Here’s what you need to know:
- The City of San Rafael is still not doing in person inspections. The $290 in person fee has been cut to $145, as the City will only provide a permit histories on homes. This is good for sellers because any non-permitted work will not be called out and fined. However, any work that was done without permits must still be disclosed to buyers. The market is so hot, sellers should not be worried about buyers asking them to get retroactive permits. Buyers need to be aware that if they sell the house in the future the City may ask them to get permits for the previous owners work. The City is currently planning on resuming in person inspections at the end of July.
- Las Gallinas Sanitary District requires a video submission of sewer lines. The cost of submission is $250, and the cost to obtain a video can vary from $250-$400 depending on the company and whether or not there is a cleanout. If there is no cleanout either a toilet needs to be removed or they need to go through a roof vent. Either way, there’s an extra charge.
- Getting inspections up front is the key to a seamless escrow. Buyers expect to see seller’s inspections including home and pest. Getting a roof inspection can be good too, especially if a roof is suspect. The point is the more that is known about the condition of a house up front, the less likely a buyer will have their own inspection contingencies. Buyers prefer to see inspections up front so they know what they are buying and they don’t get any nasty surprises in escrow.
- Inventory was sparse during the first quarter of 2022, but we are starting to see an uptick in new listings. Every year we get a fresh crop of listings, and more buyers, that come out in the spring. This spring should be no different.
- Interest rates are up, but that may only be fueling the frenzy. Buyers are trying to get into contract before rates go up further, and they are already nearing 5%!
- Multiple offers on properties are common. Home values have never been higher, and the multiple offer situations are only further pushing values.
- This seller’s market can’t last forever, yet it keeps going, and going and going. Markets move in cycles and at some point buyers will gain the advantage, but we are in Marin County and our housing shortage is endemic. Any downturn will inevitably be followed by a cycle that brings even greater values.
- The housing market is forecast to keep appreciating this year.
Got questions? Please feel free to ask!