With Marin experiencing some remarkably clear skies and little rain (I actually wish there were more), the real estate market is the beneficiary. Homes are being listed and they are selling quickly. With blue skies and some occasional puffy clouds the homes are showing really well and it’s hard for the average buyer not to envision themselves in a new home.
Whatever the market does from here on, I have to emphasize that real estate, like all business, is a cyclical event with the time between cyclical changes impossible to calculate. So even if you take my more cautious approach, it’s hard to deny that prices are still low when compared to their peak before the bust and interest rates are ridiculously, insanely good. If you happen to be a person who’s never owned a home and gets nervous with all the talk of rates going above 4% and eventually inching upwards, have a look at history. Most of us old-time homeowners never, ever dreamed rates could get as low as 5%. If ¼ point impacts you, then you have every reason to proceed cautiously, but don’t play the rates like the stock market (“I’ll just wait for the rates to come down again.”).
The rates are great. Who knows for how long?