-shelf financing for purchases of a little over $1.6 million. While that is not “Luxury” territory here in Marin, many potential move-up buyers of luxury homes must sell their homes first (it is said that 80% of buyers are also sellers) and this will be a big step in the right direction. And interest rates are a full 1-point lower today than they were last year. Certainly, the pump is primed as there are nearly 60 active escrows on homes priced $1 million and up (again, move-up buyers typically need to sell their current home). For national trends,  click here — April 2009, Institute for Luxury Home Marketing. Note, if you would like a local report relating to any town or zip code in Marin or San Francisco, call (415) 350-9440.

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