The new market conditions will bear some resemblance to the past, but to believe that real estate sales will be 'getting back to normal' some day would be full of false hope. Rob Dawg said it long ago - we need to abandon all previous assumptions. Let's start with...
I mentioned that we could be seeing a pause in the market, and for prospective home buyers, there are plenty of reasons to take a rest: Mortgage rates starting with a 5, not a three. The S&P 500 and Dow are down 15.9% and 11.3%, year-to-date. The list prices of...
Imagine the pricing quagmire we are in. The homes on the market today were priced according to comps from 1-4 months ago, which were the craziest-priced sales in the history of real estate. To make matters worse, sellers are naturally drawn to the highest-priced sales...
Will April be the peak month of buyers paying over the list price? NSDCC Detached-Home Sales, % Closed Over List Price Hard to imagine that there will ever be another month where nearly three-quarters of the home buyers end up paying over the list price!...
Last year's frenzy was crazy because of the volume - there were enough listings to drive sales higher than usual. This year we don't have as many listings, and it is driving the pricing to astonishing heights: NSDCC Sales and Pricing, April Year NSDCC Detached-Home...
Yesterday we saw how the NSDCC active listings shot up from 224 to 256 in one week! The count was at 190 just a month ago. But to keep it in perspective, let's compare it to previous years: NSDCC Active & Pending Listings, First Week of May Year NSDCC # of Active...
It would be natural to assume that the insanity will settle down and buyers will stop feeling the need to drastically overpay, but who knows? The desperation isn't going away.
Remember in April, 2020 when everyone was scared to death to list their house for sale because they didn't want to catch the dreaded covid from strangers coming through? When agents were required to wipe down the house after every showing? It was the month that there...
Everyone's asking the question - who has the answer?
There is some some discussion among the talking heads that a moderating frenzy could cause more sellers to come to market in hopes of getting out while they can. They may be right in areas where inventory is already exploding. But not in San Diego, where last month...
