Marin Home Prices Increase While Buyers are Showing Caution.

Looks like we are seeing home prices in Marin going up 10% from July '09 - July '10.  The Median price of a home a year ago was $650,000 and as of July of this year it is $715,000.  There has been a slow down in homes sold from a year ago by 15.5%.  Marin Condos have slowed down to 51% less this year than from 2009.  Stricker lending standards have taken place that may be causing this.  

The great news is the Mortgage Rates are down to 3.875%!! If you are considering buying a home this is one of the best times ever.  Interest rates are at an all time low and homes are still priced at great prices.  If you have questions regarding how to get started it just takes a phone call.  Please call me and I can help get you started to buying your new home. 

Once again Marin County Schools show why this is a great area to raise a family. The latest school scores continue to show one great reason why Marin County Real Estate is so desirable.

The latest API scores for 2010 show steady improvement for Marin County Schools. Overall there are 46 schools that have ratings higher than 800 which is California's state standard for Academic Achievement. The highest scores were from the Reed, Kentfield, Dixie and Mill Valley districts.

Very large gains were shown by Bolinas-Stinson Elementary, Olive Elementary, Lynwood Elementary and San Jose Middle in Novato and Ross Valley Elementary among others.

To see all the latest scores for Marin County Schools click below to go to our chart.

Marin School scores.

Since the economic downturn the last few years you might think the Marin Real Estate Market would be slow. Even with all the gloom and doom in the news our market is still relatively busy in some price brackets. One interesting thing with all the foreclosures and short sales most of them had buyers, especially in the under $1 Million range. Even after sales of existing home sales dropped after the government perks expired in April projections are that 4 million existing homes will sell in 2010. Along with historically low interest rates this could be a great opportunity for first time home buyers without a home to sell. But before you rush out and make a decision on buying a home, click here to see some common buyer mistakes to avoid.

Common Buyer Mistakes to Avoid

We are in the New Year!  I don’t know about you but new beginnings work for me!  Looks like new houses are coming on the market steadily so inventory is building up.  People are out looking.  I had over 15 groups of people at my open house last week.  Interest rates are still very good, but lately have been creeping up.  So if you are curious about the Real Estate Market, I am here to answer your questions.  May 2011 be a happy, healthy and profitable New Year for you!

Sandi Bowman

Mortgage Risk-Based Fee Changes

As of March 1, 2011 Freddie Mac will be raising the risk-based fee on their mortgages
and Fannie Mae's fees will be raised as of April 1, 2011. The higher loan to value
ratio and the lower the credit score, the higher the fee. The fee will increase 0.25
to 3% of the loan amount.  This will be a one time fee. Example: $300,000 mortgage
could equal $750-$9,000. Lenders can add this fee to points they charge customers,
add it to the interest rate, pay upfront or a combination of these.  

FHA is raising its annual mortgage insurance premium by 0.25% on all new 15 & 30 year loans
insured on or after April 18, 2011. On $300,000 loan this will add about $63 per month.  
Currently FHA loans require only 3.5% down payment but if the borrowers score is below 580
then a 10% down payment will be required.

Good information for any Marin Real Estate buyers to keep in mind.

If you have any other questions please contact me and if I don't have the answer I
will put you in touch with some of my Mortgage contacts.

Just thought you should know..

Sandi Bowman

415-203-5519 cell

We are taking Clothes Donations at our Corte Madera office for Image for Success. The office location is under the contact menu above.

Image for Success is a non-profit organization dedicated to providing wardrobes to disenfranchised men, women, and children of Marin County who are making the transition to self-reliance. Our clients are referred to us by over 60 social service agencies and nonprofits in Marin County. We provide each individual with a complete two-week wardrobe, free of charge. Our clothing comes from generous donors in our community.

Image for Success accepts Fall clothing, shoes and accessories for women, men and children:

We all appreciate any donations you can provide.

Here are donation guidelines:

• School, workplace and casual clothing 

• UNUSED makeup and toiletries 

• NEW Undergarments and socks Items should be: 

• Currently in style or purchased no more that 3 years ago 

• Clean, gently worn, excellent  condition and on hangers 

We Cannot Accept:

• Clothing with holes, stains mildew, moth ball or cigarette smoke odor 

• Shoes with scuffs, tears or worn heals 

• Household items 

• Sports equipment 

• Electronic equipment 

• Extra clothing hangers

• Extra clothing hangers All contributions are tax-deductible to the extent allowed by law.  

IFS 501 c 3 ID #943331026 

No goods or services were received in exchange for this donation.  

Some donated items may be used for resale to help us continue to provide services to our clients

Would you like to see where Marin Real Estate prices are historically? Some of us would like to have a crystal ball for the future but sometimes it helps to see how we got where we are. Below are some charts to ponder. The first shows Marin Real Estate prices and closed sales from 1966 to 2010. The “bubble” is clearly shown starting in the mid 1990’s where prices appreciated at a fast rate until Mid 2008. Also look at the # of closed sales in comparison which is at its lowest since 1983.

The chart below shows Average prices and sales since 2009 on a quarterly basis. Look at late 2008 when the downturn started.

Now this one shows the Median price and # of sold properties on a Quarterly basis since 2009. This one is interesting. 

You can clearly see the downturn in late 2008, but what has happened since then? The lines are showing the overall trends. They are used by stock market technicians. Notice they crossed just before the downturn in early 2008 and looks like they might cross in the other direction soon?

None of us know what the future holds. Is this a buyer’s opportunity or a bottoming process. What do you think?

Let me know if you would like any other information or have questions on any aspect of the market.  Perhaps you would like to see what is happening in a specific town in Marin or another market in the Bay Area.

Something to think about…..

Sandi Bowman,

415-215-4848 cell

Looks like Marin Home sales have increased overall 11.04% compared to 2010.  Prices vary in each town but prices are up slightly 2.37% from 2010, $761,000 in 2010 & $799,000 in 2011.  This is a good sign of steady recovery.  Mortgage rates are still historically low. This is a great time to buy!

If you are on the fence and still not sure this is the time to buy let me know.  I will be happy to show you the time to buy is now.  I am here to answer any questions you might have regarding your real estate needs.  Consider me your "source".

Sandi Bowman

sbowman@sandibowman.com

415-215-4848 cell

Ok, you are self employed like many in Marin and wondering what the process is for getting a Home Loan in this environment. Check out this video by Rob Spinosa of RPM Mortgage. There is lots of information to ease your mind and get you on the road to finding you Marin Home!

Click on the link below:

http://www.marinlifestylehomes.com/affordability/current-mortgage-rates.html

Contact me with any questions you may have using the tab on the right.

I am here to help!

Sandi Bowman

415-215-4848 cell

Open House Sunday Oct 16th at 15 Cabrillo Ct in San Rafael from 2-4PM. $1,198,000. This Redefined Eichler was stripped to its core and totally rebuilt with the utmost in quality & care. What emerged is a true masterpiece! 4 bed/ 3 full baths w custom kitchen & two 12ft islands, top of line appliances & cutting edge finishes too numerous to list.

A central courtyard & back patio lead to open space. For those who don't have time for a 2 yr project, the seller did it for them! Nominated Worlds Top 100 Best Designs! Stop on by!

Click below to see a current Mortgage Rate Chart. Rates are still historically low and Home prices seem to be leveling out especially in the sub 800,000 range. Check it out!

Oct 31, 2011 Mortgage Rate Chart

Very Modern Open House Sun Nov 6th at 45 Diamond Head Pass, Corte Madera from 1 to 4.
This house has just undergone a COMPLETE remodel.Included are 3 bed, 2 ba, new floors, electrical, plumbing, gas lines,windows,recessed lights, HVAC, new driveway,LONG LIST OF IMPROVEMENTS! Beautiful landscaping including large level back yard. This is a collaboration w LucianDesign and Marika Sakellariou who has made it her career applying modern designs to traditional houses.DON'T MISS THIS MARINER COVE GEM!

Current Mortgage Rates are very favorable for Marin County Home Buyers!

Click Here to see the latest information.

Contact me with any questions about the current Marin County Real Estate Market conditions.

Sandi Bowman

415-203-5519 Cell

sbowman@marinlifestylehomes.com

Wow!  I was a docent at the Marin Designer Showcase in Belvedere and what a home!!  This contemporary new home built on the south side of Belvedere Island has panoramic views of the Golden Gate Bridge, San Francisco & Sausalito. 

This 15,500 sq ft house listed for $45,000,000 is the most impressive home I have ever seen in Marin.  This is worth anyone’s time.  This is the last week so check out their website. Google: Marin Designer Showcase.

Here is a photo of the living Room elegantly designed by well known  Designer team Tucker & Marks.

Enjoy!