We’ve already had 89 new listings between La Jolla and Carlsbad this year, which at first glance makes you think that 2018 might be the year that inventory cuts loose! But agents are notorious for ‘re-freshing’ their listings for the new year, and indeed 47% of the new listings were on the market towards the end of last year.
One of the listings had been on the market since August, and it ‘expired’ on December 31st. The same agent re-lists it the next day, and the fresh ‘new’ listing goes pending within two days – with no change in price. Nobody wanted it for five months, and then boom!
It is a widespread practice, and you must check every new listing, by every agent, in every town, to make sure you don’t get duped.
The UNDER-$1,000,000 Market:
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| Jan 8 |
The $1,000,000 – $1,500,000 Market:
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| Jan 8 |
The $1,500,000 – $2,000,000 Market:
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| Jan 8 |
The $2,000,000+ Market:
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| Jan 8 |
Weekly NSDCC New Listings and New Pendings
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| Dec 25 | ||
| Jan 1 | ||
| Jan 8 |
I like the ones that had a price drop in the fall and then come back at the original price or higher. I chuckle — until they sell in February for the new higher price…. Its been like this since at least ’14, maybe ’13 depending how you see it. Standard CA cycle says we have another 12-24 months before some sort of correction or stall? Or is our ramp up longer this time because the last correction was so severe and widespread? Or, perhaps, is it REALLY different this time?
I like the ones that had a price drop in the fall and then come back at the original price or higher.
How about the one that was on the market since June, dropped the price a couple of times, and then for the last couple of months was at $1.55?
The sellers cancel, then list with a new agent in 2018 for $1.695 and it sells the first week.
The old listing agent has to be shaking his head!
But the new listing agent will be crowing about that one for years. Yelling “Get Good Help” and all sorts of other catchy phrases… I kid because I care.
The odds are good because the goods are odd.
Really, go into RE agency and say; “I’d like an in repair, single story, quiet street, good school district home with no gotchas in the $1.6m range.”
I ain’t no expert, but I’ve noticed whenever money is somewhat tied to production, the money’s good, and the prices are about right, owing to good old supply and demand.
The million pound gorilla in the room is Cali being a declared sanctuary state. That makes us a destination state for the world. The new arrivals need housing. This creates demand. High demand means rentals rock, and housing prices head up.
Our taxes empower the demand via HUD, and other helpful programs. So landlords have a perfect little money machine whenever they stake a claim within 10 miles of any beach. Same for home-owners. Ain’t nothing funny going on “under the hood,” as far as money printing. Rather, our leaders are printing checks, with your money. Your money is likely tied to production of some sort. It feels like it’s all evening out about right to me.
The stats for the undocumented in Cali are probably in error. There may be double the number, according to some estimates related to measuring how much money is wired back to home countries every month. Maintaining an ethics system that encompasses the world is expensive. Or another way to look at it, boiling a frog takes time.
Problem for landlords is how you manage a properties when you have local rents going up 10% a year? I can’t believe the rents they’re getting around my parts, but they are. I’ve noticed HUD folks can’t secure a rental at all beyond the crappiest of the crappy, or from new landlords (usually immigrants or foreign nationals) who don’t know what they’re in for. Trump just eliminated Obama’s “let’s move poor folks into rich areas” HUD program, so that’s a bust. Ben Carson’s been very quiet, so no telling what will happen next in that venue. I presume he has plans.
Last thing… crazy old Trump is doing a lot of work “under the hood,” tax-wise, that’s not widely known, oddly enough, and that’s gonna have an effect on the economy. He’s mad, I tell you, The man is not fit for lowering taxes, I say! Nobody in their right mind should accept a wage increase from their employer based on his crazy schemes. Listen to what rich actors are telling you! Put on your burka, and say “Bah!” on Trump!
https://www.washingtonpost.com/opinions/trumps-little-noticed-war-on-hidden-taxes/2017/12/20/68de90b0-e508-11e7-a65d-1ac0fd7f097e_story.html?utm_term=.cecb8f576afd