April showers bring May flowers…or so the old adage tells us. But rarely do we have showers as late as April, let alone actual rains in May. And all that rain did delay our spring housing market. Now, finally in May, we are seeing the increase in inventory we would normally have experienced at least two months earlier. Suddenly listing agents like me are finally bringing on the properties we’ve been working on for months, and in some cases for a year or more! Buyers have more options, but for the best homes—updated properties that are well-located and well-presented—there is still tremendous demand.
A case in point: I was delighted to hear offers last week on my lovely listing at 1932Marin.com, The Dahlia House, loved by the same family for almost 75 years, and where the husband had grown prize-winning dahlias that neighbors still remember. I had been working on that home for almost a year, partly doing more fixing than expected, thanks to those crazy rains! First we installed a French drain when water intruded into the newly-finished lower level, and then a tree fell over in the backyard (that was a first for me!!) But the good karma of this property continued, and the absence of the tree opened up the back garden. The buyers are now confident that their newly-finished lower-level spaces will remain water free. And they rewarded us with a gorgeous offer. Another first in my 27-year career: a buyer bringing in an offer using the street address as the offer number! Given that the list price was $1,415M, the sellers are thrilled!
The same day that I heard offers on 1932 Marin, I was heading up Marin Ave. to prepare for a video shoot of my newest listing at 860 Grizzly Peak. It will debut as you read this newsletter, and the website will just be going live at GrizzlyPeakRetreat.com. That property is another first for me: a home with ZERO street presence! But once folks take the walk down the recently-paved private drive they will be rewarded by seeing a mid-century gem! It’s a two bedroom, two bath home with an open living area with walls of glass, a new deck that looks directly out to the Golden Gate Bridge. If you’d like to see a true hidden retreat, come visit me next Sunday May 28, 2-4:30 pm. This past Sunday over 100 people wandered down the long drive to check out this hidden tree house!
Interest rates have mostly stabilized, and there is broad belief that they will actually go down in the fall. So buyers can opt now for an adjustable rate, and then refinance if/when that happens, and it feels like buyers have adjusted to this new interest rate environment. Luckily for me and my sellers, the last two listings where I have received offers, the successful buyer has brought in a cash offer, thereby providing certainty to the sellers, as well as a very quick close in two weeks or less. But the downside of all those cash offers? Because they need not have an appraisal, those cash buyers can offer prices that would not withstand the logic test of an appraisal, and so our Bay Area prices continue to climb, once again. Finally the Spring 2023 market is in full bloom!
