Weekly Inventory Report discussion board

[Coronita]

Well looks it might be investment in another car afterall:(

Save me Obi-sdr, you’re my only hope

[ocrenter]

[quote=flu]Well looks it might be investment in another car afterall:(

Save me Obi-sdr, you’re my only hope[/quote]

Hey, do you need to use the car for work? Might help bring your tax rate down…

[Coronita]

[quote=ocrenter][quote=flu]Well looks it might be investment in another car afterall:(

Save me Obi-sdr, you’re my only hope[/quote]

Hey, do you need to use the car for work? Might help bring your tax rate down…[/quote]

yes, and no.

[sdrealtor]

Interesting week. Countywide and NCC inventory went up nicely as it should the first week of May. This is when people looking to move when school is out like to list there home and a surge is typical. Should be some more inventory coming in next few weeks also.

Most interesting is NC Inland went down. Not a good sign for home shoppers there.

[The-Shoveler]

Well I think it is just up to the banks at this point, unless the builders start to build and sell at foreclosure prices,
There are probably few voluntarily listing who want to list in this environment for obvious reasons I would think.
(they are underwater and just can’t, or they have no place they can buy for what they can get for the current place they would want to move to…)

But I am just repeating what everyone knows.

[bearishgurl]

[quote=The-Shoveler] . . . There are probably few voluntarily listing who want to list in this environment for obvious reasons I would think.
(they are underwater and just can’t, or they have no place they can buy for what they can get for the current place they would want to move to…) . . . [/quote]

…or they aren’t going to give away their longtime “labor of love” at fire-sale prices … since they don’t HAVE to :=]

The non-institutional sellers in this market comprise three groups: the (distressed) “have-to-sell-or-get-foreclosed-on” group, the “senior-citizen-running-out-of-time” group (who likely made little to no costly improvements to their property over many years) and the “subsidized-relo” group (the smallest subset of current sellers whose new, distant employers will subsidize their “loss”).

[an]

Talking about NCI inventory declining, I’m seeing the same thing in Mira Mesa.[img_assist|nid=16155|title=|desc=|link=node|align=left|width=416|height=466]

I don’t think I’ve ever seen inventory of SFR this low in MM.

[The-Shoveler]

I think we have entered the long drawn out depressing/boring phase.
A phase where the banks trickle out foreclourusers at just the absolute right amount
(An amount that would take years for the computer deep Thought to calculate) to keep comps depressed just
Enough to discourage anyone from listing accept the widow who is forced to sell because she has to move to a nursing home.
So what you are left with is an extremely dysfunctional real-estate market where builders have little incentive to build, sellers have very little incentive to list and Buyers are left fighting over the foreclosure scrap yard of housing, and almost any biz that has to do with real-estate in a depression state.
Well have fun, this is your world.

[sdrealtor]

Some nuggets of truth there but an oversimplification of the nth degree. Amongst them, there is a segment of sellers that has a big incentive to list – those with equity! They have a great, perhaps once in a lifetime opportunity to move up. If you have enough equity on a mid range home you can move up to a much nicer home (the gap in pricing is relatively small now) and leverage historically low interest rates. Its the old folks who were planning on their homes financing a retirement life of luxury on beaches and ski slopes that have their plans derailed. As for RE being in depression, I just wrapped up my best month ever and May wont be far behind. I’m having fun.

[The-Shoveler]

Well I am glad you are doing well sdr.
But the majority of people in the biz are suffering badly, Escrow companies etc.. , people indirectly involved like landscapers, movers, construction types and furniture makers and marketers.
I would say the segment of sellers that has a big incentive to list is fairly small,
Maybe a fair amount are choosing to move-up and not sell the current home, that would be my guess.

[sdrealtor]

The ranks have defintely been thinned but those still at it seem to be doing OK now. The segment of sellers with equity and the ability to move up is bigger than you think. I just dont think they realize the opportunity that is at their feet. Moving up $100K in price from your current home can bring a huge upgrade in many locations. I just think most folks have their heads down these days.

[outtamojo]

[quote=The-Shoveler]I think we have entered the long drawn out depressing/boring phase.
A phase where the banks trickle out foreclourusers at just the absolute right amount
(An amount that would take years for the computer deep Thought to calculate) to keep comps depressed just
Enough to discourage anyone from listing…[/quote]

So the sharpest minds in real estate work for banks now or have we ascribed to the banks a quality they may not actually have? I thought the consensus was that bankers were bunglers (can’t foreclose properly, robbed blind by insider short sales, etc…all of a sudden they can expertly manage inventory?

[The-Shoveler]

I really was just kidding sort of about the banks,

But yea the same banks that packaged off bundles of loans to the truly clueless and then got the U.S. gov to loan money at zero interest which they invested in the carry trade and made gazillions.

But Yea those banks.
Really they do seem to be doing it.

I had heard from a bank insider, in the early years they were told, hands off any loan above 600K
so they were targeting the subprime and lower end hard and leaving the high end alone, seriously it did happen.

[sdrealtor]

Inventory is creeping up around the county but still not in NCI. Interesting morning showing property today. Out with long time clients looking around $1M +/- a bit and hadnt seen much that interested in them in a while. Today we saw 3 really cool properties that came on the market. One of them was a property that was so unique I didnt even know something like it existed despite driving by the street its on hundreds of times for a couple decades. Starting to see some cool stuff out there. It was a fun morning to be in RE.

[an]

What’s going on with NCI? Here’s the inventory numbers for MM:
[img_assist|nid=16180|title=|desc=|link=node|align=left|width=419|height=458]
81 SFR!!! Where’s the inventory? What happen to the spring flood, the summer flood, the inventory tsunami? Inventory needs to increase by 66% from this point, just to get back to last November’s inventory level.

[Author]

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