ARE BUYERS SPOOKED THIS HALLOWEEN?

This is the weirdest October I can remember for selling real estate in Marin County. Typically, we have a strong spring, slower summer, strong fall and weak winter. In 2024, we had a robust but brief spring selling season due to heavy rains early in the year. Summer was as predicted, steady but not remarkable. We anticipated brisk fall sales after Labor Day which continue until mid-November. I had heard from many lenders that interest rates would go down a few times before December. They went down but came up again. Buyers are out looking at homes, but they are in no hurry. The condo market is especially slow. Some homes are still moving quickly, but many are simply languishing on the market. Price reductions are not necessarily moving the inventory.

This is an adjustment for sellers because for the past few years, homes were selling fast. In some ways, this is a good thing because buyers can have longer contingencies and ask for credits toward closing costs.

What is causing the slowdown? Is it the election? Are buyers waiting to see who wins? Are they waiting for rates to drop? I'm going to be tracking the market through 2024 and I hope to provide an update.

#fallsales #marinrealestate #homes #condos #buyers #market #interestrates #election