The drop in percentages is 8.5% over two years, which sounds like a full-blown liquidation event if you ask me. These are national stats so those in the more-reasonably priced areas and/or areas that didn’t appreciate much lately probably wouldn’t care as much about losing their low rate.
One of these years, there is going to be a real surge of inventory. Next year? I say probable.
NSDCC Total Number of Listings, Jan 1 – Sep 30
2018: 3,998
2019: 3,969
2020: 3,714
2021: 3,254
2022: 2,570
2023: 2,137
2024: 2,445
This year has had +14% more listings than last year, so hopefully we’re past the bottom.
Who is rooting for 3,000-ish for the selling season next year? Besides me! đ
It will be a very long time before people like this can afford a home here (if ever), so they might as well move elsewhere. But he also touches on the perceived ‘travesty’ of property tax rules, which makes me think that the youngsters will dismantle Prop 13 once all the elderly die off.
When wealth advisor Clint McCalla, 37, lived in San Diego with his wife and kids, they loved being close to the beach and the world-class zoo.
âIt was a beautiful city and great place to raise a family,â explains McCalla. âBut the cost of living was far too high to justify staying.â
They were renting a houseâand having trouble finding one to buy.
âProperty tax rules in California are a travesty,â says McCalla. âYou currently have a system that provides legacy real estate owners and investors with a disproportionate benefit relative to new buyers. Combine that with a state that has refused to build new housing in any significant way for 20 years, and it creates the problem we now see.â
That, along with income taxes, factored into the coupleâs decision to leave California and move to Austin, TX, in September 2023.
Now that theyâve settled in, the McCallas couldnât be happier with their choice.
âAlmost everything costs less in Austin,â says McCalla. âHousing is the biggest savings for our family. Weâve been able to buy a wonderful home in an excellent school district with great neighbors, sunset views, and an exceedingly friendly deer population.â
Although he misses his friends and colleagues dearly, he knows the move was the right decision for his family. âI didnât feel like we would ever be in the position to get ahead in California, with how things were trending,â McCalla says.
One of the greatest videos in San Diego history – San Diego Mayor Filner resigned less than 30 days later. He still owns a condo in Chula Vista! Go Padres!
Last week I received a call from the Compass Chief of Staff to President of Growth & Communications. His job was to notify all of the Compass agents who published something about our new program that took the same name as the now-defunct program at Zillow. Does Zillow recognize the powerhouse that Compass has become and try to parlay the opportunity into something positive for both companies? Of course not. Instead, they threatened to sue Compass for using their old slogan that they don’t use any more.
While Jacob and I were chatting it up, I had to ask, “Of the 30,000 Compass agents, how many calls do you have to make on this topic?” His answer? Six. Only six Compass agents in the country are doing some sort of website/blog! He was shocked when I told him that we get 1/3 of our business from blog readers.
Here is the same blog post I ran when the MMM program was first announced – now with Make Me Sell as the new name:
The number of pendings should drop off after today (the last day of the month has the most closings).
The Under-$1,500,000 should be where the action is the hottest, but for the last three weeks, there have been 30+ actives listings in that category.
It’s the first time in 2024 that the cheapies have gotten up to 30+ in number – and there were only three weeks in 2023 that were over thirty (all in the 4th quarter).
For most, the slowdown has arrived. There should be an occasional good buy though!
Pittsburgh at least has a couple of pro sports teams. The Steelers are looking good, and the Pirates have that pitcher who came in second for rookie-of-the-year!
Top 10 Best Locations for Gen Z Homebuyers
Pittsburgh, Pennsylvania was the top city for young homebuyers among the 50 metros analyzed, where nearly half (48%) of its new mortgages went to people under 35.
Pittsburgh is followed by:
Cincinnati, Ohio (46.5%)
Philadelphia, Pennsylvania (46.3%)
Detroit, Michigan (46.1%)
Warren, Michigan (46.0%)
Minneapolis, Minnesota (45.7%)
Cleveland, Ohio (44.1%)
Denver, Colorado (43.7%)
Milwaukee, Wisconsin (43.7%)
St. Louis, Missouri (43.3%)
10 Worst Locations for Gen Z Homebuyers
West Palm Beach, Florida, was the least popular city for young homebuyers among the 50 metros analyzed, where only 27.8% of its new mortgages went to people under 35.
This year, we’ve taken more time off than ever before.
All for a great reason – to see Natalie performing around the world in an experience of a lifetime for her.
It was a sampling of what retirement could be. Did I enjoy being out of the game? No – and I hated that part.
I want to compete every day, and it’s what I love about selling homes. It is very competitive, and that includes the competition between me and me. Can I do better? Can I help more people?
This blog helps to keep me going. I want to deliver the most pertinent bubbleinfo every day.
Stick around – I’m just getting started!
P.S. Tonight the blog is upgrading to its own dedicated server. Let me know if you feel anything different!
