Who is selling? I haven’t checked in a while! This chart tracks when the home was purchased by the sellers. Today’s numbers are from those sold between Jan 22 and Feb 14 of this year:
0 – 2003
2004 – 2008
2009 – 2011
2012 – 2019
The long-time owners aren’t moving as much as they used to! Those who have purchased since 2012 have no problem selling for a decent-to-huge gain, and more of them have been taking their profits – and hopefully buying another.
There were four flippers in today’s 2012-2019 group.
It is physically, mentally, and emotionally taxing to sell your long-time home – especially sorting through all your stuff/junk and throwing out the family heirlooms once your kids convince you they don’t want it.
In February, we will be doing a seminar called Downsizing in 2020 – The Last Move.
The number of people moving is half of what it used to be.
The gap between who’s left California by major van lines, and who’s arrived, is now at its widest in 13 years.
Every January three major van lines put out data on their state-to-state moving business. Such interstate moves by van lines are a shrinking migration niche for folks with deep pockets. Corporations have shied from paying the pricey tab for professional relocation services. Not to mention that Americans overall aren’t relocating like they once did.
Inbound moves: The state’s real problem. Americans may visit the Golden State, but don’t want to live here. So just 19,196 inbound van moves last year vs. 22,492 in the previous year — down 15%. Last year is 37% below the 16-year average. Census data for 2018 showed the total number of Californians arriving from other states was the lowest in five years.
The SP:LP ratio has been very consistent for those selling a home under $2,000,000 – you can expect to get pretty close to your asking price. Above $2,000,000 is a different story.
Mortgage rates had averaged 3.99% in 2017. You can see how the lower-end buyers became less concerned about getting a discount as rates started rising in early 2018 (they reached 4.59% in May, 2018):
This is another place that listing agents manipulate the data. When marking their listings as sold, many will lower the list price to match the sales price in order to make it look like they sell their listings for ask.
The severe shortage of homes for sale is upending the sales calendar for the whole housing market. Spring has historically been the busiest buying season, but as competition for homes heats up across the country, January is the new April. Spring starts now.
The numbers are telling. From 2015 through 2018, the peak month for average views per listing on Realtor.com was April. January lagged by a full 16%. In 2019, however, January was the busiest month on the site in 20 of the largest 100 metropolitan markets.
Those markets included New York City, Los Angeles, Chicago, Dallas, Houston, Seattle, San Francisco, Atlanta, Denver and San Jose, California. In 2018, January was the busiest month in just three of the largest 100 markets. This year, the expectation is that January will be the strongest month in even more markets.
“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier,” said George Ratiu, senior economist at realtor.com. “With housing inventory across the U.S. expected to reach record lows in 2020, we expect to see this trend continue into the new year.”
Now that the holidays are passing by, more people will be thinking of sprucing up their home to sell. Painting your front door is a good place to start! Here’s a link to selecting the right color choice:
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