The wildcard on pricing is that every potential seller has sufficient equity to dump on price if needed. Why a seller would give it away when there are so many other alternatives (renting, reverse mortgages, hard-money loans, etc.) is beyond me. Even flipper...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Trying to predict what will happen to our local real estate market in the short-term? No surprise that mortgage rates will play a big role in how it plays out, and they have been extremely volatile lately. But it's just not...
Yesterday's Case-Shiller Index for San Diego was 425.26, which is 11% higher than it was in January. But check how the trend increased between January and now. Prices rose as fast as ever in early 2021 (yellow above). If they would have mellowed out along my red...
From cnbc - an excerpt: Some local markets are seeing even steeper declines over the last few months. San Jose, California, saw the largest, with home prices now down 10% in recent months, followed by Seattle (-7.7%), San Francisco (-7.4%), San Diego (-5.6%), Los...
Buyers who worry that their money doesn't get them much these days will be bummed to hear that it's probably not going to change. The changes in the market forces are conspiring together to create less inventory, and a couple of big blows this year could really drive...
Sales are down, and listings are sitting longer, so it would be easy to assume the market is dead. Buyers want it to believe the market is dead so they don't have to act. They are seeing everything though doom-colored glasses, which reinforces that it's a great time...
The market will coast through the next few months, and then pick up during the selling season when both buyers and sellers decide to quit dancing around and just go for it (after they see others doing it too).
After my blog post yesterday publicizing the confidence Zillow has in our local markets, guess what arrived today. Yep, their first installment of their next round (it usually takes 2-3 weeks to receive the full set): At the end of July, their prediction for Carmel...
I think we can say that summer is over, and the off-season is here. How will the rest of 2022 play out, and what will be the effect on the 2023 Selling Season? We know that the local NSDCC sales counts will be low for the rest of 2022. Last year we had 136 closings...
It doesn't do any good to lower your price if there are no buyers. Sellers of superior homes should wait it out and take their chances later....because the next selling season is right around the corner.
