We’ve explored a few of the alternative groups of potential sellers, but none are emerging as major contributors. In a ‘normalizing’ market, it means we are back to the Big 3 sources of new listings; Death, Divorce, and Job Transfer.
Carmel Valley doesn’t have much to worry about here – the oldest CV homes were built in the mid-1980s. But in the remaining areas of San Diego’s North County coastal region, where houses go back to the 1940s and 1950s, there are many long-time owners who will stay for the duration.
Back in the old days, it was routine to sell your parents’ home and split the proceeds with the siblings.
But that was when everyone could afford their own house.
Today, one of the siblings might want, or need, to take possession because they can’t afford these prices. As a result, what used to be a steady flow of new listings may not be as fruitful as before.
It will be relative to the quality of the home.
Yesterday I was in Oceanside, where a past client had purchased in the 55+ community of Oceana. I had sold her house about 10 years ago, and she moved there with her husband thinking it would be the final stop. It was for her husband, but now she needs assisted living, so she is exploring those facilities.
Oceana is an average senior community – the homes are 1,000sf to 1,600sf and sell in the $200,000 and $300,000s. Sales are increasing – here are the number of closed sales between Jan 1 and Sept 30:
There are 22 active listings today, which is no shortage of supply is you are thinking of living there, and it is an affordable option.
But in the swankier parts of town, when a homeowner dies, their home is more likely to stay in the family today just because the siblings having such a difficult time buying their own home.
The condition of these homes is usually less than spectacular, and those that do come up for sale will be great flipper food. You’ll see more of them in areas where homes were built in the 1960s and 1970s, because those original owners have had no better place to live for the money!