Copy of Copy of April 2024 Market Report Newsletter

April 2024 Market Report Newsletter ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

I am loving this Spring weather which has finally arrived! I have been busy preparing my beautiful listings for the market and I am excited to be announcing them soon.

Our market has been challenged with extremely low inventory and we finally have some much-needed homes coming - but still probably not enough to cater to all of the buyers in the market.

One of the reasons that I think new inventory is not opening up is due to the GEN-X age group's needs, who are hanging on to their larger homes for a number of reasons. Homeownership among Gen X-ers, who are currently aged between 44 to 59 years of age (including me), was 72% in 2023! They/we are dealing with multiple home requirements with the most important one being a home that will suit our needs into retirement and beyond. 

Our age group is also dealing with some other important factors:

Aging Parents: The parents of Gen-X-ers are likely in their 60's and older and probably about to retire - if not already retired. Some of us wish to have our aging parents close by to keep the family near and available for safety, health, and other considerations. Others are compelled to live with aging parents, whose savings and incomes may be insufficient to sustain them through the end of life. Many plan to age at home, not in a nursing home.

The Kids: Many of us have kids who may have graduated (or are close to) who cannot afford to buy a home, or don't wish to waste money on rent and want to save up to buy. Others may want kids to stay at home until they form their own families and help with the costs of keeping the home, either via paying some form of rent to their parents or contributing in other ways to the care and maintenance of the home.

Costs: Many of us purchased our homes many years ago and the steep appreciation of home values is indeed a double edged sword. On the one hand there is appreciation in the current home but the challenge can often be that buying an alternative smaller home in remodeled condition, in the same area can cost the same amount as the sale price of the original home.

It makes sense to me that we are seeing less inventory when you consider GEN-X-ers, who make up a large portion of our homeowners, are less willing to part with their homes for these reasons and more.  

That said, if you do wish to explore selling your home, now is a very good time to consider it as the market is very hot. And if part of your home is rented then a 1031 exchange 'in part' is a viable consideration to explore. I am happy to meet with you and provide my thoughts on what it would take to achieve the highest value for your home and also explore alternative housing options for you to consider.

Warmly,
Sharon

— Market Report —

Q2 May See the Hottest Market Since the Pandemic Boom

Ever since the beginning of the year, and now moving into the spring selling season, striking shifts in supply and demand have occurred and continued to accelerate, resulting in a dramatic leap in the heat and competitiveness of market conditions. 

Based on current indicators, and what is being experienced on the ground as new listings arrive on the market, deals are negotiated, and homes go into contract, it appears likely that significant home price increases will begin to show up in Q2 2024. 

What's Real About the Recent Real Estate Headlines?
—

As you may have seen or heard, there is a proposed settlement by the National Association of REALTORS® (NAR). While the settlement still requires final approval, there have been plenty of headlines in the media causing confusion. 
To clarify some of the misinformation about the settlement, 
I want to provide a few facts:

Sellers retain, as they always have, the discretion to offer compensation to buyer’s brokers. The proposed settlement does not prohibit their ability to do so.

Commissions have always been and will continue to be negotiated through transparent conversations with clients. I believe firmly in transparency around broker compensation.

Commissions have always been negotiable and are not set by law. Reduced fee alternatives have been and will continue to be available for consumers seeking those options. 

The proposed settlement would require that every buyer represented by an NAR-affiliated agent sign a Buyer Representation Agreement outlining the relationship between the buyer and broker before touring a property, something that has already been required in many states for over a decade.  

Buyers deserve representation at every income level. Our experience has shown that transactions flow more smoothly when there is professional representation on each side for multiple reasons, not to mention creating open lines of communication which benefit all parties involved.

I provide tremendous value to my clients. As a result, I will continue to encourage a transparent commission conversation that reflects the time, effort, expertise, and support that I invest in each client and transaction.

Compass and myself are more than prepared to adopt the changes laid out as part of the settlement. We see these updates as being positive both for our clients and for the brokerage community, as they provide additional transparency and clarity and will encourage the most professional agents to thrive.

Personally I am excited for the changes and think it will bring a higher level of professionalism to our business. I work extremely hard to ensure my clients success, and I am tired of people treating the business as if it is easy. This is far from an easy business. Every detail matters. The more education and transparency the better in my opinion.

I would be happy to sit down with you at anytime to discuss the changes, so feel free to reach out!

MILL VALLEY EARTH DAY

Celebrate Earth Day and help create a better world at Earth Day Marin, a free community event at the Mill Valley Community Center!

Date: Sunday, April 21, 2024
Time: 11:00 am - 2:00 pm

MILL VALLEY MUSIC FESTIVAL

Get ready for an unforgettable weekend as the beloved Mill Valley Music Festival returns on May 11-12!

Grab your Two-day GA and VIP passes here. Special rates are available. I'll see you there!

Mill Valley
Blithedale Canyon Beauty

5 BD 4BA plus OFFICE plus BONUS room
Street to street lot on .25acre

This very special home offers the perfect family friendly lay out and seamless indoor/outdoor flow, with mature landscaped gardens and walk to town and trail location.

More details soon!

San Rafael
22 Village Circle

2 BD 2BA 732 SF $595,000

This remodeled upper-floor, end unit is in impeccable, move-in condition with beautiful updated kitchen and baths.

Located in the Meadow Oaks condominium complex.
Private and convenient setting, close to the Civic Centre and freeway!

— Available Homes —

Want to be in the know?

Visit my website to see my current listings and sold homes, as well as many testimonials, my newsletters, 
and more!

Check out Coming Soon properties in 
Marin

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Magazine

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.