The San Diego Case-Shiller index has the largest YTD increase in America, and is the only higher-end market with a 50%-plus increase since March, 2020! A whopping 53.75% increase in three-and-a-half years!
Could rates get so high that it turns into a cash-only market? It's heading that way. Of the 118 closings this month between La Jolla and Carlsbad, 45% were all-cash, and it's competitive. My buyers made a cash offer that was $101,000 over list on this one and didn't...
This is the house that received THIRTY offers last month. My thoughts: The supply of houses priced under $700,000 is scarce, with overwhelming demand. This is all you're going to get from now on, and it won't get better. I feel sorry for the kids. My buyers offered...
Today’s local Case-Shiller reading for November is the fifth in a row that reflects the much-higher mortgage rates. The index has dropped 9% since May - don't be surprised if in the future we see a similar trend of enthusiasm in springtime, and doldrums in the...
Since June, I've been saying "Wait until springtime". Here is what's coming:
First of all, the calendar was perfectly set up for an extended holiday vacation and for everyone to not come back to work until this week. Mortgage rates are double what they were a year ago so nobody can afford a house, plus it's been raining cats and dogs. It would...
The doomers are hoping to drive the real estate market into hysterics, just for fun. It's easy for buyers and sellers to get caught up in it too, and think the sky is falling. Let's identify the terms, what doomers want you to believe, and the truth: Inventory Surge...
There are many who insist that real estate will follow its historical trend, and I like to say ‘it’s different now’ just to irritate them. What are the things that are different? Every buyer has had to qualify for their mortgage and use a sizable down payment, the...
I love a little support from others - thank you Bill! https://calculatedrisk.substack.com/p/1st-look-at-local-housing-markets-afd
Sally's former home in Los Altos closed yesterday for what seems to be the obligatory $500,000 over the list price (LP was $3,195,000): https://www.zillow.com/homedetails/1200-Brucito-Ave-Los-Altos-CA-94024/19620416_zpid/ The bump over the list price is so customary...
