The cost of buying a home in Marin is primarily the negotiated purchase price, but there are additional costs for which you should plan.
Negotiated Purchase Price
With a continued shortage of homes for sale and a steady pool of qualified buyers, you can expect to pay close to the asking price. In southern and central Marin, you may have to compete for a property and pay over the asking price. As of August 2023, about 40% of home sales are over the asking price.
If there is a way to negotiate the price in your favor, Madeline will help.
In Marin County, the accepted practice is for buyers to pay most closing costs. Here are typical closing costs for the purchase of a $2M house:
- Title and escrow fees, $2,100.
- Additional escrow and recording fees, $500.
- Title insurance, $4,900 (required by law).
- Property taxes for the period from the closing date until the next tax payment date.
- A supplemental property tax bill for the increased value of a property at the time of sale, billed from the sale date until the next tax bill.
- If you take a mortgage on the house:
- Interest until the first regular payment
- A fee paid to the lender to obtain the loan, if necessary
- Appraisal fee, $350 to $850
- Additional lender fees, $50 or more
- Homeowners’ association fees, if applicable, until the next scheduled payment. There may also be a move-in fee.
The title company documents all obligations, calculates all closing costs, collects funds, and disperses funds at the close of escrow.
You should have adequate insurance for your new home, active on the closing date. This may be paid through escrow. The amount varies depending on the insurance company, the fire hazard zone for the property, and other factors that vary with insurers.
Madeline Schaider will assist you in finding acceptable insurance.
Here are additional costs that you may have:
- Professional movers.
- Contractors to make needed repairs or improvements.
Buying a home in Marin is a significant purchase, and Madeline Schaider is here for you every step of the way. Contact Madeline Schaider and let us know what you want and what you are considering. Each town has its own unique flavor and charm. We know every town and neighborhood and can advise you. We want you to find the best home in one of the most desirable places to live.