Sundays are the favorite day to look at homes online. From realtor.com:
So what is the true Black Friday of the housing business? Here’s a holiday shocker: Dec. 28 was actually one of the busiest days for real estate searches in the entire year, despite the fact that Dec. 24 was the single slowest.
The reason: When we’re over the holiday hump but still on break, it’s a great time to look for our dream home. The same reason explains the surge of activity on New Year’s Day. And, perhaps buying a house is a popular New Year’s resolution?
Another surprising, best-performing day on a holiday weekend: the other side of the year, July 6. Instead of traveling, many buyers apparently use the long weekend in the height of the buying season to search for homes and go to open houses.
Overall, the spring market typically has the best combination of inventory and value—more homes go onto the market, but prices have not yet thawed. If you miss out on that sweet spot, the second-best opportunity is in fall. Sept. 1, on Labor Day weekend, was another top performer—it’s all part of a seasonal pattern that buyers and sellers can use to their advantage if they are not constrained by school schedules or job transfers.
Besides family-oriented holidays, there’s one more holiday that significantly slows down home-searching activity. Nope, not Mother’s Day, not Father’s Day, but … Valentine’s Day. Think about it: Your significant other wants to take you out for a romantic dinner. Are you gonna say no because you want to stay at home to browse photos of fixer-uppers?
We know that we’re running out of land in San Diego County – here’s a story from the VOSD about Americans going to Tijuana for real estate development.
“What is really misunderstood is that Tijuana is very important to San Diego. It’s actually where our affordable housing is,” said Shannon.
That is, working-class residents have already realized they can escape San Diego’s high housing costs by crossing the border.
More than 36 million people came through the San Ysidro border crossing in 2014, according to data from the U.S. Customs and Border Patrol. And the San Ysidro trolley station is also the second-most active on San Diego’s network, with about 17,955 riders daily. Given that San Ysidro is home to only 20,000 people between 20 and 60 years old, it’s a safe assumption that many of those riders come from Tijuana.
It’s an international version of what real estate agents call “drive until you qualify.” Facing unaffordability, residents fan out ever farther, trading cheaper housing for longer commutes.
In a lot of housing markets, increases in housing prices force wage increases, but that hasn’t happened in San Diego, said Erik Bruvold, president of the National University System Institute for Policy Research.
That’s partly because people can instead live in Tijuana and Temecula and work in San Diego, he said.
“Sometimes the figures for housing and housing prices in San Diego County can be a bit misleading,” Bruvold said. “They don’t help us understand how housing prices in Temecula and Baja are and how they interact with the San Diego economy.”
Much of Murrieta and Temecula were built because housing costs in San Diego pushed lower-wage residents to the area, said Greg Strangman, a developer working on a hotel project in Tijuana.
“That’s how that Inland Empire came about,” Strangman said. “And in the same way, you could have the same situation in Tijuana. It’s a shorter commute coming from Tijuana to San Diego than Temecula to San Diego.”
Thanksgiving week is traditionally one of the slowest weeks of the year for new listings to hit the market. But demand is steady – there were more new pendings (42) than new listings (35), and one of my buyers got caught up in a bidding war that culminated on Thanksgiving Day!
Click on the link below for the complete NSDCC active-inventory data:
Hat tip to daytrip for sending in this article from the latimes.com – an excerpt:
The $1-billion desalination plant coming online next month in Carlsbad will fit right in with years of careful planning and investment in water supply in San Diego County.
It will also worsen a peculiar San Diego problem amid a multiyear drought: an oversupply of water.
Unlike other parts of California, San Diego has 99% of the water needed for normal usage. But statewide conservation mandates have applied equally to areas that have plenty of water and those that don’t, so the result here has been water piling up unused while local water agencies raise rates to make up for lost sales.
Carlsbad Mayor Matt Hall, a San Diego County Water Authority board member, said the situation is hard to explain to his constituents.
“It’s real hard to tell them, ‘You have to let your grass die,’ and in the same breath you have to tell them, ‘We have more water than we can use,'” he said.
Enter the desalination plant. The private venture kicked off a 30-day test period Nov. 9 and is expected to start producing water next month, enough to meet between 7% and 10% of the county’s demand. Water officials agreed in 2012 to buy the water whether they need it or not, to make the plant financially feasible.
The new supply is just one more reason local water officials are advocating for the state to ease conservation mandates for areas where supplies are ample, which would lessen the oversupply.
The desalinated water will be more expensive than the county’s current supplies, triggering $5 a month in increased water rates for most households. As the more expensive water arrives, it will have implications for the water authority, which recently has had to cut back on purchases of imported water it’s entitled to on a temporary basis.
Next year, the desalinated ocean water will cost San Diego water agencies at least $113.6 million — more than double the $45.2 million they would pay for the same amount of imported water, which remains available despite a statewide drought.
Even before that water comes online, San Diego has been running up against storage limits.
Hat tip to CB Mark for sending this in from the nytimes.com – an excerpt:
This year, Chinese families represented for the first time the largest group of overseas home buyers in the United States. Big spenders on new homes are helping prop up local economies in the Midwest. But in dense areas like San Francisco and Manhattan, they are also affecting the affordability and availability of housing, as demand outpaces supply and bidding wars ensue.
While Chinese purchases make up a small sliver of overall sales in the United States, they have had a disproportionate impact on the market for more expensive properties, buying one in 14 homes sold for more than $1 million.
On average, buyers from China, including the mainland, Taiwan and Hong Kong, pay $831,800 for a home, more than three times as much as Americans spend, according to a National Association of Realtors survey.
Billionaire philanthropist Ted Waitt, who in recent months has bought a house in Beverly Hills and listed another for sale in Hollywood Hills West, has put his estate in La Jolla on the market for $22.9 million.
From everyone at Klinge Realty, thank you for being a friend and client – we appreciate you, and are grateful for your support.
Seen at MND:
HOLIDAY EATING TIPS
1. Avoid carrot sticks. Anyone who puts carrots on a holiday buffet table knows nothing of the Holiday spirit. In fact, if you see carrots, leave immediately. Go next door, where they’re serving rum balls.
2. Drink as much eggnog as you can. And quickly. It’s rare. You cannot find it any other time of year but now. So drink up! Who cares that it has 10,000 calories in every sip? It’s not as if you’re going to turn into an eggnog-alcoholic or something. It’s a treat. Enjoy it. Have one for me. Have two. It’s later than you think. It will soon be Christmas!
3. If something comes with gravy, use it. That’s the whole point of gravy. Gravy does not stand alone. Pour it on. Make a volcano out of your mashed potatoes. Fill it with gravy. Eat the volcano. Repeat.
4. As for mashed potatoes, always ask if they’re made with skim milk or whole milk. If it’s skim, pass. Why bother? It’s like buying a sports car with an automatic transmission.
5. Do not have a snack before going to a party in an effort to control your eating. The whole point of going to a holiday party is to eat other people’s food for free. Lots of it. Hello?
6. Under no circumstances should you exercise between now and New Year’s. You can do that in January when you have nothing else to do. This is the time for long naps, which you’ll need after circling the buffet table while carrying a 10-pound plate of food and that vat of eggnog.
7. If you come across something really good at a buffet table, like frosted Christmas cookies in the shape and size of Santa, position yourself near them and don’t budge. Have as many as you can before becoming the center of attention. They’re like a beautiful pair of shoes. If you leave them behind, you’re never going to see them again.
8. Same for pies. Apple, Pumpkin, Mincemeat. Have a slice of each. Or if you don’t like mincemeat, have two apples and one pumpkin. Always have three. When else do you get to have more than one dessert? Labor Day?
9. Did someone mention fruitcake? Granted, it’s loaded with the mandatory celebratory calories, but avoid it at all cost. I mean, please, have some standards!
10. One final tip: Wear sweatpants/loose fitting clothing. If you are leaving the party and you can walk without help from a construction forklift, you haven’t been paying attention. Re-read tips; start over, but hurry, January is just around the corner.
Remember this HST motto to live by: “Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, chocolate and wine in one hand, body thoroughly used up, totally worn out and screaming “WOO HOO what a ride!”
The long-time readers of this blog remember back when the financial crisis was imploding, and how we followed the ensuing mortgage-industry collapse. People from Jim Grant to the FHFA were gathering on-the-street intel from this blog, and we had an audience on Wall Street.
Michael Lewis worked at Solomon Brothers during that time, and he wrote the book called, ‘The Big Short’. The movie version comes out next month.