The first posting in this series was on December 12 – let’s check in occasionally to see how long recent sellers owned their home before they sold it.
Here is the third review of the NSDCC detached-home sales – these are sales that have closed so far in June, 2016:
Year Purchased
1st Review (12/12/15)
2nd Review (3/19/16)
3rd Review (6/18/16)
1900-1999
34 (27%)
28 (25%)
31 (22%)
2000 – 2003
18 (14%)
19 (17%)
25 (17%)
2004 – 2008
29 (23%)
33 (29%)
34 (24%)
2009 – 2011
19 (15%)
12 (11%)
19 (13%)
2012 – 2016
22 (18%)
21 (18%)
27 (19%)
New Home
3 (2%)
1 (1%)
8 (5%)
Those long-time owners continue to lead the pack, with 49% of sellers having owned their home more than 12 years before selling it this month.
Buyers should be prepared for fixers, and sellers should do what they can to improve their home to sell because nearly half of the sales probably look dated.
Interesting that those who could make the quickest big profits, those who bought in 2009-2011, were the least likely to sell.
More stats:
Other Categories
1st Review (12/12/15)
2nd Review (3/19/16)
3rd Review (6/18/16)
Number of Sales
125
114
144
Avg. $$/sf
$505/sf
$552/sf
$550/sf
Median SP
$1,080,000
$1,129,000
$1,291,500
Avg DOM
60
38
42
Sold in First 10 Days
24%
32%
35%
Lost $$
11
3
7
0 DOM
5
8
7
Pricing is still strong, and buyers are stepping up!
SAN ANTONIO — The San Antonio Police Department has issued multiple arrest warrants for a man accused of stealing tens of thousands of dollars from a would-be homebuyer.
Chris Hinojosa, 29, remained on the loose Thursday, two days after SAPD issued warrants accusing him of acting as a broker without a license and securing execution of a document by deception.
According to SAPD, a woman told investigators in January that she responded to an “owner to owner” real estate sign at the corner of SW Military Drive and Zarzamora Street, and after meeting with Hinojosa, agreed to buy a home in the 3600 block of Candlehead, near Kirby.
The woman made two separate payments to Hinojosa totaling close to $20,000, only to later discover he was neither a real estate agent nor owned the property in question.
An arrest warrant for Hinojosa states “at no time did the victim sign a real estate title or any document recognized by the Texas Real Estate Commission”.
The TREC confirmed to SAPD investigators that Hinojosa does not have a Texas real estate license.
“He fleeced this person,” SAPD Sgt. Jesse Salame said Thursday. “It’s probably best not to respond to a sign on the side of the road. Look up licensed realtors.”
Salame added that this is among the many dangers of trying to purchase real estate without involving a licensed agent.
Some people will do anything to sell a home. Like making strangely sexy real estate videos. Or holding way over-the-top open houses. Or dressing in a panda suit. Really.
Just ask Jessica Arnett, a Realtor® who recently donned the cuter-than-cute furry costume to bring more eyeballs to her listing in Spring, TX. The weird tactic has been met with rave reviews.
Let’s consider another opinion on the current housing landscape – in an article from Robert Shiller. He thinks that buyers shouldn’t worry about being priced out forever, and references some rather dubious data to support his belief.
But the summary in the last paragraph is a home run:
He emerges from some dark corner of the audience, maybe drunk, gawkily shoving his way through the crowd as the audience stands contented, mesmerized by the rock god onstage. He leans forward next to your ear, brutishly disturbing your daydream with a shrill, piercing shout:
“FREE BIRD!”
Eyes roll in the audience. The man’s face snarls with wretched delight. He is the only one laughing.
But just before your disgust impels you to jam your elbow into this troll’s ribcage, a guitar rings out. Everyone turns to the stage.
Holy hell, Bob Dylan is actually playing “Free Bird.”
To the shock of a Berkeley audience, Dylan closed out his set at the Greek Theater last week — which featured covers of some of Frank Sinatra’s most famous songs from his newest album “Fallen Angels” — with a take on Lynyrd Skynyrd’s 1973 hit “Free Bird.”
Any potential pricing downturn would only happen if homeowners were actually willing to sell for less – and there aren’t too many in that camp! Those who get in a bind can get a loan mod or just not pay for years. The banking industrial complex has figured it out too – if the going gets tough, just stop foreclosing!
But this chart says it all – buyers are hunkering down!
We are happy to cover all sides of the bubble beat. This is the second release this month from our perma-bear, Mark Hanson. He has been saying the same thing for 3-4 years, and it’s all based on theory and previous history. Around here, our market is almost completely driven by owner-occupiers who are buying homes for the long-term:
If 2006 was a known bubble with housing prices at “X”, affordability never better, easy availability of credit, unemployment in the 4%’s, total workforce at record highs, and growing wages, then what do you call today with house prices at X+ 5% to 20%, worse affordability and credit, higher unemployment, weakening total workforce, and shrinking wages? Whatever you call it, it’s a greater thing than “X”.
The blog features our new listings, and I really should do more follow-up to show the results. Here is a summary of how four of them turned out this year!
