Housing Market shows signs of stabilizing

View January 27, 2010 Fox Business Video  here with HomeServices of America CEO Ron Peltier on the signs the housing market is improving. 

Pending Sale Sign in Kentfield, CA

In the interview, Ron Peltier comments on the Pending Homes Sale Report for December 2010 released by the National Association of Realtors (NAR) on January 27.  the report shows continued improvement with the seasonally adjusted national index increasing 2.0% since November but remaining 4.2% below the level seen in December 2009. 

In the report, NAR’s chief economist, Lawrence Yun, noted that “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.” The market still has a long way to go and while the market clearing mechanisms are functioning better–short sales, foreclosures–it will take some time to reach a resolution.

In the video Ron Peltier points out that the uptick in pending home sales this past December– typically not a significant month for pending home sales–despite particularly bad weather and the holidays is a sign that we are moving towards a stabilization of the housing market in 2011.

He attributes it in part to interest rates going up slightly in December after reaching incredibly lows in November and motivating fence sitters to start moving.  However, while rates are always a factor, he believes the increase is due primarily to the kick up in consumer confidence resulting from the outcome of the elections in November and the changes in the mood of the country as to the direction the economy is taking.

He adds that interest rates are clearly very favorable and there are incredibly good values as prices have gone back to 2002 levels nationally.  It is a great time to buy if you have the financial capacity and creditworthiness. 

If you have been thinking of buying and are waiting for prices to go down further, just use this Mortgage Calculator to figure out the difference in your payment as interest rates go up.

If you have been thinking of selling, while not all economists agree about what the market will do in 2011, they all do agree that it will take several, probably two to three, for prices to go back up in an significant way.  So why wait?  Inventory is low now and several of my buyers are chomping at the bit because they cannot find the right house.  The market is picking up much sooner this year and I and many of my colleagues have noticed that buyers are not planning on waiting until spring.  Call me for a free, no pressure consultation to discuss your needs and plans.

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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I help people move in and out of Marin County, just north of the Golden Gate Bridge.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!  Thinking of buying? I will help you find the right home and provide you with the best home buying experience possible.

I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Has Marin’s Real Estate Market Hit Bottom?

Charming Larkspur Home

I was happy to read today’ s front page Marin IJ article echoing the sentiment I shared in my last market report about an impending recovery of the  Marin County real estate market as demonstrated by the return of investors.

There is high demand from people who want to live in our great Marin County communities; and serious buyers are attending open houses in great numbers. 

If you have been thinking of selling, it looks like buyers are not going to wait for spring this year and you might want to get an early start on preparing your home for sale.  It is important for you to understand the specific dynamics of your community and your price range.  Call me for a free, no obligation consultation.

If you have been thinking of buying, call me to discuss your needs and I promise to make your home buying experience as successful, smooth and stress free as possible.

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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I help people move in and out of Marin County, just north of the Golden Gate Bridge.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!  Thinking of buying? I will help you find the right home and provide you with the best home bying experience possible.

I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Coming soon to a Marin County city near you: plastic bags ban

Marin County Supervisors voted unanimously to ban single use plastic bags in the unincorporated part of the County as soon as next year.  Six Marin cities, according to the Associated Press are poised to adopt similar legislation. 

Why not bring your own shopping bag whenever you shop and start reducing the use of plastic bags now?  I am noticing more and more of us doing so, let’s keep up the good work Marin County!

Read the Associated Press article here.


Is that skunk I smell?

It’s mid-January and the air is filled with the smell of skunk. Why? 

I just received my WildCare enewsletter and thought I would share its content. Read on…

January and February is skunk mating season in the Bay Area! During this time, male skunks are very excitable and may spray more readily. Between territorial disputes, males fighting and females spraying males they don’t approve of, a lot of skunk odor is being generated right now.

This is perfectly normal and only lasts for a few weeks! 

WildCare asks you to keep in mind that it is usually not necessary to hire a professional trapper just because you smell skunk. Most people don’t know this, but professional trappers are not legally able to relocate wildlife in California (read more) and so are required to release any trapped animal within 100 yards of where it was trapped, or to kill the animal. 

If you find the smell of skunk truly excessive and it becomes a problem, you may have a skunk that has taken up residence underneath your home or in a crawl space. Don’t call a trapper… WildCare’s WildCare Solutions service can help!

Call us today at 415 453-1000 X23 for a free phone consultation. 

A trained WildCare Solutions Specialist can conduct a home inspection, and if a skunk or other animal has take up residence, we will humanely evict the nuisance animal, and then permanently seal up the entry points to keep the skunk and other wildlife outside. 

The WildCare Solutions approach is called “humane eviction” and is the only long term solution that works. WildCare never kills healthy animals.   

Living well with wildlife can sometimes be a challenge, but WildCare is here to help. Our Living with Wildlife Hotline (415-456-SAVE) is available for free advice about wildlife, our wildlife hospital is here for injured animals and WildCare Solutions can humanely help with nuisance wildlife problems.

Please share this message with friends to let them know that the smell of skunk is probably only temporary and to prevent the unnecessary trapping and euthanasia of skunks this early spring.

Sincerely,

Maggie Sergio
Director of WildCare Solutions


How To Keep Your Granite Countertops From Getting “Cloudy”

Cleaning granite countertopsGranite is a popular “finishing choice” for homeowners because of its good looks and its strength.   A well-maintained granite counter-top boasts natural beauty and outlasts most other finishes.

But granite is also natural rock, mined from the earth.   It’s porous and highly absorbent.

Therefore, if your home features granite in its kitchen, its bathrooms, or other living spaces, you’ll want to make sure the counter-tops are cared for to prevent staining and/or clouding over time. 

The first step is to seal your countertops every 12 months — 6 months in areas of heavy use.

Sealing a counter-top is akin to applying polyurethane to hardwood flooring; it protects the material’s natural traits, while keeping out “the elements”.   Specifically, sealing granite creates a non-porous layer on the surface that is impenetrable to juice and grease, as examples.

Sealant can be purchased at a local hardware store, or on Amazon.com.   Prices start around $10. Just make sure you’re following the manufacturer’s application instructions.   Sealant won’t work if applied improperly.

Then, once sealed, avoid harsh cleansers.   Instead, opt for a warm sponge and mild detergent.   Cleaning with soap will help leave a reflective finish on the surface that will not strip the seal. Using soap also prevents the “cloudy counterspy” condition that’s so common with granite.

And, lastly, every day, take preventative measures to keep your granite shining.   Just because a countertop is sealed, that doesn’t mean it’s immune to damage.   Use coasters under beverages, put hot plates under dishes, and clean up spills as they happen. 

A granite counter-top will last years with proper care.

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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I help people move in and out of Marin County, just north of the Golden Gate Bridge.

I am here to help you make the smartest real estate move and build wealth, providing you with reliable real estate information and advice you can trust.

My knowledge and passion for Marin County are equaled by my commitment to helping you successfully navigate the process of buying and selling a home.  My business model enables me to provide superior service and a better client experience.  I know the neighborhoods, the schools, the amenities; I know where you want to live.  I know and love Marin County! 

I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Year End 2010 Marin County Real Estate Market Report

Before we consider what can be anticipated in 2011, let’s look back at what transpired in 2010. 

GENERAL MARKET AND ECONOMIC CONDITIONS:

–       2010 was marked by ongoing sluggishness in two key sectors that have led past recoveries: consumer spending and housing.  The slow recovery of both the housing market and the economy in the face of substantial monetary and fiscal stimulus reflects the gravity of the crisis and how hard it has been to unwind the dynamics at work during the expansion that preceded the crisis.    

–       Housing market activity—both new construction and sales of existing homes—remained relatively depressed but are starting to look brighter:

  • On the construction side, total housing starts nationally remained modest compared to historic standards.  However, while they have come down 39% from the mid-decade peak, they have started recovering since the trough of the first quarter of 2009.  Homebuilder confidence held firm in January for the second month in a row and an improvement is expected for 2011. 
  • On the sale side, despite the fiscal stimulus, historically low mortgage rates and falling home prices which together have boosted housing affordability to its highest level in 40 years, the pace of sales remained sluggish.  Impediments to home sales include tight lending standards, lower home values, a weak job market and continued uncertainty regarding the future path of home prices. 
  • A new breed of buyers: Gone is the trend of buying a “starter” home or a home for short-term investment. Today’s internt savvy and well informed buyers are now buying for keeps and it’s changing the way they view homes. I am finding more and more that when people do buy they do it with the intention of staying ten years instead of two or three. As a result, buyers care more about the design of the home, the quality of the construction and eliminate homes with flaws with which they would not want to live for the long term.
  • With lower home prices, many homeowners now owe more on their mortgage than their home is worth.  According to RealtyTrac, California had the largest number of foreclosures nationally in the month of December 2010 with 65,915 foreclosed homes, as compared to Florida’s 25,641 and Michigan’s 16,061 foreclosed homes.  While Marin County has much lower rates of delinquencies than other parts of the state, it has its fair share of foreclosures and many short sales.  While the bulk of them is still in Novato (about 42%) and San Rafael, there are some distressed properties as far south as Sausalito and some of them are high end properties.  Statistics show that the trend has shifted and that there are more delinquencies in mortgages over $1 million (1 in 7) than in mortgages below $1 million (1 in 10).

A LOOK AT MARIN COUNTY’S MARKET IN 2010

So how did we fare in 2010?

–       Overall the year ended in Marin County with a total of 1841 sold single family homes and 480 condos, or a total of 2321 homes sold vs. 2173 in 2009, a modest 6.8% increase year over year despite very attractive home prices and amazingly low interest rates.  For the most part, would be buyers were either concerned about the economy, worried about losing their jobs or waiting on the sideline for prices to come down further. 

–       Many buyers and sellers rushed to buy or sell during the first half of the year before the expiration of the Federal and California tax credits.  Marin County single family home sales peaked in June at 223, the highest number since June 2007. 

–       Many first time home buyers with school age children, a majority of which were San Francisco renters, took advantage of the tax credits and the highly improved affordability to move to Marin, attracted by our lifestyle and excellent schools. 

–       Investors, often creating difficulties for these first time home buyers who found it challenging to compete with their all cash offers, came back in force and accounted for 18.7 of home purchases in 2010.  Experts are watching them closely as they have the ability to heal and turn around a market. 

–       But the housing market showed signs of downward adjustment as it moved away from the stimulation of tax credits earlier in the year.  A dip in home sales was expected, but it was not expected that the drop would be so dramatic.  Consumers responded to evidence of a weaker than expected economic recovery as the year progressed and stayed on the fence.  The second half of the year was lack luster. Sales of Marin County homes for the last 6 months of the year dropped to 1,145 vs. 1287 in 2009. 

–       After several turns and twists throughout the year, the median price for single family homes ended the year on a down note at $748,000, falling 8.8% in December compared to November and 8.4% year-over-year.

–       Single Family Homes: We ended the year with an active inventory of 622 units and 4.1 months supply inventory on December 31—a balanced market is generally considered to have 6-7 months of inventory.  On average, a healthy inventory historically for Marin County has been around 1,000 housing units, but last year we stayed below that number almost all year.  The low inventory can be traced back to the reduced amount of equity that owners have in their homes and their reluctance to sell and trade up or down.

–       While sellers took their homes off the market for the holidays, buyers did not seem to want to take time off and kept writing offers, 212 of which were accepted on single family homes, bringing the ratio of accepted offers to existing inventory to 34.08%, the greatest number in over 24 months. 

–       The good news is that the recently lethargic higher end of the Marin market has improved overall in 2010 and  continues to experience more and more activity.    

Marin County – Single Family Residences as of January 6, 2011    
  Total Active In Contract % in Contract
ALL PRICES 740 206 27.84%
0-$999K 480 163 33.96%
1MIL-$1,999K 148 32 21.62%
2MIL-$2,999K 46 8 17.39%
$3MIL + 66 3 4.55%

 

–       Condominiums:  The condo market behaves in a similar pattern.  We ended the year with 201 condo units on December 31 and 5.4 months supply of inventory, the lowest since December 2009 when it went down as low as 5.2 months.  The number of condominiums sold in 2010 was 480, compared to 506 units in 2009, or a 5.1% decline. 

–       City by City Report:  Marin is made up of micro markets and, as usual, some are performing

Greenbrae, CA

much better than others as we enter the New Year.  Greenbrae, which was already outperforming the other cities in December at 46.15% in contract, has increased its lead as of January 6 to an astounding 60.87%.  Novato is in second place at 39.7% and continues to attract many buyers with its great selection of attractively priced short sales and foreclosures.  Belvedere is lagging behind with the lowest percentage of its listed high end homes in contract at 7.4%.  Both Kentfield and Larkspur are only at 11.11% in contract, a low number especially for Larkspur. 

City by City Analysis-Single Family & Condos January 6, 2011. All price ranges combined  
City Total Active In Contract % in Contract
Sausalito 48 13 27.08%
Belvedere 27 2 7.41%
Tiburon 65 9 13.85%
Mill Valley 105 30 28.57%
Corte Madera 22 4 18.18%
Larkspur 18 2 11.11%
Greenbrae 23 14 60.87%
Kentfield 9 1 11.11%
Ross 12 4 33.33%
San Anselmo 47 14 29.79%
Fairfax 26 7 26.92%
San Rafael 269 86 31.97%
Novato 249 99 39.76%

 

FORECAST FOR 2011:

–       Most economists anticipate 2011 to be a transition year, as 2010 was, continuing the trend towards stabilization of the California real estate market. 

–       The number of distressed sales compared to overall sales is important in determining the health of the real estate market.  In 2010, the share of distressed sales overall relative to all sales in California declined to 41 percent from 46 percent in 2009; the percentage of short sales increased from 14 percent in 2009 to 22 percent in 2010 as more homeowners were able to obtain their lender(s)’ approval to sell for less than their outstanding loan balance.

–       On the economic front, stocks just enjoyed their seventh straight weeks of gains due to the positive economic reports that have been streaming in. On the one hand, improvement in the economy is good news on the housing front, as once people feel better about keeping their job or getting a new job, home purchasing activity will rise, and values will follow. But on the other side of the coin, as the labor market and economy improve, home loan rates will have to gradually rise as well.

–        If you have been waiting for the market to hit bottom, statistics show that the median price reached its lowest in Marin in the fall of 2009 ($700,000 for single family homes).  Since then we have been bouncing around at the bottom of the U while enjoying amazingly low interest rates, and there have been and will continue to be some tremendous opportunities in the housing market for first time buyers, investors, long time owners and international buyers in 2011, as inventory starts growing again.  I would hate to see you miss the opportunity to buy “low” while locking a great 15 or 30 year fixed rate.  We are now in a more neutral market, favoring neither buyer nor seller.  If you are seller, take advantage of the current low inventory, there are many frustrated buyers unable to find the right home.  If you are a buyer, prices are not expected to change much for the foreseeing future, but interest rates are sure to increase, and that will greatly impact your purchasing power.

If you or someone you know is thinking of buying or selling, I am here to help.  Call me at 415.505.4789.


Novato Narrows Project Gets Cash Infusion

 

Narrow section of Highway 101 - Novato

The long awaited Novato Narrows widening project could finally start as soon as May thanks to the $40 million cash infusion approved by the California Transportation Commission.  The first phase will consist of widening Highway 101 northbound from Highway 37 to past Atherton Avenue.  

According to the Marin IJ, the roadway will be widened from three to four lanes by extending the carpool lane about four miles. Southbound, about two miles will be widened from Rowland Boulevard to Highway 37.

The entire project — which will include the addition of soundwalls — is expected to take 18 months to complete and will cost about $56 million.

The northbound segment through Novato is considered critical because that’s where the evening backup occurs as drivers funnel from the existing three lanes into the two-lane Narrows section. While the work will not eliminate the backup, it will push it farther north, allowing northern Novato residents easier access to the Atherton and San Marin exits during the evening commute.

“It will provide a real value for the local community and those who live off of those last exits,” said Novato Mayor Madeline Kellner. “It’s great news for northern Marin.”

Indeed it is!  If you have been looking for a home in Marin, there are great bargains to be had in Novato and you might want to include Novato in your search now that the commute from Southern Marin and San Francisco is poised to improve.  Call me, I’m here to help!

Find out more…

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About the author: The above Real Estate information on Marin County Real Estate was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone/text at 415.505.4789.  I help people stop dreaming and start moving in and out of Marin County, just north of the Golden Gate Bridge.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!  Thinking of buying? I will help find the right home!

I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Weekly Financial Market Update – January 18, 2011

Report provided by Gina Kemsley – Loan Consultant, Terra Mortgage Banking

 www.terramortgagebanking.com/loan-officers/gina-kemsley

LAST WEEK IN REVIEW

It’s been said that “no news is good news….” And while that can be true, lately many of the economic reports we have seen have been very good news, as they show signs that our economy continues to improve.

Stocks just enjoyed their seventh straight week of gains, due to the positive economic reports that have been streaming in. While this is certainly cause for celebration, an important question we need to consider is what does this mean for home loan rates in the short and long term?

On the one hand, improvement in the economy is good news on the housing front, as once people feel better about keeping their job or getting a new job, home purchasing activity will rise, and values will follow. But on the other side of the coin, as the labor market and economy improve, home loan rates will have to gradually rise as well. And remember, this all ties in with the Fed’s plan to inject the full $600 Billion into our economy as part of their latest round of Quantitative Easing, known as “QE2.”

Remember, the three part goal of QE2 is to create inflation, lower unemployment, and boost Stock prices – and we are seeing evidence of these goals occurring. Not only have Stock prices improved over the last seven weeks as we discussed above, but December’s Jobs Report posted the lowest unemployment rate since May of 2009. And last week, we saw some evidence of inflation as the Producer Price Index (PPI), which measures inflation at the wholesale or producer level, came in higher than expected. While December’s Consumer Price Index wasn’t quite as hot as the PPI, going forward our increasing budget deficit could cause inflation to spike down the road.

So what’s the bottom line if you have been thinking about purchasing or refinancing a home? Home loan rates are still very attractive right now, so call or email me if you want to get started. Or forward this newsletter on to someone you know who may benefit from today’s historically low rates.

FORECAST FOR THE WEEK

There’s a holiday shortened week ahead, as both the Stock and Bond Markets are closed Monday in honor of the Martin Luther King, Jr. holiday. But the rest of the week has plenty of news in store, including a read on the housing market:

  • There’s a double dose of real estate news with Wednesday’s Housing Starts and Building Permits Report and Thursday’s Existing Home Sales Report. Analysts are expecting to see a bump higher in Existing Home Sales to a 4.80M pace, and some moderate improvement on the new construction side as well. Check back with me on Wednesday to get the breakdown of how the news actually arrived!
  • There’s also a double dose of manufacturing news. Tuesday’s Empire State Index looks at New York State’s manufacturing sector and is a good gauge of manufacturing overall, while on Thursday we’ll also see the Philadelphia Fed Index, another important report.
  • Thursday’s weekly Initial and Continuing Jobless Claims Report will be an important one to watch this week. Last week Initial Jobless Claims came in at 445,000, well above expectations of 415,000 and the highest reading in two months. Was this spike just a paperwork backlog because of the holidays… and will this week’s claims be close to that 400,000 mark that will show the labor market is continuing to improve?
  • Also, earnings season continues, with reports from Citigroup, Apple, Google, GE, Goldman Sachs, and more.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

Bonds and home loan rates ended the week about the same place as where they began. If I can answer any questions for you about your personal situation, please call or email anytime.

 Economic Calendar for the Week of January 17 – January 21

Date ET Economic Report For Estimate Actual Prior Impact
Tue. January 18 08:30 Empire State Index Jan 12.0 11.92 9.89 Moderate
Wed. January 19 08:30 Housing Starts Dec 550K   555K Moderate
Wed. January 19 08:30 Building Permits Dec 560K   530K Moderate
Thu. January 20 08:30 Jobless Claims (Initial) 1/15 425K   445K Moderate
Thu. January 20 10:00 Existing Home Sales Dec 4.80M   4.68M Moderate
Thu. January 20 10:00 Index of Leading Econ Ind (LEI) Dec 0.6%   1.1% Low
Thu. January 20 10:00 Philadelphia Fed Index Jan 20.5   24.3 HIGH

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About the author: The above Real Estate information on Marin County Real Estate  was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com or by phone at 415.505.4789.  I help people stop dreaming and start moving in and out of Marin County, just north of the Golden Gate Bridge.

Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! Thinking of buying? I will help you find the right home!

I service the following towns in Marin County: Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.


Homebuilder Confidence Edging Higher

 

While there is little new construction in Marin County, it is important to watch the trends in the Homebuilder Confidence Index as a national indicator of the overall real estate market health.

The housing sector having played a pivotal role in the recent national economic downturn,  a recovery of the new construction market would be a very welcome sign that things are looking up.  

In his post Homebuilder Confidence Survey Leaves Hints For Homebuyers Dan Green, a nationally recognized mortgage broker, writes: “Following three straight years of decline in new construction that brought total construction activity down 39% from its mid-decade peak, homebuilder confidence held firm for the second straight month this month, according to the National Association of Home Builders.” 

The improvement is nothing to get overly excited about at this point.  “This month’s reading is three points higher than 2010’s low-point, set in September, but still a bitworse than expected, ” writes Dan. “According to the National Association of Home Builders, the market for today’s newly-built, single family homes remains relatively weak because of a “below-expectations finish in 2010”.

As compared to 2009, though, market momentum stays positive. Home builders in Ohio, Virginia and everywhere else expect an improved 2011.

If you’re in the market for a [Marin County] newly-built home, put the Housing Market Index on your “economic watchlist”. Each builder reacts to news differently, of course, but as the general sentiment of the market rises, buyers will find great deals going scarce.

Builders won’t short-change their profits.”

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About the Author: The above Real Estate information was provided by Sylvie Zolezzi.  I can be reached via email at Sylvie@YourPieceOfMarin.com  or by phone at 415-505-4789.  I help people move in and out of many Marin County.

 Thinking of selling your home? Want to find your dream home? Stop dreaming and start moving! I have a passion for Real Estate,  and am proud to deliver outstanding service through a well balanced blend of traditional and high tech marketing… and I’ll help you get to where you want to go.  

I service the following towns in Marin County:   Sausalito, Tiburon, Belvedere, Mill Valley, Corte Madera, Larkspur, Greenbrae, Kentfield,  Ross, San Anselmo, San Rafael, Fairfax, and Novato.  

Call me for pressure free, fact based, confidential real estate advice.  415-505-4789


Mortgage Tips for Retirees

  

“Don’t let loan paydown create future cash crunch

Seniors approaching retirement with a mortgage balance and financial assets are faced with the question of whether they should liquidate assets to pay off the mortgage.

With income declining at retirement, the mortgage payment becomes more of a strain. Yet liquidating assets to repay the mortgage reduces the income being generated by the assets, and leaves the borrower with less to liquidate later on when needs may be even greater.”

To get the full story, read the  Mortgage Tips for Retirees  Inman News™ post by Jack Guttentag

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