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Dear Clients, Neighbors, and Friends,
Summer is here, the weather is finally warm, and today kicks off the 4th of July holiday weekend. I have seen so many wonderful travel photos on Instagram. I know that many of you are already away enjoying the holiday with your friends and family.
The real estate headlines continue to be about the lack of inventory, climbing interest rates, and the increased challenge to get insurance. According to Compass’s Chief market Analyst Patrick Carlisle, the number of new listings coming on the market over the past 12 months was the lowest in 20 years. As a result, desirable homes continue to sell quickly, and for prices that remain at COVID highs.
The chart below illustrates the lack of inventory that has plagued our market this year.
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The mortgage lock in effect is not going away any time soon. According to John Burns Consulting, 86% of homeowners have an interest rate of 5% or lower with half of all mortgages at rates of 3.5% or lower. Burns says that 5.5% seems to be the tipping point, as nationally, 62% of consumers believe a historically normal mortgage rate is below 5.5% and 71% of prospective home buyers who plan to purchase their next home with a mortgage say they are not willing to accept a mortgage rate above 5.5%. Many of these buyers may not have realistic expectations and might miss out on their dream home by trying to time the market.
Last month the 1st and 4th largest home insurers in CA, State Farm and Allstate announced that they will no longer be issuing new policies in the state due to inflation, a challenging reinsurance market, and “rapidly growing catastrophe exposure”. California’s unsettled market aligns with trends across the country in which companies are boosting rates, limiting coverage, or pulling out completely from regions susceptible to wildfires and other natural disasters. We are fortunate to have several fantastic insurance brokers who are great at securing policies for our clients.
I am excited to share that last week our team was recognized as the #12 ranked Bay Area team by the San Francisco Business Times and the #31 ranked team in California by the Wall Street Journal and RealTrends. I am very proud of my team for their efforts in achieving these rankings.
Finally, I had the honor of attending a celebration for the top 100 Compass agents in the US last week in NYC. It was terrific to spend time with other top team leaders from across the country. “Collaboration Without Ego” is one of the Compass Entrepreneurship Principles and it was in full effect in NYC.
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Wishing you all a very happy 4th of July. Happy Birthday America!
All the best,
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2023 Active & Coming Soon Properties | |
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Sale Pending
41 Wellington Avenue, Ross
List Price: $3,995,000
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Sale Pending
1 Orchard Way, Kent Woodlands
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Coming Soon
61 Bayview Avenue, Larkspur
List Price: $3,995,000
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Coming Soon
Sweeping Views, Belvedere
Co-Listed with Shana-Rohde Lynch DRE 01079806
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2023 CHC Team Property Sales | |
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21 Rancheria Road, Kent Woodlands
Sold Off-Market: $9,495,000
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333 Bella Vista Avenue, Belvedere
Sold: $6,277,000
Buyer Representation
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14 Rancheria Road, Kent Woodlands
Sold Off-Market: $5,200,000
Buyer Representation
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64 Fern Lane, San Anselmo
Sold: $5,125,000
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108 Woodland Road, Kent Woodlands
Sold Off-Market: $4,900,000
Multiple Offers
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4 Spring Road, Kent Woodlands
Sold: $4,350,000
Multiple Offers
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76 Ridgecrest Road, Kent Woodlands
Sold Off-Market: $3,875,000
Multiple Offers
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39 Legend Road, San Anselmo
Sold: $3,200,000
Buyer Representation
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65 Corte Amado, Greenbrae
Sold: $3,100,000
Buyer Representation
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179 Saint Thomas Way, Tiburon
Sold: $2,975,000
Listed by Steve Marsh (DRE 01944755)
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8 Chateau Place, San Rafael
Sold: $2,895,000
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210 Murray Avenue, Kentfield
Sold: $2,600,000
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33 Bay Way, San Rafael
Sold: $2,550,000
Buyer Representation
Steve Marsh (DRE 01944755)
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75 Woodland Road, Fairfax
Sold: $2,500,000
Buyer Representation
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125 Lobo Vista, Novato
Sold: $1,425,000
Buyer Representation
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22 Truman Way, Novato
Sold: $1,300,000
Buyer Representation
Steve Marsh (DRE 01944755)
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34 Buckeye Circle, Woodacre
Sold: $895,000
Buyer Representation
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Compass Curated Magazine - Spring/Summer 2023 | |
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Decorist Founder Selling California Wine Country Home for $12.5 Million
Mansion Global - June 30, 2023
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Nobody Wants A Fixer-Upper
Right Now
WSJ - June 26, 2023
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Marin County Real Estate Report
Compass - June 2023
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23 Ross Common, Suite 3 | Ross, CA 94957
415-461-8609 | carey@chcteam.com
chcteam.com | DRE 01323032
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Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for information purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, conditions, sale or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. | | | | |
