I don't know how they get this information, but it helps to confirm what it felt like in the second half of 2022 - buyers weren't interested. It looks like they are starting to come around now though:
Buyers Were On Vacation
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Spring Kick
What to Expect
Since June, I've been saying "Wait until springtime". Here is what's coming:
NSDCC Pendings Since Jan 1
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...
Get Ready
This is the easier part - charting the next six months. Either the Fed will pause and delight us all, or their threat of higher rates will make buyers antsy and ready to pounce. The best-looking inventory usually happens in springtime, so all the necessary the...
Motivated Sellers Only
There are three types of sellers: Sure I'm motivated....if I get my price. I'll sell for what the market will bear. Desperate. Unless the home is a real trophy property, this isn't the market that tolerates aspirational sellers. For those who will only sell if they...
NSDCC October Listings
Next year, everyone will be talking about how mortgage rates in the 7s or 8s will be causing a lack of affordability, but I have bad news for those who still want to buy. There probably won't be many homes for sale. It will only take one or two headlines about the...
FATCO Repeat Sales Index
The local Case-Shiller index is due tomorrow, and expectations are for a 2% drop from June. First American has their own repeat-sales index which is already showing a 12% decline in San Diego pricing (above)....
Sputter or Frenzy in 2023?
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...
Spring Clean
Hat tip Leonard @Compass: Today is the last day of Winter 2022, and as Spring arrives, consider the following: 1. Clean up winter debris, old leaves, fallen branches, etc. 2. Check your roof. Winter winds may have caused damage that requires your attention. 3. Clean...
Hotter Than Ever!
We can use the SP:LP ratio to gauge how hot the market is. Last year, the ratio was flat heading into the selling season, with February being right at 100.1%. Last month was already up to 103.6%, which is incredible for this early in the year! We just had the hottest...
