Powell's goal was to crush the real estate market..... In June 2022, Powell told reporters that spiked mortgage rates would help to "reset" the U.S. housing market, and that "we need to get back to a place where supply and demand are back together and where inflation...
Jim’s Take on the Market
Comping Out The Crazy
How did the local home prices go up 40% in two years? The low rates helped buyers lose their minds, but it was more attributable to how we price homes. When there was a sale that was 10% or more above comps, it became the new standard - and made the next seller so...
‘Reviewing Offers As Received’
It is common to see the same words or phrases in the MLS descriptions. A few years ago, the fancy new buzz word was 'boasts'; a word realtors would use to describe the home's best features. The word got overused, and eventually we would read that a home "boasts three...
MLS Confidential Remarks
Here are comments left by listing agents in the MLS confidential remarks over the last month - some are scoldings! No Showings until Open House, Then use showing time. Seller will only show WED/ SAT MUST USE SHOWING TIME!!! Must have a Pre qual To Enter Per seller...
Listing Sabotage?
What are some of the tricks being used today? Ten minutes after I left the open house on Sunday, I received a call from an officer at the Carlsbad Police. Someone reported bones in the backyard, and he was investigating whether they were human or animal bones because...
Future of Real Estate Sales
I disagreed with the expert opinions yesterday. What are they missing? My thoughts: We cannot apply any previous assumptions or beliefs about real estate sales to the market conditions of today - we need to clean the slate. The discussion starts with how the number of...
Debt Ceiling Deal
It's not passed yet but this is earlier than I expected so hopefully they can get it done in time. Mortgage rates are like gasoline prices though - quick to go up, and sloowww to come down. If they can pass this by Wednesday/Thursday and rates improve a little by the...
New Normal for NSDCC Listings
Yesterday we saw how the number of listings has been dropping in San Diego County. Here's a look at our favorite market - detached-homes between La Jolla-to-Carlsbad: *The 64% is the percentage of 1Q23 listings that have closed escrow - more will be added, but the...
Fewer Sales To Continue
There will be more headlines about home sales being down - way down - and people might wonder if it means anything. Not really - it's because there are fewer homes for sale. It looks like it will continue too. Last year in San Diego County there were 2,686...
Real Estate Navigation
The six active listings in La Costa Valley got trimmed to five with Avenida Ciruela going into pending status, and four of the five actives had open house on Saturday! The weather was funky because a 50% chance of rain was forecasted early in the morning, but it never...