I have been very active in the market of buying and selling homes in the $750,000 and below range recently. I have noticed a huge surge of buyers and multiple offers in this price range in the past month and a half. There are currently 8 Eichler homes in escrow and 14 Eichler and Alliance homes currently on the market.
This surge in buyers has been the result of very low interest rates, new FHA loans where only 3.5% to 10% is needed to put down, and prices that are finally beginning to stabilize. Eichler home prices are back down to where they were 5-6 years ago. Selers are getting more realistic on pricing and buyers are getting great deals.
Several weeks ago I looked at stats for sold homes in Marin County since the beginning of the year. 68% of homes sold were under $750,000. Investors and first time home buyers are driving the purchasing market right now and their money is gold for our economy.
It is a very exciting time to be a home buyer with cash in hand. Another interesting fact is that only 17% of homes sold in Marin County year to date are over $1,000,000. The high end market is suffering in this economy.
Eichler homes are selling rapidly and buyers are getting great deals for these fabulous mid-century modern gems.
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