I had mentioned in the comments section that I showed a house on Labor Day that was priced at $2,195,000. The temperature was so hot that I literally said to my buyers that no agents would be working on the holiday, let alone writing offers, so we should have an easy path to escrow. We […more]
Above, Bill shows how the number of new listings is dropping off in San Diego. Yes, in the top chart, there were 20.7% more active listings YoY because you can wrongly price a listing today. Last year, just about everything was selling, which is very unusual! In August, 2019, there were 3,007 detached homes listed […more]
I said: 0% appreciation for NSDCC (La Jolla to Carlsbad) in 2023. Zillow says: -1.5% to -1.9% for NSDCC. Goldman Sachs says: -1% for San Diego. What do you say? Hat tip to shadash for sending this in: https://finance.yahoo.com/news/home-prices-fall-goldman-sachs-expects-104729829.html
Around the coast, the housing stock is finite – there isn’t any more room to build new houses. Whether they knew it or not at the time, everyone has bought their ‘forever’ home and aging-in-place has become the natural trend. The higher prices and rates have locked out the majority of possible home buyers, but […more]
Zillow has recalibrated and is predicting a fairly flat 12 months ahead. Here are the zip codes I’ve received so far, all ranging between +1.5% and 1.9% appreciation over the next 12 months – the rest of the local zip codes should be similar: SE Carlsbad SW Carlsbad Carmel Valley Del Mar La Jolla
People have wondered if the foreign buyers will have an impact on how this turns out. But that segment of the buyer pool isn’t what it used to be, according to a recent report by NAR: https://cdn.nar.realtor/sites/default/files/documents/2022-international-transactions-in-us-residential-real-estate-07-18-2022.pdf We’re #2 in America, and about the same price-per-square-meter as Copenhagen!
For those who prefer a single-level home and would like to peruse a curated group, check out this on-going collection of my favorite one-story homes for sale between La Jolla and Carlsbad here: https://www.compass.com/c/jim-klinge/nsdcc-one-story-houses?agent_id=5b51d51d9474a8364b9a8353
Over the last few years there are two groups of buyers who have been left behind; the self-employed who have a tough time qualifying for a mortgage, and the contingent buyers because there have been enough non-contingent buyers that sellers would prefer. There hasn’t been any relief for either group, and probably none forthcoming. Those […more]
The last coffee bet began in 2006 when it was obvious to me and others that the market bubble was popping, so let’s examine the data back to those years to see if we can learn anything that might be helpful when trying to predict the future: NSDCC Listings and Sales between January 1st and […more]
The wildcard on pricing is that every potential seller has sufficient equity to dump on price if needed. Why a seller would give it away when there are so many other alternatives (renting, reverse mortgages, hard-money loans, etc.) is beyond me. Even flipper companies like Opendoor (who owns 197 properties in SD County today), have […more]