Here’s why I think we’re going to get off to a fast start in 2015:
1. Mortgage rates are LOW!
We’ve seen previously how sub-4% rates have energized the demand. Now that rates have been in the 3s for a number of weeks, the word is getting out.
2. Inventory is picked clean.
December 31st is the day that has the most listings expire, and we lost 126 last night. This morning there are only 695 houses for sale between La Jolla and Carlsbad, an area of roughly 300,000 people. Not much for buyers to consider.
3. Old listings are selling during the holidays.
Of the 64 NSDCC houses that went pending since December 18th, twenty-nine of them (45%) were on the market for more than 60 days – and that’s not counting the relists. During the Hanukkah/Christmas time, buyers went out of their way to snap up a home that has been sitting for months? You would think it would be tempting for them to let an old listing ride a couple of more weeks and get back to Santa instead.
4. Smart-pricing is being accepted.
Now that prices have been flat or barely rising for a year, sellers and agents are figuring it out – you can’t throw any old price on a house and expect it to sell.
All we need is more product! We should see a slew of relists this month – my guess is 50% of the ‘new’ listings will be ones that failed to sell in 2014. But they will help shine the spotlight on the hot, fresh new listings!
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