How the Coronavirus is affecting the Marin Real Estate Market

Today we’re facing two very large, uncertain forces – the coronavirus and the stock market. We can’t halt the global spread of infectious disease or dictate the direction of the Dow, but can we can offer thoughtful guidance to our clients to make wise decisions in a changing environment. 

The Coronavirus

You know what it is and it’s simple… wash your hands! #seriouslydoit

The Stock Market

Last week the stock market fell more than 10% in it’s worst one-week plunge since 2008. Many analysts have been expecting a “correction” like this for years. The good news is that a “correction” is always followed by recoveries. A recession is possible, but until we know more about the coronavirus, we won’t know if, when, or for how long. It could be mild or major or not come at all. 

WHAT DO WE KNOW RIGHT NOW?

  • Periods of stock market volatility can often times be good opportunities for real estate.

  • When the stock market becomes choppy, it’s wise to invest in a more reliable long-term asset, like real estate.

  • Interest levels are at an all-time low, have dropped 1%-1.25% and may continue to decline.

HOW IS IT AFFECTING MARIN COUNTY HOME BUYERS?

  • It’s a great time to buy a home in Marin at super-low interest rates, the best buying opportunity since 2009.

  • Dropping interest rates are giving buyers a break, for example a $1M loan is $600 per month cheaper than last year.

  • There is TONS of new inventory coming to Marin over the next 8 weeks – reach out to hear about the 50+ homes we know of coming up or available off-market

HOW IT IS AFFECTING MARIN COUNTY HOME SELLERS?

  • There is very low inventory on the market right now and very high demand to purchase homes in Marin

  • Open house activity is strong with very few buyers talking about the stock market or coronavirus

  • Getting your home on the market sooner than later will likely award sellers in multiple offers and high selling prices

Homeowner Tip:

If you’ve recently purchased or plan to stay in your home for years to come, now is a great time to reach out to your lender and discuss refinancing your home mortgage.

If you’ve been thinking about making a move this year in Marin, now is a great time to get the conversation going on your next steps. Contact us to learn more about the Marin real estate market and how we can help guide you to make a wise move.

Market UpdateKNOCKOUT.DESIGN