Tom Berge Jr., president of the West San Gabriel Valley Assn. of Realtors, has had a different experience. He said three or four Chinese business owners looking to invest in homes have raised concerns to him over economic turmoil in China. But it wasn’t because they might no longer be able to afford local real estate.
“Their fear is the government is going to limit the money that can freely move out of China,” he said.
Christopher Thornberg, founding partner of Beacon Economics, believes that slowing growth abroad won’t slow investment because Chinese residents will become more inclined to move money into what they consider a safe investment.
“If anything, this is only going to intensify the push to get money out of China,” he said.
Could prices keep going higher? Yes, due to the lack of inventory. It is a game-changer that we haven’t experienced before – usually as prices rise to new levels, sellers tend to flood the market to get out at the top.
Not this time.
Our local NSDCC inventory has been steady – no big rush by sellers to cash in, mostly because they have nowhere to go that is any better.
NSDCC Total Detached-Home Listings, Jan 1 to Aug 15
Could it continue? Yes, it could. We all know about how the San Francisco market has been fetching extraordinary prices. Yet, their inventory is not exploding – instead, it’s going down.
From the WSJ:
A scarcity of listings is sending prices to new highs. In June, the number of new listings in San Francisco was down 23.1% from a year prior, according to the San Francisco Association of Realtors. The average listing spent 26 days on the market, compared with 31 days in June 2014. Median sales prices were up to $1.177 million—a 12.1% jump from a year ago. Real-estate agents say bidding wars are most common on properties priced below $2.5 million, and that buyers often make offers on numerous properties—anywhere from two to 20—before finally winning one.
Read the full story here, with many bidding-war examples:
The recent N.A.R-commissioned DangerReport surveyed thousands throughout the industry, and found that the #1 threat to agents was…….fellow agents.
In particular, the inexperienced and incompetent agents that threaten the credibility of others, and the industry as a whole. Several other obvious threats were mentioned, but none polled higher. A recent Inman survey found the same result too.
Yet, the agent population in California has been rising.
The big brokerages feast off the new and inexperienced by giving them the worst commission splits. It’s a fine line about training up the agents too, because once they get their chops up, they are prone to leave.
Have realtor.com include the sales counts of each agent on their website.
They are the portal that has direct access to all the MLS systems, and are looking for an edge to exploit in their race with the Zillow Group.
The agent sales on Zillow are manually inputted by each agent, who also has to promise that they are truthful. If Realtor.com culled the sales themselves, they could tout that they were untouched by agents’ hands.
There would be the same complaints as last time, but if Realtor.com held their ground knowing that the stats were accurate, the rest of the industry would have no other choice but to embrace the results.
It would help to expedite the evolution of realtors, which we can see below isn’t happening too fast on its own:
In San Diego, Realtor.com gets our listings automatically uploaded directly from the MLS, where Zillow and Trulia do not. If you don’t see listings there, it’s because agents don’t know they have to upload manually, or prefer not to use Zillow/Trulia. Realtor.com is counting on the synergy between the NewsCorp assets to help propel more growth – a discussion:
Officially this is Vacation Isle Park, overlooking the South Cove and Mission Bay Channel. My Uncle Bob has lived in San Diego longer than me, and neither one of us knew this amphitheater existed! He’s in the green shirt:
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