Want proof that Jay Powell has tamed the housing frenzy, and reversed the trend of buyers having to pay well over the list price to win a house? Here are examples of the list and sold prices of August home sales between La Jolla and Carlsbad – note the relationship to the days-on-market (DOML):
So far, we’ve had 154 August closings reported, which means we should get up to 175 or so by the time every sale is inputted.
I’ll do the final count later, but of the 154 sales, there were 23% that sold over their list price. But it is much more reasonable and sustainable if buyers only have to pay $25,000 to $50,000 over the list price for the creampuffs, rather than $400,000 to $800,000!
Sellers shouldn’t be bummed either, because their huge gains are priced in now.
and the moral of the story:
people are still buying!
What percent of these sales are financed vs cash?
What percent of these sales are financed vs cash?
32% cash
Crushed! Crushed I tell you.
All it seems that has happened is the would be sellers are not going with aspirational pricing and returning to mere recent comps plus 5% asking prices.
I’d be willing to bet that many of those properties with noticeably lower closing prices either fell out or saw adjustments in escrow.
Speaking of bets, is it time for another coffee bet?
> “… is it time for another coffee bet?”
Nah. You’ve learned too much from me since then. 😉
Okay, okay. What do you have in mind?
On Monday, I’ll post my prediction and you can see if you can pick it apart?
And double the bet!
And yes I have learned a lot from you but not sure it’s going to help me with a prediction today.
I distinctly remember you saying we must forget all previous assumptions!
I’ll be here in a couple weeks:
https://www.tripadvisor.com/Attraction_Review-g60584-d2389221-Reviews-Heavenly_Hawaiian_Kona_Coffee_Farm-Holualoa_Island_of_Hawaii_Hawaii.html
Get your order in!
Love it!
If I win, it’s Heavenly Hawaiian Kona, and if you win, then it will be Jamaican Blue Mountain!
@Elton
the cash offers could still be financed via leverage, though.
Yes, and many refinance after the fact.