Housing Inventory?

[gandalf]

SD Realtor, your posts are almost always good.

What’s your read on buyer sentiment right now? I think mass psychology has a lot to do with bubbles, so am curious if you have any off-the-cuff thoughts given past few weeks.

Also curious, who’s buying right now? Owner-occupied? Fence-sitters? Investors looking for bargains? Investors looking for shelter? Any difference between local banks and national in terms of lending activity?

Business side, we’re getting all kinds of attention from our bankers that we never used to get. There’s my random anecdote-of-the-day.

[SD Realtor]

Lost Cat I can’t really comment on whether it is best to sell now and then buy later. I think there are many conditions to assess before giving you an answer to that question including where you are at (your home that you are selling) and where you want to buy in the future. Alot will depend on financing as well… It is a different answer for each person. In general yes I think it is going to keep striding downward with heavy chunks downward to be determined by employment and of course large spikes in rates.

Gandalf – Buyer sentiment is picky picky picky…. By and large buyers are very selective and over the past 3 weeks we have seen a big movement in mortgage rates. The non conforming limits while pushed up do still command a premium on the spread and that has hurt buying power. I have two listings in escrow and we are waiting for closing, keeping our fingers crossed. People thinking of buying right now are still a cross section. I have a few clients who are transferred from out of town, young professionals; I have some other people who have sold homes and are passively looking and other people (even a few first time buyers) who are looking to nest. All are aware of market conditions. Some of them have decided to wait until things settle out, some have decided to wait another year or two, some have not. A few are investors looking for bargains. All of them though are aware of market conditions and none of them are buying on a speculative assumption of appreciation in the next few years. Some of them buy with intent that when they move out they can convert the home to a rental so they actually investigate the purchase with conversion to investment in the future, thus they run caash flow numbers as well.

It is a big mix.

[SD Realtor]

Lost Cat I can’t really comment on whether it is best to sell now and then buy later. I think there are many conditions to assess before giving you an answer to that question including where you are at (your home that you are selling) and where you want to buy in the future. Alot will depend on financing as well… It is a different answer for each person. In general yes I think it is going to keep striding downward with heavy chunks downward to be determined by employment and of course large spikes in rates.

Gandalf – Buyer sentiment is picky picky picky…. By and large buyers are very selective and over the past 3 weeks we have seen a big movement in mortgage rates. The non conforming limits while pushed up do still command a premium on the spread and that has hurt buying power. I have two listings in escrow and we are waiting for closing, keeping our fingers crossed. People thinking of buying right now are still a cross section. I have a few clients who are transferred from out of town, young professionals; I have some other people who have sold homes and are passively looking and other people (even a few first time buyers) who are looking to nest. All are aware of market conditions. Some of them have decided to wait until things settle out, some have decided to wait another year or two, some have not. A few are investors looking for bargains. All of them though are aware of market conditions and none of them are buying on a speculative assumption of appreciation in the next few years. Some of them buy with intent that when they move out they can convert the home to a rental so they actually investigate the purchase with conversion to investment in the future, thus they run caash flow numbers as well.

It is a big mix.

[SD Realtor]

Lost Cat I can’t really comment on whether it is best to sell now and then buy later. I think there are many conditions to assess before giving you an answer to that question including where you are at (your home that you are selling) and where you want to buy in the future. Alot will depend on financing as well… It is a different answer for each person. In general yes I think it is going to keep striding downward with heavy chunks downward to be determined by employment and of course large spikes in rates.

Gandalf – Buyer sentiment is picky picky picky…. By and large buyers are very selective and over the past 3 weeks we have seen a big movement in mortgage rates. The non conforming limits while pushed up do still command a premium on the spread and that has hurt buying power. I have two listings in escrow and we are waiting for closing, keeping our fingers crossed. People thinking of buying right now are still a cross section. I have a few clients who are transferred from out of town, young professionals; I have some other people who have sold homes and are passively looking and other people (even a few first time buyers) who are looking to nest. All are aware of market conditions. Some of them have decided to wait until things settle out, some have decided to wait another year or two, some have not. A few are investors looking for bargains. All of them though are aware of market conditions and none of them are buying on a speculative assumption of appreciation in the next few years. Some of them buy with intent that when they move out they can convert the home to a rental so they actually investigate the purchase with conversion to investment in the future, thus they run caash flow numbers as well.

It is a big mix.

[SD Realtor]

Lost Cat I can’t really comment on whether it is best to sell now and then buy later. I think there are many conditions to assess before giving you an answer to that question including where you are at (your home that you are selling) and where you want to buy in the future. Alot will depend on financing as well… It is a different answer for each person. In general yes I think it is going to keep striding downward with heavy chunks downward to be determined by employment and of course large spikes in rates.

Gandalf – Buyer sentiment is picky picky picky…. By and large buyers are very selective and over the past 3 weeks we have seen a big movement in mortgage rates. The non conforming limits while pushed up do still command a premium on the spread and that has hurt buying power. I have two listings in escrow and we are waiting for closing, keeping our fingers crossed. People thinking of buying right now are still a cross section. I have a few clients who are transferred from out of town, young professionals; I have some other people who have sold homes and are passively looking and other people (even a few first time buyers) who are looking to nest. All are aware of market conditions. Some of them have decided to wait until things settle out, some have decided to wait another year or two, some have not. A few are investors looking for bargains. All of them though are aware of market conditions and none of them are buying on a speculative assumption of appreciation in the next few years. Some of them buy with intent that when they move out they can convert the home to a rental so they actually investigate the purchase with conversion to investment in the future, thus they run caash flow numbers as well.

It is a big mix.

[SD Realtor]

Lost Cat I can’t really comment on whether it is best to sell now and then buy later. I think there are many conditions to assess before giving you an answer to that question including where you are at (your home that you are selling) and where you want to buy in the future. Alot will depend on financing as well… It is a different answer for each person. In general yes I think it is going to keep striding downward with heavy chunks downward to be determined by employment and of course large spikes in rates.

Gandalf – Buyer sentiment is picky picky picky…. By and large buyers are very selective and over the past 3 weeks we have seen a big movement in mortgage rates. The non conforming limits while pushed up do still command a premium on the spread and that has hurt buying power. I have two listings in escrow and we are waiting for closing, keeping our fingers crossed. People thinking of buying right now are still a cross section. I have a few clients who are transferred from out of town, young professionals; I have some other people who have sold homes and are passively looking and other people (even a few first time buyers) who are looking to nest. All are aware of market conditions. Some of them have decided to wait until things settle out, some have decided to wait another year or two, some have not. A few are investors looking for bargains. All of them though are aware of market conditions and none of them are buying on a speculative assumption of appreciation in the next few years. Some of them buy with intent that when they move out they can convert the home to a rental so they actually investigate the purchase with conversion to investment in the future, thus they run caash flow numbers as well.

It is a big mix.

[temeculaguy]

SD I am also irritated with the gov’t intervention, the law of unintended consequences is in full swing. I think thier attempt to prop up the market and thwart foreclosures is going to hurt the market and the recovery.

By artificially stopping the repos temporarily and printing money they are driving up interest rates accidentally and reducing sales. Things were going so well before they tried to help. Those foreclosures would have been bought, people would have lower housing costs and would be spending their extra money on those houses. By grabbing ahold of the pendulum and not allowing it to swing to one side, they have eliminated it’s ability to swing back. Most importantly, they have put a lot of people, like myself, back on the sidelines to await the punishment for their good deeds.

My zip code was averaging 50 not’s a week and it has dropped to 6, the lowest in a year. New inventory is trickling in and the brisk sales of a month ago are slowing. The market was on pace to correct itself, good thing they are trying to help so it may take a decade to find the next rally as opposed to two years. My guess is that prices won’t decline as much in this quarter but sales will. Silly me, I thought the gov’t was too busy screwing up other countries to pay attention to this one, Adam Smith is laughing his butt off in his grave right now, when will we ever learn?

I should be having a fantastic week, with cleveland beating the giants last weekend and the chargers beating the patriots, they’ve got me so spun up I am not fully enjoying the season like I should be.

[temeculaguy]

SD I am also irritated with the gov’t intervention, the law of unintended consequences is in full swing. I think thier attempt to prop up the market and thwart foreclosures is going to hurt the market and the recovery.

By artificially stopping the repos temporarily and printing money they are driving up interest rates accidentally and reducing sales. Things were going so well before they tried to help. Those foreclosures would have been bought, people would have lower housing costs and would be spending their extra money on those houses. By grabbing ahold of the pendulum and not allowing it to swing to one side, they have eliminated it’s ability to swing back. Most importantly, they have put a lot of people, like myself, back on the sidelines to await the punishment for their good deeds.

My zip code was averaging 50 not’s a week and it has dropped to 6, the lowest in a year. New inventory is trickling in and the brisk sales of a month ago are slowing. The market was on pace to correct itself, good thing they are trying to help so it may take a decade to find the next rally as opposed to two years. My guess is that prices won’t decline as much in this quarter but sales will. Silly me, I thought the gov’t was too busy screwing up other countries to pay attention to this one, Adam Smith is laughing his butt off in his grave right now, when will we ever learn?

I should be having a fantastic week, with cleveland beating the giants last weekend and the chargers beating the patriots, they’ve got me so spun up I am not fully enjoying the season like I should be.

[temeculaguy]

SD I am also irritated with the gov’t intervention, the law of unintended consequences is in full swing. I think thier attempt to prop up the market and thwart foreclosures is going to hurt the market and the recovery.

By artificially stopping the repos temporarily and printing money they are driving up interest rates accidentally and reducing sales. Things were going so well before they tried to help. Those foreclosures would have been bought, people would have lower housing costs and would be spending their extra money on those houses. By grabbing ahold of the pendulum and not allowing it to swing to one side, they have eliminated it’s ability to swing back. Most importantly, they have put a lot of people, like myself, back on the sidelines to await the punishment for their good deeds.

My zip code was averaging 50 not’s a week and it has dropped to 6, the lowest in a year. New inventory is trickling in and the brisk sales of a month ago are slowing. The market was on pace to correct itself, good thing they are trying to help so it may take a decade to find the next rally as opposed to two years. My guess is that prices won’t decline as much in this quarter but sales will. Silly me, I thought the gov’t was too busy screwing up other countries to pay attention to this one, Adam Smith is laughing his butt off in his grave right now, when will we ever learn?

I should be having a fantastic week, with cleveland beating the giants last weekend and the chargers beating the patriots, they’ve got me so spun up I am not fully enjoying the season like I should be.

[temeculaguy]

SD I am also irritated with the gov’t intervention, the law of unintended consequences is in full swing. I think thier attempt to prop up the market and thwart foreclosures is going to hurt the market and the recovery.

By artificially stopping the repos temporarily and printing money they are driving up interest rates accidentally and reducing sales. Things were going so well before they tried to help. Those foreclosures would have been bought, people would have lower housing costs and would be spending their extra money on those houses. By grabbing ahold of the pendulum and not allowing it to swing to one side, they have eliminated it’s ability to swing back. Most importantly, they have put a lot of people, like myself, back on the sidelines to await the punishment for their good deeds.

My zip code was averaging 50 not’s a week and it has dropped to 6, the lowest in a year. New inventory is trickling in and the brisk sales of a month ago are slowing. The market was on pace to correct itself, good thing they are trying to help so it may take a decade to find the next rally as opposed to two years. My guess is that prices won’t decline as much in this quarter but sales will. Silly me, I thought the gov’t was too busy screwing up other countries to pay attention to this one, Adam Smith is laughing his butt off in his grave right now, when will we ever learn?

I should be having a fantastic week, with cleveland beating the giants last weekend and the chargers beating the patriots, they’ve got me so spun up I am not fully enjoying the season like I should be.

[temeculaguy]

SD I am also irritated with the gov’t intervention, the law of unintended consequences is in full swing. I think thier attempt to prop up the market and thwart foreclosures is going to hurt the market and the recovery.

By artificially stopping the repos temporarily and printing money they are driving up interest rates accidentally and reducing sales. Things were going so well before they tried to help. Those foreclosures would have been bought, people would have lower housing costs and would be spending their extra money on those houses. By grabbing ahold of the pendulum and not allowing it to swing to one side, they have eliminated it’s ability to swing back. Most importantly, they have put a lot of people, like myself, back on the sidelines to await the punishment for their good deeds.

My zip code was averaging 50 not’s a week and it has dropped to 6, the lowest in a year. New inventory is trickling in and the brisk sales of a month ago are slowing. The market was on pace to correct itself, good thing they are trying to help so it may take a decade to find the next rally as opposed to two years. My guess is that prices won’t decline as much in this quarter but sales will. Silly me, I thought the gov’t was too busy screwing up other countries to pay attention to this one, Adam Smith is laughing his butt off in his grave right now, when will we ever learn?

I should be having a fantastic week, with cleveland beating the giants last weekend and the chargers beating the patriots, they’ve got me so spun up I am not fully enjoying the season like I should be.

[SD Realtor]

TG I agree completely.

[SD Realtor]

TG I agree completely.

[SD Realtor]

TG I agree completely.

[SD Realtor]

TG I agree completely.

[Author]

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