Given that mortgage rates have been above 7% since the beginning of July, it's incredible to see August having the highest sales count for 2023! September is looking pretty good too - there have already been 57 closings this month. The pricing is holding up too. What...
I hate when realtors say, "Price it right". It makes it sound like we know something you don't - that our price is the right price. Realistically, you can only say you priced it right if a house sells during its first week on the market. The frenzy made every listing...
The average and median sales prices last month were similar to what they were in December, even though the same percentage of buyers paid over the list price. It might make you think that this market is retreating quickly! But look at the difference of the number of...
More plain talk from Steve about home prices and future appreciation rates. He is talking to realtors. What I sent to Steve: Hi Steve, I enjoyed your deep dive today and also put it on my blog where local realtors are known to hang out. You mentioned that you are...
We've received ELEVEN offers on our new listing at 7114 Columbine! The five cash buyers have declined to go any higher, so the six financed offers will be competing today for the win. We sent all of them a highest-and-best counter with a 4pm deadline today. Meanwhile,...
Though the local inventory has ticked up a bit, San Diego still has an extreme shortage of homes for sale. Santa Clara is probably the most interesting metro though. For all the stories about tech layoffs, there sure doesn't seem to be a mass exodus - inventory is...
The Carlsbad market has been surviving quite well - there are 14% more pendings today than last July. The other areas are all above the 2:1 ratio of actives-to-pendings (our standard for a healthy market). The number of actives in Encinitas DOUBLED in less than a...
While the PPP fraud was rampant across the country, the ultra-low mortgage rates and lack of inventory were more to blame for inflating home values recently - at least around here: Anecdotal evidence suggests that many recipients of fraudulent PPP loans used the funds...
The experts say that the majority of homeowners are locked into their homes by their low mortgage rate, and if/when today's high rates come down, then the inventory of homes for sale will bounce back. Boy, are they going to be disappointed. For the last 10-12 years,...
San Diego is the #1 area that homeowners don't want to leave! Don't you get the feeling that we are going to out-perform every other real estate market in America for a long time to come? Today we have 2,293 active listings of attached and detached homes in the county...
