Market Spotlight 2023: What to Expect When You're Expecting—to Buy
Marin has always been a desirable place home or getaway because it presents a unique offering: the right combination of natural beauty, exclusive amenities, luxury estates, and proximity to San Francisco.
As far as the housing market here is concerned—it’s complicated.
I’m going to “break the fourth wall here” (blog-style) and say that if you’re reading this, bookmark it. It is longer than my usual blogs, but it’s purposeful; market drivers, present and future trends, and how to decipher Marin’s real estate market.
To Put it Bluntly
This city calls for larger-than-life folks with savvy money. It demands vision over stacking commodities. This is why I tell my clients and people interested in understanding this region, that if you have the capital, investing in a home in Marin is a smart financial move, as home values here are likely to continue to rise over time. In the end, Marin is a luxury market, with pockets of equally desirable hamletts that fit within a more modest price range.
If you’re a buyer or seller, it’s important you keep reading to know how you can take action in the next couple of months
A recent shortage of supply has resulted in buyer’s slightly less bullish right now, though as I’ve explained on my Instagram before…that inventory is soon to be replenished.
Once there is more inventory, buyers will start to flood the market—and that’s when you’ll need to get competitive for the home YOU want. If you haven’t seen competition among buyers for high-end properties, just know that it is fierce; bidding wars, standing out against multiple offers, and all-cash offers become very common.
What’s Driving the Soon-to-Come Demand?
There are several factors driving demand for luxury real estate in Marin County and Mill Valley. These are my personal evaluations based on what I have observed in the market pre and post-pandemic. This isn’t exhaustive, but here are three major points I want to highlight:
This is something I brag about endlessly as a resident here: Marin County offers the best synergy of natural beauty, and urban convenience..
From the organization and one-of-a-kind businesses and boutiques that you can only find in Marin, to Michelin-star restaurants and world-class outdoor recreation opportunities, Marin County offers a relaxed, yet high-end lifestyle that is hard to match anywhere else.
COVID-19 pandemic has accelerated demand for luxury real estate in the area. With more people working remotely, many are looking for larger homes with more space for home offices, outdoor living, and fruitful potential connections. In addition, the pandemic has led many people to reevaluate their priorities and seek out a higher quality of life, which Marin is well-positioned to provide.
What can you expect as buyer or seller?
I won’t mince words and say that it’s opportunity galore for everyone involved, but there is opportunity that will yield dividends with the right timing, and the right package.
Buyers can offset some of the stress that comes with stiff competition by partnering up with a shrewd local agent that knows the market, and can help you first identify the properties that suit your needs and put together an offer that is competitive.
Sellers, on the other hand, can expect to benefit from strong demand and a relatively low inventory of luxury homes for sale right now. However, it's important to price homes appropriately, at the right time. Again, this is why having a good partner in this is vital. A good agent can help you negotiate in your favor.
Lisa’s Future Predictions
One major trend is the increasing demand for sustainable and environmentally friendly homes. With California leading the way in environmental regulations and sustainability initiatives, many luxury home buyers are seeking out properties that are energy-efficient, eco-friendly, and designed with sustainability in mind.
Another trend is the rise of technology in luxury homes. From smart home systems to advanced security features to high-tech entertainment and audio systems, buyers who bear this in mind are increasingly looking for homes that offer the latest in cutting-edge technology.
The post-pandemic cultural and social shifts in buying behavior are likely to continue, which means there will be an ongoing demand for properties and areas that are well suited to remote workers and financially endowed digital nomads looking to kill two birds with one stone and find their home and their next investment.
Takeaways
Buyers, prepare for stiff competition.
Sellers prepare your listings now, or you’ll have to wait a while to sell for the price that you really want.
A good agent knows the market and area well and can identify the right homes for you, craft a competitive offer if you’re buying, and negotiate strategically and prepare your listing for the highest bid, if you’re selling.
This is a post-pandemic market. Which means spaciousness, luxury amenities, and proximity to desirable industries and businesses is of high priority—which means luxury properties are in demand.
Marin is for people who want a good time, for a long time.
